ITS Washington Dispatch, May 2017

Trump Administration, Congressional Republicans look for unified tax reform proposal – Trump Administration’s FY2018 Budget offers few specifics on tax reform -- Trump Administration issues NAFTA renegotiation notice letters -- Changes made to IRS reporting under Sections 332, 351, 368 and 6038B by final regulations issued in 2016 affect filings for 2016 -- Treasury negotiating competent authority agreements to exchange CbC reports – US tax treaty negotiation update -- G7 Finance Ministers and Central Bank Governors communiqué references global tax system -- OECD releases implementation guidance on hard-to-value intangibles -- OECD releases peer review document on BEPS Action 6, Preventing the Granting of Treaty Benefits in Inappropriate Circumstances.