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September 2, 2021
2021-1602

Washington Dispatch for August 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

  • Infrastructure legislation, FY’22 budget resolution move forward
  • Senate Finance Committee Chairman, members release international tax discussion draft
  • Finance Committee Chairman introduces bill that would change tax treatment of financial derivative transactions
  • Senate-passed infrastructure bill would impose information-reporting requirements on sales of cryptocurrency, other digital assets

IRS news

  • IRS extends to 1 January 2023, applicability date for W/H on certain transfers, distributions related to PTP interests
  • US, Germany agree on exchange of CbC reports

Transfer pricing news

  • Amgen intends to challenge $3.6b tax deficiency

OECD developments

  • OECD releases 2021 update on peer review of preferential tax regimes
  • OECD releases corporate tax statistics publication (third edition), including anonymized and aggregated CbC report statistics

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Washington Dispatch for August 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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