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April 8, 2021

Washington Dispatch for March 2021

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


  • President Biden lays out $2 trillion infrastructure plan to be paid for with tax increases

  • Senate Finance Committee holds international tax hearing 

  • Congressional Democrats introduce international tax legislation

  • President Biden signs $1.9 trillion American Rescue Plan Act of 2021

Treasury and IRS news

  • IRS says assumption of reinsurance agreement does not result in base erosion payments

  • IRS opens initiative on virtual currency

Transfer pricing news

  • IRS APMA program director discusses taxpayers’ treatment of COVID-related costs

  • IRS APMA Program releases annual APA update

OECD developments 

  • OECD official floats BEPS 2.0 Pillar Two simplification 

  • OECD publishes jurisdictions currently participating in the International Compliance Assurance Programme


Washington Dispatch for March 2021