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July 2, 2021

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:


  • 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


Washington Dispatch for June 2021