Overview
President Signs Omnibus Spending Bill: President Trump signed the Consolidated Appropriations Act, 2018 into law today. The Joint Committee on Taxation has released both a technical explanation of the revenue provisions in the law and also estimated budget effects.
Multilateral BEPS Convention to Enter into Force July 1: The OECD announced that the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting will enter into force on July 1, and its contents will start to have effect for existing tax treaties of signatories who have formally ratified the convention beginning in 2019. The convention will modify existing bilateral tax treaties to swiftly implement certain tax treaty measures—including those on hybrid mismatch arrangements, treaty abuse, and permanent establishments—developed in the course of the OECD’s BEPS project. The United States is not a signatory.