November 9, 2021 2021-2054 Washington Dispatch for October 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 - President Biden releases pared down budget reconciliation framework
Digital economy - G20 leaders confirm commitment to global tax changes under BEPS 2.0
- Six country Joint Statement on transitional approach to existing unilateral measures during period before Pillar One is in effect
Treasury and IRS news - IRS rules gains and losses arising from commodity hedges may be sourced by reference to the underlying hedged inventory property
- IRS revises Forms W-8ECI, W-8BEN-E, W-8BEN
- FinCEN provides FBAR relief to victims of recent natural disasters giving them until 31 December 2021 to file
Transfer pricing news - IRS maintaining policy on 'telescoping' in APA and MAP cases while trying to alleviate administrative burden, official says
- Cyprus clarifies US-Cyprus CAA for exchange of CbC reports
OECD developments - MLI Conference of the Parties issues two opinions re MAP implementation and entry into effect of arbitration rules
- OECD releases outcomes of fourth phase of peer reviews on BEPS Action 13
- OECD releases seventh batch of Stage 2 peer review reports on dispute resolution
- OECD releases PRC Stage 2 peer review report on implementation of Action 14 minimum standard
United Nations - UN releases MAP and Tax Dispute Resolution Handbook
——————————————— ATTACHMENT Washington Dispatch for October 2021
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