July 31, 2022 U.S. Tax This Week for July 29 Ernst & Young's U.S. Tax This Week newsletter for the week ending July 29 is now available. Prepared by Ernst & Young's National Tax Department in Washington, D.C., this weekly update summarizes important news, cases, and other developments in U.S. taxation.
————————————————————————— Private equity and private capital — navigating transformative global and US legislative change (August 18) ————————————————————————— Internal Revenue Service — Jul 27: IRS makes substantive corrections to foreign tax credit regs, retroactively changing analysis on certain key issues of credibility (Tax Alert 2022-1132) International — Jul 27: USCIS extends COVID-19 related flexibilities and permanently allows for electronic signatures (Tax Alert 2022-1136) — Jul 27: Latvia implements new Digital Nomad Visa (Tax Alert 2022-1135) — Jul 27: Turkey increases ratio for time spent outside of Technology Development Zones and R&D centers (Tax Alert 2022-1133) — Jul 26: UK publishes draft legislation on new transfer pricing documentation requirements (Tax Alert 2022-1131) — Jul 26: Kenya introduces Country-by-Country reporting requirements (Tax Alert 2022-1130) — Jul 26: Indian Government amends Special Economic Zone rules to permit employees of certain Special Economic Zone units to work from home (Tax Alert 2022-1128) — Jul 26: Hong Kong enacts new legislation providing tax incentives for shipping commercial principals (Tax Alert 2022-1127) — Jul 25: German Federal Ministry of Finance publishes draft DAC7 implementation bill (Tax Alert 2022-1125) — Jul 25: Thailand gazettes income tax exemption for gains from disposal of shares in companies engaged in target industries, venture capital companies and trusts (Tax Alert 2022-1120) Legislation — Jul 28: House Ways and Means Committee advances 'Improving Seniors' Timely Access to Care Act of 2022' (Tax Alert 2022-1143) — Jul 28: Reconciliation bill with tax provisions takes shape, Senate passes CHIPS-Plus bill (Tax Alert 2022-1139) — Jul 27: Senate passes $280 billion 'Chips-Plus' bill, 64-33, aimed at keeping US competitive in microchips, science and research (Tax Alert 2022-1138) — Jul 27: What to expect in Washington (July 27) (Tax Alert 2022-1134) States — Jul 27: Vermont guidance allows for exemption from state income tax for nonresidents in the state for a short duration (Tax Alert 2022-1137) — Jul 25: Portland Revenue Division to consider adopting market-based sourcing and other changes to business income tax code for Portland, Oregon (Tax Alert 2022-1129) ————————————————————————— Final Regulations
Internal Revenue Bulletin
Because the matters covered herein are complicated, U.S. Tax This Week should not be regarded as offering a complete explanation and should not be used for making decisions. Any decision concerning matters covered herein should be reviewed with a qualified tax advisor. | |||||||
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