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05 August 2022

Washington Dispatch for July 2022

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

US Senate Majority Leader, Sen. Manchin reach agreement on $740b budget reconciliation bill with 15% corporate minimum tax 

  • US Congress passes Creating Helpful Incentives to Produce Semiconductors (CHIPS) bill with investment tax credits and incentives 

    IRS news

    Treasury and IRS publish technical corrections to final foreign tax credit regulations

  • IRS proposed regulations would limit Section 1256 mark-to-market accounting for foreign currency contracts to foreign currency forward contracts 

    Tax treaties

    US Treasury announces termination of tax treaty with Hungary 

    OECD developments

    OECD releases Progress Report on Amount A of Pillar One of BEPS 2.0 project 

  • G20 Finance Ministers reiterate commitment to BEPS 2.0 two-pillar implementation and call for action to finalize work

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    ATTACHMENT

    Washington Dispatch for July 2022

    Document ID: 2022-5744

     
     

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