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11 January 2022

Washington Dispatch for December 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

Biden Administration’s Build Back Better legislation stalls in Congress; Senate Finance Committee releases updated international tax provisions

IRS news

Treasury releases final foreign tax credit regulations

  • IRS issues final rules on tax consequences of transition from LIBOR and other interbank offered rates in certain financial contracts

  • FinCEN again extends certain signature authority reporting (FBAR, Form 114) over foreign financial accounts

    OECD news

    OECD releases Model Rules on Pillar Two Global Minimum Tax

  • OECD releases 2020 peer review report on BEPS Action 5 on the Exchange of Information of Tax Rulings

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    ATTACHMENT

    Washington Dispatch for December 2021

    Document ID: 2022-5042

     
     

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