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02 July 2021

Washington Dispatch for June 2021

The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young LLP's International Tax and Transaction Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include:

Legislation

Bipartisan infrastructure deal reached, but road to passage uncertain

  • House passes corporate disclosure package requiring CbC tax reporting for multinationals 

  • Biden Administration’s proposed 15% minimum tax could come with requirement to disclose book-tax differences 

    Treasury and IRS news

    IRS announces plans to amend BEAT regarding qualified derivative payment reporting 

  • US taxpayers should consider certain tax provisions with respect to bitcoin following recent legislation in El Salvador 

    Digital Taxation

    USTR announces 25% punitive tariffs on six countries in response to DSTs; suspends tariffs for 180 days 

    OECD developments

    G7 leaders affirm commitment to global tax changes under BEPS 2.0

  • G7 Finance Ministers express strong support for global tax changes under BEPS 2.0

  • OECD publishes model rules for information exchange for digital platforms 

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    ATTACHMENT

    Washington Dispatch for June 2021

    Document ID: 2021-5736

     
     

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