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