September 1, 2022 2022-1328 Washington Dispatch for August 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 - President Biden signs Inflation Reduction Act with 15% corporate minimum tax
- Congress passes $280 billion Chips and Science Act
IRS news - Applicability date for foreign currency regulations under Section 987 extended again
- IRS announces delay in effective date of Section 871(m) regulations
Transfer pricing news - Tax Court increases Medtronic royalty rate under unspecified TP method
- Increased IRS funding from Inflation Reduction Act may increase scrutiny of transfer pricing cases
OECD developments - OECD releases 2022 update on peer review of preferential tax regimes and no or only nominal tax jurisdictions
——————————————— ATTACHMENT Washington Dispatch for August 2022 
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