Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

November 9, 2021
2021-6162

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 

———————————————
ATTACHMENT

Washington Dispatch for October 2021

 
 

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.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.

 


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or ey.com. Please refer to the privacy notice/policy on these sites for more information.


Yes, I accept         Find out more