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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ATTACHMENT

Washington Dispatch for August 2021