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02 September 2021

Washington Dispatch for August 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

Infrastructure legislation, FY’22 budget resolution move forward

  • Senate Finance Committee Chairman, members release international tax discussion draft

  • Finance Committee Chairman introduces bill that would change tax treatment of financial derivative transactions

  • Senate-passed infrastructure bill would impose information-reporting requirements on sales of cryptocurrency, other digital assets

    IRS news

    IRS extends to 1 January 2023, applicability date for W/H on certain transfers, distributions related to PTP interests

  • US, Germany agree on exchange of CbC reports

    Transfer pricing news 

    Amgen intends to challenge $3.6b tax deficiency

    OECD developments

    OECD releases 2021 update on peer review of preferential tax regimes

  • OECD releases corporate tax statistics publication (third edition), including anonymized and aggregated CbC report statistics

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    ATTACHMENT

    Washington Dispatch for August 2021

    Document ID: 2021-5914

     
     

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