Discussion on market based rules for sales other than sales of tangible personal property continues July 2018 Tax News
We introduced the following new concepts at the meeting including the definition of “domicile” and “beneficial owner,” language of “foreign jurisdiction” or “geographic area,” simplification rules for services, government contract rules, asset management rules, and the burden of proof for changing the reasonable approximation method.
For more detailed information, read the draft language handout from this meeting. We welcome the public’s comments through July 19, 2018.
A 4th IPM for this regulation is expected to occur within the next 6 months and another draft of the proposed language will be provided to the public for discussion at that time.