Daily Tax Update - July 18, 2017: OECD Releases Additional Guidance on Country-by-Country Reporting

OECD Releases Additional Guidance on Country-by-Country Reporting:  The OECD’s inclusive framework on Base Erosion and Profits Shifting (BEPS) released additional guidance for tax administrations and multinational enterprises on the implementation of country-by-country (CbC) reporting. The additional guidance addresses two specific issues: how to treat an entity owned and/or operated by two or more unrelated multinational-enterprise groups, and whether aggregated data or consolidated data for each jurisdiction is to be reported in Table 1 of the CbC report.

Senate Finance Committee Holds Hearings on Tax Reform, Kautter Nomination:  Today, the Senate Finance Committee held a hearing on “Comprehensive Tax Reform: Prospects and Challenges.” Witnesses included four former assistant secretaries for tax policy:

  • Jonathan Talisman (2000–2001)
  • Pamela F. Olson (2002–2004)
  • Eric Solomon (2006–2009)
  • Mark J. Mazur (2012–2017) 

The Senate Finance Committee also held a hearing on the nomination of David Kautter to be the assistant secretary for tax policy.

House Subcommittee to Hold Hearing on Jurisdictional Standards for State and Local Taxation and Regulation:  Rep. Bob Goodlatte (R-VA), chairman of the House Judiciary Committee, announced that the Subcommittee on Regulatory Reform, Commercial and Antitrust Law will hold a hearing on the No Regulation Without Representation Act of 2017 (H.R. 2887) on July 25 at 10 a.m. The bill would prohibit states from taxing or regulating a person’s activity in interstate commerce when such person is not “physically present” (as defined in the bill) in the state during the period in which the tax or regulation is imposed.

Miscellaneous Guidance Released:  Revenue Ruling 2017-15 provides various prescribed rates for federal income tax purposes for August 2017.

Treasury Decision 9820 contains a final regulation increasing the amount of the user fee for the special enrollment examination to become an enrolled agent.