Overview
Treasury, IRS Announce Intent to Amend Branch Currency Transaction Regulations to Delay Applicability Date: Today, Treasury and the IRS issued Notice 2018-57 announcing their intent to amend regulations under section 987 to defer the applicability date of the final section 987 regulations and certain temporary section 987 regulations by one additional year. The final section 987 regulations were identified in Notice 2017-38 as significant tax regulations requiring additional review pursuant to Executive Order 13789. The notice states that as part of that review, Treasury and the IRS are considering changes to the final regulations that would allow taxpayers to elect to apply alternative rules for transition to the final regulations and alternative rules for determining section 987 gain or loss.
European Commission Study on Levels of Taxation in Member States: A study published today by the European Commission has found that tax revenues as a percentage of GDP rose in 19 Member States in 2016. The study also found that the level of taxation in EU Member States differs greatly.