EY ITTS Washington Dispatch, April 2021

The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Treasury releases President’s plan to overhaul corporate tax system – US Senators release proposed International Tax Framework – President Biden lays out $1.8 trillion American Families Plan proposal – Senate Finance Committee chairman reintroduces clean energy legislation – Treasury Secretary proffers BEPS 2.0 Pillar One proposal to Inclusive Framework – IRS issues proposed regs to coordinate WHT, gain deferral for certain foreign persons and partnerships investing in Qualified Opportunity Funds – IRS releases FAQs on ICAP program for US multinationals – PTEP guidance not expected until early fall – US, Japan reach agreement on tax treaty arbitration process – OECD releases consultation document with proposed changes to Commentaries to OECD Model Tax Convention on Article 9 (Associated Enterprises) – OECD publishes Arbitration Profiles for 30 countries under MLI – IMF and OECD release joint report on carbon pricing – UN tax committee approves new digital taxation article for UN model tax treaty – UN releases new Transfer Pricing Manual.