EY Cross-Border Taxation Alerts

A review of the week's major US international tax-related news. In this edition: Obama Administration issues final and temporary debt/equity regulations under IRC Section 385 – OECD held public consultations on two discussion drafts: Additional Guidance on Profit Attribution to PEs and Revised Guidance on Profit Splits.

A review of the week's major US international tax-related news. In this edition: Final Section 385 debt/equity regulations sent to White House Office of Information and Regulatory Affairs for review -- House Ways and Means Committee Republicans again urge Administration to delay finalizing Section 385 regulations – US Treasury official strongly criticizes EU State aid investigations – EY global survey finds increasing audits and more aggressive enforcement from tax authorities around the world.

A review of the week's major US international tax-related news. In this edition: Congress adjourns until after November election; lame duck session expected – US, Argentina to begin tax treaty negotiations – IRS: Inbound asset reorganization in which US Parent acquired substantially all transferred corp's assets terminated GRA -- OECD final report on BEPS Action 14, Make Dispute Resolutions Mechanisms More Effective, to be released soon – OECD announces agreement in principle on Multilateral Instrument.

A review of the week's major US international tax-related news. In this edition: US government reaction to EU State aid investigations – House speaker expects tax reform in 2017 – IRS official predicts avalanche of MAP cases.

A review of the week's major US international tax-related news. In this edition: Congress returns from summer recess to short pre-election session – Treasury Secretary to meet with House Ways and Means Committee members on Prop. Section 385 debt/equity regulations – IRS issues Rev. Proc. 2016-46 providing foreign insurance guidance.

A review of the week's major US international tax-related news. In this edition: European Commission finds Ireland granted illegal State aid and orders recovery – US, Canada informally discussing joint audits – Congress returns to session after Labor Day.

A review of the week's major US international tax-related news. In this edition: Congressional Republican tax writers reiterate concerns over proposed Section 385 debt/equity regulations – US Treasury releases White Paper on European Commission's State aid investigations -- Ireland announces tax treaty talks with United States -- OECD releases discussion draft on branch mismatch structures under BEPS Action 2.

A review of the week's major US international tax-related news. In this edition: US Treasury and IRS issued 2016-2017 Priority Guidance plan – IRC Section 5000(c) final regulations released on 2-percent excise tax on US government payments to foreign persons -- Treasury official confirms Administration can address unintended consequences in Proposed Section 385 debt/equity regulations.

A review of the week's major US international tax-related news. In this edition: House Ways and Means Chairman comments on lawsuit against anti-corporate inversion regulations – US presidential candidates talk tax plans – ABA Section of Taxation submits comments on cloud computing.

A review of the week's major US international tax-related news. In this edition: US Treasury official says no set deadline for finalization of Section 385 debt/equity regulations – US, Singapore announce plans for reciprocal FATCA IGA with automatic info exchange, TIEA -- IRS announces IGAs not in force on 1 January 2017 will not be treated as in effect – US Chamber of Commerce files lawsuit challenging validity of anti-corporate inversion regulations.

A review of the week's major US international tax-related news. In this edition: Democrats hold National Convention in Philadelphia – IRS posts revised version chief counsel notice CC-2016-009 – Treasury and IRS officials discuss final CbC reporting regulations at July luncheon in Washington – Top officials at OECD tax policy symposium note that consistent implementation of the OECD's recommendations is key to reducing tax uncertainty – European Commission would like to see tougher standards for determining which territories should be on the tax haven blacklist.

A review of the week's major US international tax-related news. In this edition: Congress to reconvene after Labor Day – Treasury and IRS hope to finish guidance projects before Obama administration ends – Treasury Deputy Assistant Secretary (International Tax Affairs) Robert Stack notes there are four main areas where Section 385 regulations could have unintended results-- Andrew Hickman former head of the OECD's transfer pricing group, speaks at National Association for Business Economics Transfer Pricing Symposium in Washington.

A review of the week's major US international tax-related news. In this edition: IRS holds hearing on Proposed Section 385 debt/equity regulations -- OECD to present criteria to identify uncooperative jurisdictions for tax transparency purposes – Multilateral instrument to be opened for signature by end of 2016 -- Additional OECD BEPS discussion drafts coming.

A review of the EPS 's major US international tax-related news. In this edition: Treasury officials brief members of Congress on Proposed Section 385 debt/equity regulations – IRS issues proposed Qualified Intermediary Agreement – OECD releases BEPS documents for public comment.

A review of the week's major US international tax-related news. In this edition: US releases final country-by-country (CbC) reporting regulations – House W&M Republicans request comment period extension for Proposed Section 385 debt/equity regulations; Treasury remains firm – House tax reform blueprint details to be filled in; House Democrats take aim – OECD releases more guidance on CbC reporting.

A review of the week's major US international tax-related news. In this edition: House Tax reform blueprint released -- Treasury and IRS set 14 July hearing on Proposed Section 385 debt/equity regulations – House Ways and Means Democrats comment on Proposed Section 385 regulations -- US, Luxembourg announce plans to modify triangular provision in tax treaty -- UK votes for Brexit; major consequences including in regard to taxation.

temp

A review of the week's major US international tax-related news. In this edition: US Senate Finance Committee Democrats to target corporate inversions – US, EU continue dispute over EU state aid investigations – G-20 to promote tax certainty in wake of BEPS project -- Treasury ponders further changes to Proposed Section 385 debt/equity regulations – US Tax Court holds for taxpayer in nearly $1.36 billion transfer pricing case.

A review of the week's major US international tax-related news. In this edition: US House tax reform blueprint will cover international, business and individual reform – Treasury not inclined to delay finalization of Prop. Section 385 debt/equity regulations – Treasury will offer optional CbC reporting for 2016 -- Temporary and proposed withholding regs implementing IRS Notice 2015-10 expected soon – OECD draft requests input on multilateral instrument.

A review of the week's major US international tax-related news. In this edition: House tax leader says proposed Section 385 debt/equity regulations punitive and make US less competitive – Upcoming House tax reform blueprint will include framework for international tax reform – House Ways and Means members fine-tuning innovation box proposal -- Senate Finance Committee holds second hearing on corporate integration – Bipartisan Senate tax leaders again urge Administration to take action on EU state aid investigations – ECOFIN agrees to general approach regarding EU Anti-Tax Avoidance Directive.

A review of the week's major US international tax-related news. In this edition: Senate Finance Committee holds corporate integration hearing – Sen. Wyden releases comprehensive derivatives taxation draft – House Ways and Means Tax Policy Subcommittee Chair says US international reform remains a priority -- Treasury Secretary Jack Lew called on Congress to allow reciprocal exchange of information under FATCA.

A review of the week's major US international tax-related news. In this edition: A review of the week's major US international tax-related news. In this edition: Proposed Section 385 regulations a primary focus at recent ABA Section of Taxation meeting and PLI conference – Recent US model treaty also a topic at ABA meeting – House Ways and Means Tax Policy Subcommittee holds hearing to discuss ideas for broader tax reform – Senate Finance Committee Chairman Orrin Hatch to hold hearing to discuss corporate integration.

A review of the week's major US international tax-related news. In this edition:House comprehensive tax reform blueprint to be released end of June – Senate Finance holds business tax reform hearing – Treasury still considering whether to expand limits to post-inversion planning beyond inverter companies – US government to allow optional CbC reporting for 2016 to resolve gap year issue -- New IRS Associate Chief Counsel (international) lists top international guidance priorities – IRS notice with new draft 2017 qualified intermediary agreement coming.

A review of the week's major US international tax-related news. In this edition:Direction of US House international tax reform draft uncertain – Senate Finance Committee Chairman calls for comprehensive tax reform to curb corporate inversions – Senate corporate integration proposal will be revenue neutral -- New US anti-inversion rules, debt equity regulations may not be finalized at same time.

A review of the week's major US international tax-related news. In this edition: European Commission proposes Directive for public CbC reporting of tax information – Top EU official discusses State Aid investigations with US officials -- Draft Finance Committee corporate integration plan may include nonrefundable 35% withholding tax on interest payments and dividends – House and Senate introduce identical technical corrections bills – IRS proposed regulations address Section 305(c) deemed distributions and related withholding.

A review of the week's major US international tax-related news. In this edition: US government issues anti-corporate inversion regulations – Treasury and IRS release far-reaching proposed earnings-stripping rules.

A review of the week's major US international tax-related news. In this edition: US soon will issue proposed regulations to treat foreign-owned single-member LLCs as corporations, solely for reporting under Section 6038A – IRS updates list of countries for automatic exchange of tax info on bank interest paid to NR aliens – IRS issued annual report on APAs – House Ways and Means Subcommittee announces tax reform hearing 13 April.

A review of the week's major US international tax-related news. In this edition: House Ways and Means Committee reviewing base erosion issues in crafting international tax reform draft – US tax reform window in 2017 – IRS final outbound asset reorganization regulations released – OECD issued consultation document under BEPS Action 6.

A review of the week's major US international tax-related news. In this edition: US international tax reform draft delay – Technical Corrections to Path Act coming soon; FIRPTA corrections not expected – OECD peer review process to monitor resolution of MAP cases "well advanced".

A review of the week's major US international tax-related news. In this edition: US Treasury reviewing Section 891 in context of EU State aid investigations – Treasury Secretary says legislation necessary to stem corporate inversions – US will cancel sharing of CbC reports with any country that publicly discloses data.

A review of the week's major US international tax-related news. In this edition: US to finalize CbC reporting regulations by 30 June – EU denies targeting US multinationals in State aid investigations – US removes Cuba from list of countries denying foreign tax credits, CFC deferral -- IRS issues Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities (2016).

A review of the week's major US international tax-related news. In this edition: US international tax reform takes center stage in Congress -- Treasury will not renegotiate pending tax treaties and protocols following release of new US Model treaty -- IRS files appeal in Altera Corp. v. Commissioner – IRS issues final regulations under Code Section 6038D.

A review of the week's major US international tax-related news. In this edition: House Ways and Means Committee to begin drafting international tax reform legislation immediately – Newly revised US Model Income Tax Treaty released – Treasury official comments on EU State Aid investigations.

A review of the week's major US international tax-related news. In this edition: President Obama releases FY 2017 Budget – Treasury Secretary Lew testifies before two Congressional tax-writing committees on President's FY 2017 budget proposal – Special counsel to IRS associate chief counsel (international) John Merrick talks about anti-inversion guidance at PLI conference in NYC – Former EY national director of International Tax Services Margie Rollinson is named new IRS associate chief counsel (international).

A review of the week's major US international tax-related news. In this edition: House tax reform leadership forming – Treasury official delivers State Aid concerns to EU – IRS issues guidance on partnership allocations of creditable foreign tax expenditures under Section 704 – Treasury poised to release updated US Model Tax Treaty – IRS to accept bilateral APA applications with India beginning 16 February.

A review of the week's major US international tax-related news. In this edition: European Commission releases major anti-tax avoidance package -- 31 countries sign Multilateral Competent Authority Agreement for automatic exchange of CbC reports -- Senate Finance Committee draft corporate integration plan could be developed within a few months – US anti-inversion regulations to be released soon .

A review of the week's major US international tax-related news. In this edition: Senate Finance Committee reviewing options for corporate tax integration – House Ways and Means to hold hearings on inversions, repatriation in 2016; names Chief Tax Counsel – IRS Notice 2016-10 announces forthcoming regulations on RICs' foreign tax refunds.

A review of the week's major US international tax-related news. In this edition: House Ways and Means Committee Chairman says international tax reform bill mark-up coming in 2016 – President Obama delivers final State of the Union Address – US Treasury considering a foreign goodwill exception in final Section 367 regulations.

A review of the week's major US international tax-related news. In this edition: Congress returns to session; international tax reform under discussion – US MNC will owe $86 million in withholding tax, plus interest, in stipulated Tax Court decision – Sixth Circuit reverses Tax Court, concludes FX option can qualify as foreign currency contract.

A review of the week's major US international tax-related news. In this edition: IRS will no longer apply 1% excise tax to retrocession agreements between two foreign reinsurance companies – Congressional tax leader introduces bill to delay US country-by-country reporting until 2017.

A review of the week's major US international tax-related news. In this edition: US releases proposed country-by-country (CbC) reporting regulations – House tax leader says international tax reform next on the agenda – More upcoming international tax guidance coming.

A review of the week's major US international tax-related news. In this edition: US Congress passes tax extenders legislation – Treasury officials offer insights on tax treaty negotiations, anti-corporate inversion guidance and EU state aid investigations.

A review of the week's major US international tax-related news. In this edition: Temporary tax extenders legislation on hold pending Congressional negotiations over more comprehensive package – IRS official previews upcoming international tax guidance.

A review of the week's major US international tax-related news. In this edition: Congressional hearings highlight concern over BEPS, EU State aid investigations and inversions –Negotiations continue on bipartisan tax extenders package.

A review of the week's major US international tax-related news. In this edition: Congressional leaders, Obama Administration negotiating tax extenders deal -- House and Senate to hold hearings on OECD BEPS project -- Delayed applicability date for aspect of Section 871(m) dividend equivalent payment regulations – IRS upgrades FATCA Online Registration System.

A review of the week's major US international tax-related news. In this edition: US Treasury releases additional anti-corporate inversion guidance – Tax extenders legislation delayed until December – Speaker calls for House passage of tax reform before Republicans choose a presidential candidate.

A review of the week's major US international tax-related news. In this edition: US Senate Foreign Relations Committee approves eight proposed tax agreements -- Possibility to link US international tax reform and tax extenders legislation before year-end.

A review of the week's major US international tax-related news. In this edition: New Ways and Means Committee Chairman to tackle tax extenders – House approves 6-year highway bill; formal conference committee with Senate expected – White House releases text of Trans-Pacific Partnership – Treasury may narrow proposed rule eliminating exception for outbound transfer of goodwill.

A review of the week's major US international tax-related news. In this edition: W&M Committee Chairman Paul Ryan elected House Speaker – Senate Foreign Relations Committee holds hearing on eight tax treaties and protocols - US Treasury reviewing new UK Diverted Profits Tax to determine its creditability for US FTC purposes.

A review of the week's major US international tax-related news. In this edition: W&M Committee Chairman Paul Ryan will run for House Speaker -- IRS to begin targeting inbound middle market companies for TP exams in regard to distribution functions -- IRS will begin accepting bilateral APAs with India beginning January 2016 – EU Commission issues anticipated decisions in State aid cases relating to Luxembourg and Netherlands -- US will participate in drafting of multilateral instrument under OECD BEPS Action 15.