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April 8, 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:


  • 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


Washington Dispatch for March 2022