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April 6, 2023

Washington Dispatch for March 2023

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:


  • President Biden releases FY’24 Budget with major international policy proposals

Treasury and IRS news

  • US officials offer insights on major pending international regulatory projects
  • Turkish Lira’s hyperinflationary status has federal tax implications for US multinationals
  • IRS announces plans to issue guidance on certain NFTs as collectibles

Transfer pricing

  • IRS planning new APA process
  • IRS considering Section 482 regulation for parent’s implicit support in pricing intercompany loans

OECD developments

  • OECD holds public consultation meeting on compliance and tax certainty aspects of BEPS Pillar Two global minimum tax


Washington Dispatch for March 2023