June 30, 2023 U.S. Tax This Week for June 30 Ernst & Young's U.S. Tax This Week newsletter for the week ending June 30 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.
————————————————————————— BEPS 2.0 | Pillar Two Developments Tracker State corporate income and franchise tax developments in the second quarter of 2023 ————————————————————————— How BEPS 2.0 could impact the wealth & asset management industry (July 13) Latest guidance related to IRA and IIJA tax incentives and grants (July 14) ————————————————————————— Internal Revenue Service — Jun 29: IRS effectively extends due date for certain taxpayers for returns and payment of stock repurchase excise tax (Tax Alert 2023-1166) — Jun 28: IRS denies taxpayer's 9100 relief request to make a late safe harbor election to deduct 70% of a success-based fee under Revenue Procedure 2011-29 (Tax Alert 2023-1156) International — Jun 30: Spanish immigration authorities clarify foreign students’ ability to work in Spain (Tax Alert 2023-1176) — Jun 30: South Africa further extends deadline for Zimbabwe Exemption Permit holders to change immigration status (Tax Alert 2023-1175) — Jun 30: Kenya rolls out new tax return template to capture data on intercompany transactions for MNEs (Tax Alert 2023-1170) — Jun 30: Rwanda presents the national budget for financial year 2023/24 (Tax Alert 2023-1169) — Jun 29: Israeli court favors Tax Authority's position on deemed sale of IP (Tax Alert 2023-1167) — Jun 29: Canada's Department of Finance releases transfer pricing rules consultation paper (Tax Alert 2023-1164) — Jun 29: Belgium-Netherlands tax treaty recently signed; ratification to follow (Tax Alert 2023-1163) — Jun 29: Canada announces new Tech Talent Strategy (Tax Alert 2023-1162) — Jun 29: European Union's framework agreement on social security for cross border telework comes into force as of 1 July (Tax Alert 2023-1159) — Jun 29: Bulgaria proposes to continue measures addressing high energy prices affecting electricity providers (Tax Alert 2023-1158) — Jun 28: Ireland brings public country-by-country reporting requirements into effect (Tax Alert 2023-1155) — Jun 28: Kenya High Court clarifies 'use of an asset' definition for purposes of claiming of investment allowance (Tax Alert 2023-1152) — Jun 28: Canada enacts 2023 Budget implementation bill no. 1 (Tax Alert 2023-1151) — Jun 26: Australian Treasury releases updated Exposure Bill and Explanatory Materials for Intangibles Integrity Measure (Tax Alert 2023-1145) — Jun 26: Uruguay temporarily reduces VAT and IMESI rate for mineral and sparkling waters (Tax Alert 2023-1141) — Jun 26: Japan promulgates 2023 tax reform enforcement order to implement IIR to align with OECD BEPS 2.0 Pillar Two (Tax Alert 2023-1140) — Jun 23: UAE extends registration timeline for the mandatory unemployment insurance program (Tax Alert 2023-1135) — Jun 23: European Commission proposes adjusted package for the next generation of 'own resources' (Tax Alert 2023-1133) — Jun 23: Denmark postpones deadlines for certain annual corporate income tax returns and transfer pricing documentation (Tax Alert 2023-1129) Legislation — Jun 23: Senate Banking Committee approves bill clawing back compensation from executives of failed banks, 21-2 (Tax Alert 2023-1131) — Jun 23: What to expect in Washington (June 23) (Tax Alert 2023-1130) States — Jun 28: Colorado law creates new SUI surcharge and eliminates requirement for SUI premium reports; 2023 SUI tax rates unchanged but wage base increased (Tax Alert 2023-1153) — Jun 27: Wisconsin repeals tangible personal property tax starting in 2024 and allows Milwaukee to increase its sales tax (Tax Alert 2023-1149) — Jun 26: Nevada's Modified Business Tax to decrease effective July 1, 2023 (Tax Alert 2023-1142) — Jun 26: California will require state disability insurance contributions on all covered wages starting in 2024 (Tax Alert 2023-1134) ————————————————————————— State and Local Tax Weekly —Texas enacts incentives program to replace expired Ch. 313 School Value Limitation Program On June 9, 2023, Texas Governor Greg Abbott signed HB 5, the "Texas Jobs, Energy, Technology, and Innovation Act," replacing the Texas Chapter 313 School Value Limitation Program, which expired on Dec. 31, 2022. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ITS/Washington Dispatch US Congress
Treasury and IRS news
Tax Treaties
OECD Developments
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Proposed Regulations
Announcements
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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