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01 September 2022

Washington Dispatch for August 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

President Biden signs Inflation Reduction Act with 15% corporate minimum tax

  • Congress passes $280 billion Chips and Science Act

    IRS news

    Applicability date for foreign currency regulations under Section 987 extended again

  • IRS announces delay in effective date of Section 871(m) regulations

    Transfer pricing news

    Tax Court increases Medtronic royalty rate under unspecified TP method

  • Increased IRS funding from Inflation Reduction Act may increase scrutiny of transfer pricing cases 

    OECD developments

    OECD releases 2022 update on peer review of preferential tax regimes and no or only nominal tax jurisdictions

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    ATTACHMENT

    Washington Dispatch for August 2022

    Document ID: 2022-5835

     
     

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