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August 4, 2023
2023-1368

Washington Dispatch for July 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:

US Congress

  • Congressional Republicans criticize BEPS 2.0 project
  • Senate moves on US-Taiwan tax relations
  • Congress pivots to crypto assets, requests comments on tax uncertainties

Treasury and IRS news

  • Treasury temporarily delays controversial foreign tax credit regulations
  • IRS makes permanent fast-track program to resolve certain corporate PLR requests

OECD developments

  • OECD/G20 Inclusive Framework releases technical documents on BEPS Pillars One and Two
  • OECD releases Outcome Statement on progress on Pillars One and Two of BEPS 2.0 project
  • OECD Secretary-General Tax Report provides international tax update
  • OECD releases 2023 report on tax transparency in Latin America

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Washington Dispatch for July 2023

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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