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08 April 2022

Washington Dispatch for March 2022

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

  • Biden Administration releases FY2023 Budget with several new international tax proposals
  • Congress passes omnibus appropriations bill with no tax title; Democrats still hope for reconciliation package
  • Senate Finance Committee Chairman supports tax sanctions for Russia, Belarus

Treasury and IRS news

  • Final FTC regulations will be revisited to address BEPS 2.0 Pillar Two rules
  • Proposed PTEP regulations coming second half of 2022

Tax Treaties

  • Senate Foreign Relations Committee reports out proposed US-Chile tax treaty

OECD Developments

  • OECD releases Commentary and illustrative examples on Pillar Two Model Rules

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ATTACHMENT

Washington Dispatch for March 2022

Document ID: 2022-0590

 

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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