March 16, 2023 U.S. Tax This Week for March 17 Ernst & Young's U.S. Tax This Week newsletter for the week ending March 17 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.
————————————————————————— Tax transformation | Plan and invest in the tax department of the future Transform for now or for what’s next? Improving tax compliance readiness ————————————————————————— Accounting for income taxes: A quarterly perspective (March 21) EY Webcast addresses new developments about the CHIPS and Science Act of 2022 (March 21) How recent developments potentially impact cross-border tax controversy procedures and processes (March 30) What to know about the 2023 EY Tax risk and controversy survey results — Americas and Europe (April 5) US corporate income tax compliance: Tax year 2022 readiness and planning for what’s next and beyond (April 26) ————————————————————————— International — Mar 16: Costa Rican Customs Authorities communicate end of temporary relief for maritime freight costs (Tax Alert 2023-0500) — Mar 16: Sweden exempts certain residence and work permit applicants from passport verification process (Tax Alert 2023-0496) — Mar 16: Sweden postpones deadline for report on enhancements to immigration regulations until January 2024 (Tax Alert 2023-0495) — Mar 16: UK announces launch of Electronic Travel Authorisation scheme in phases starting in November 2023 (Tax Alert 2023-0494) — Mar 16: Mexico deposits instrument for ratification of the MLI (Tax Alert 2023-0493) — Mar 16: UK Chancellor delivers Spring Budget 2023 (Tax Alert 2023-0492) — Mar 16: Japan's Tax Authority confirms that a representative and registration in Japan as required under Companies Act does not create a PE (Tax Alert 2023-0491) — Mar 15: Uruguayan Government proposes exemptions to aid the agricultural sector given its state of emergency (Tax Alert 2023-0487) — Mar 15: Dubai reinstates former import value threshold of consignments (Tax Alert 2023-0485) — Mar 15: Pakistan increases Sales Tax and Federal Excise tax rates (Tax Alert 2023-0484) — Mar 14: Global Tax Policy and Controversy Watch | March 2023 edition (Tax Alert 2023-0481) — Mar 14: Chilean Chamber of Deputies rejects tax reform bill (Tax Alert 2023-0480) — Mar 14: Malaysia allows Singapore applicants to apply for Entry Visas online (Tax Alert 2023-0477) — Mar 14: Malaysia expedites pass endorsement for eligible Employment Pass and Professional Visit Pass applicants (Tax Alert 2023-0476) — Mar 14: Kosovo passport holders to soon be able to travel to the EU without a visa (Tax Alert 2023-0475) — Mar 14: UK updates right to work guidance for employers (Tax Alert 2023-0474) — Mar 14: UK publishes Statement of Changes to Immigration Rules (Tax Alert 2023-0472) — Mar 14: Estonian tax measures triggered after new countries including Russia are added to EU list of non-cooperative jurisdictions (Tax Alert 2023-0468) — Mar 10: Argentine Tax Authority launches website service to ensure compliance with mandatory disclosure regime (Tax Alert 2023-0458) — Mar 10: Ontario implements new transparency register (Tax Alert 2023-0457) — Mar 10: Thailand plans to implement global minimum tax rules under OECD BEPS 2.0 Pillar Two (Tax Alert 2023-0452) — Mar 10: Spain opens public consultation on implementation of the EU Minimum Tax Directive (Tax Alert 2023-0451) Legislation — Mar 16: New developments about the CHIPS and Science Act of 2022 (Tax Alert 2023-0489) — Mar 15: What to expect in Washington (March 15) (Tax Alert 2023-0483) — Mar 10: Ways and Means holds hearing with Secretary Yellen (Tax Alert 2023-0463) — Mar 10: President Biden releases FY24 Budget, increasing health spending by $14.8 billion (Tax Alert 2023-0456) — Mar 10: House Energy and Commerce Subcommittee on Health advances five bills addressing health care, controlled substances, and suicide prevention (Tax Alert 2023-0455) — Mar 10: Biden Administration’s budget proposes significant tax increases on businesses and high-net-worth individuals (Tax Alert 2023-0449) States — Mar 15: Kentucky law lowers personal income tax rates for 2023 and 2024 and removes triggers for future rate cuts (Tax Alert 2023-0486) — Mar 14: Philadelphia requires employers provide transportation benefits starting in 2023 (Tax Alert 2023-0471) — Mar 10: Wisconsin Tax Appeals Commission disallows deductions for intercompany royalty and interest expenses (Tax Alert 2023-0462) ————————————————————————— State and Local Tax Weekly — Montana water's-edge election due March 31, 2023, for calendar-year taxpayers. Calendar-year taxpayers that want to make a new Montana water's-edge election, or renew an existing one that expired at the end of 2022, must file Form WE-ELECT by March 31, 2023. — Wisconsin Tax Appeals Commission disallows deductions for intercompany royalty and interest expenses. On Feb. 24, 2023, the Wisconsin Tax Appeals Commission (WTAC) issued a ruling1 disallowing a taxpayer's deduction for certain intercompany royalty and interest expenses the taxpayer paid to an affiliate. — Income/Franchise, Sales & Use, Property Tax, Compliance & Reporting, Miscellaneous Tax ————————————————————————— Revenue Procedures
Revenue Rulings
Notices
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. | |||||||||||||||||||