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December 7, 2020
2020-2818

Washington Dispatch for November 2020

The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax and Transaction Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include:

Treasury and IRS news

  • Treasury and IRS finalize regulations to reduce possibility of double taxation caused by anti-abuse rules on GILTI gap period
  • IRS officials provide international regulatory update

Transfer Pricing news

  • US, Mexico renew competent authority agreement on unilateral APAs for maquiladoras
  • IRS updates list of jurisdictions for automatic exchange of CbC reports
  • IRS reviewing stock-based compensation in cost-sharing context

OECD Developments

  • OECD will hold virtual public consultation on BEPS 2.0 Pillar 1 and Pillar 2 in mid-January 2021
  • OECD releases Consultation Document on 2020 review of BEPS Action 14
  • OECD releases 2019 mutual agreement procedure statistics, 2019 mutual agreement procedure awards
  • OECD releases report on taxing virtual currencies

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Washington Dispatch for November 2020

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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