Overview
Treasury and OMB Release Statement on Budget Results: US Treasury Secretary Steven T. Mnuchin and Office of Management and Budget (OMB) Director Mick Mulvaney today released details of the fiscal year (FY) 2018 final budget results. The deficit in FY 2018 was $779 billion, $113 billion more than in the prior fiscal year and the highest since 2012.
OECD Publishes Compliance Ratings: The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published seven peer review reports assessing compliance with the international standard on transparency and exchange of information on request. Two jurisdictions – Bahrain and Singapore – received an overall rating of “Compliant.” Five others – Austria, Aruba, Brazil, Saint Kitts and Nevis, and the United Kingdom were rated “Largely Compliant.”
Miscellaneous Guidance Released:
Notice 2018-82 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2). In addition, the notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I), as reflected by the application of section 430(h)(2)(C)(iv).