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August 7, 2019 Washington Dispatch for July 2019 The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include: Treaty news — US Senate approves long-delayed tax protocols with Luxembourg, Switzerland, Japan and Spain Digital taxation — US responds to France’s new DST Treasury and IRS news — IRS proposed regulations address passive foreign investment companies, clarify longstanding PFIC issues — IRS releases final regulations addressing partnership allocations of creditable foreign tax expenditures OECD Developments — G7 Finance Ministers support OECD two-pillar project to develop new rules for taxing multinational businesses — OECD releases update on peer review of preferential tax regimes and no-or-only- nominal tax jurisdictions ——————————————— Washington Dispatch for July 2019 | |||