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July 2, 2021
2021-1311

Washington Dispatch for June 2021

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:

Legislation

  • Bipartisan infrastructure deal reached, but road to passage uncertain
  • House passes corporate disclosure package requiring CbC tax reporting for multinationals
  • Biden Administration’s proposed 15% minimum tax could come with requirement to disclose book-tax differences

Treasury and IRS news

  • IRS announces plans to amend BEAT regarding qualified derivative payment reporting
  • US taxpayers should consider certain tax provisions with respect to bitcoin following recent legislation in El Salvador

Digital Taxation

  • USTR announces 25% punitive tariffs on six countries in response to DSTs; suspends tariffs for 180 days

OECD developments

  • G7 leaders affirm commitment to global tax changes under BEPS 2.0
  • G7 Finance Ministers express strong support for global tax changes under BEPS 2.0
  • OECD publishes model rules for information exchange for digital platforms

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Washington Dispatch for June 2021

 

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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