Overview
IRS Released Proposed Rules Under Section 6103(n): Today the IRS released proposed regulations under section 6103(n) to authorize the Department of State to disclose returns and return information to its contractors who assist the Department of State in carrying out its responsibilities under section 32101 of the Fixing America’s Surface Transportation (FAST) Act, which generally requires the Department of State to deny a passport (or the renewal of a passport) in the case of an individual if notified by the IRS that the individual has been certified as having a seriously delinquent tax debt and permits the Department of State to revoke a passport previously issued to such person.
Council of the EU Revises Draft Directive on Mandatory Automatic Exchange of Information About Certain Cross-Border Arrangements: A revised draft Directive on the mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements has been released by the Council of the European Union (EU). The draft Directive contains compromise text inserted by the Presidency of the Council of the EU, addressing comments from certain Member states. The Presidency has asked the Council to reach a political agreement on the draft Directive, on the basis of the Presidency compromise text.
OECD Releases Eight More Peer Review Reports: Today the Organisation for Economic Co-operation and Development (OECD) released eight third-round peer review reports. These eight reports highlight how well jurisdictions are implementing the Action 14 (dispute resolution) minimum standard as agreed to in the OECD/G20 Basis Erosion and Profit Shifting (BEPS) Project. The reports relate to implementation by the Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore, and Spain. The OECD is also calling on taxpayers to submit input for the fifth round of Action 14 Stage 1 peer reviews of Estonia, Greece, Hungary, Iceland, Romania, Slovak Republic, Slovenia, and Turkey, and invites taxpayers to submit input on specific issues relating to access to the mutual agreement procedure (MAP), clarity and availability of MAP guidance, and the timely implementation of MAP agreements for each of these jurisdictions.