Daily Tax Update - April 13, 2015: White House Sends U.S.-Japan Tax Treaty Protocol to Senate

White House Sends U.S.-Japan Tax Treaty Protocol to Senate:  Today, the White House transmitted a protocol amending the U.S.-Japan tax treaty, along with a related agreement entered into by an exchange of notes and additional correcting notes, to the Senate for ratification.  The protocol, which was signed January 24, 2013, would exempt cross-border interest payments from withholding, mandate arbitration of certain cases that the U.S. and Japanese competent authorities have been unable to resolve, and provide for collection assistance in certain cases.  Several other U.S. tax treaties and protocols, including those with Chile, Hungary, Luxembourg, Poland, Spain, and Switzerland, are currently awaiting Senate ratification.

Miscellaneous Guidance:
Notice 2015-31 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 regarding 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).