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09 November 2021

Washington Dispatch for October 2021

The latest edition of EY'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:

Legislation

President Biden releases pared down budget reconciliation framework 

Digital economy

G20 leaders confirm commitment to global tax changes under BEPS 2.0 

  • Six country Joint Statement on transitional approach to existing unilateral measures during period before Pillar One is in effect

    Treasury and IRS news

    IRS rules gains and losses arising from commodity hedges may be sourced by reference to the underlying hedged inventory property

  • IRS revises Forms W-8ECI, W-8BEN-E, W-8BEN 

  • FinCEN provides FBAR relief to victims of recent natural disasters giving them until 31 December 2021 to file 

    Transfer pricing news

    IRS maintaining policy on 'telescoping' in APA and MAP cases while trying to alleviate administrative burden, official says

  • Cyprus clarifies US-Cyprus CAA for exchange of CbC reports 

    OECD Developments

    MLI Conference of the Parties issues two opinions re MAP implementation and entry into effect of arbitration rules

  • OECD releases outcomes of fourth phase of peer reviews on BEPS Action 13

  • OECD releases seventh batch of Stage 2 peer review reports on dispute resolution

  • OECD releases PRC Stage 2 peer review report on implementation of Action 14 minimum standard

    United Nations

    UN releases MAP and Tax Dispute Resolution Handbook 

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    ATTACHMENT

    Washington Dispatch for October 2021

    Document ID: 2021-6162

     
     

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