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April 5, 2023
2023-5400

Washington Dispatch for March 2023

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 FY’24 Budget with major international policy proposals

  • House Ways and Means Committee Chairman calls BEPS Undertaxed Profits Rule ‘fundamentally flawed’

Treasury and IRS news

  • US officials offer insights on major pending international regulatory projects 

  • Turkish Lira’s hyperinflationary status has federal tax implications for US multinationals

  • IRS announces plans to issue guidance on certain NFTs as collectibles

Transfer pricing

  • IRS planning new APA process

  • IRS considering Section 482 regulation for parent’s implicit support in pricing intercompany loans

OECD developments 

  • OECD holds public consultation meeting on compliance and tax certainty aspects of BEPS Pillar Two global minimum tax

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ATTACHMENT

Washington Dispatch for March 2023

 
 

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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