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December 7, 2021
2021-6342

Washington Dispatch for November 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

  • House passes Build Back Better Act budget reconciliation bill; action moves to Senate

  • President Biden signs infrastructure legislation including new cryptocurrency reporting

IRS news

  • Final FTC regs expected by year-end, PTEP regs in 2022

  • New IRS tool supports withholding agents’ compliance with Form 1042-S

Digital Taxation

  • US, Turkey announce joint statement on unilateral digital tax compromise 

  • India, US agree on transitional approach for 2% Equalization Levy prior to implementation of Pillar One rule

  • OECD remains committed to BEPS Pillars in effect by end of 2023 

OECD news

  • OECD releases 2020 MAP statistics and awards

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ATTACHMENT

Washington Dispatch for November 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.

 

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