TaxNewsFlash

TaxNewsFlash

The latest tax developments being reported by KPMG member firms around the globe

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David M. Neuenhaus

David M Neuenhaus

Global Sovereign Wealth and Pension Funds Tax Lead; Partner-in-Charge, NY Financial Services Tax

Recent Articles

Transfer Pricing and BEPS

30 Apr - OECD: Consolidated commentary on Pillar Two rules, updated Pillar Two examples

29 Apr - OECD: Tax inspectors without borders 2024 annual report, new focus on country-by-country data and digital economy

26 Apr - EU: European Parliament adopts resolution on transfer pricing directive

25 Apr - Germany: Draft bill for Annual Tax Act 2024 includes Pillar Two changes

25 Apr - Korea: Interest deductions could be challenged on arm’s length grounds, but not wholly denied as tax avoidance (Tax Tribunal decision)

24 Apr - UK: Related-party interest arm’s length but still disallowed based on unallowable purpose (Court of Appeal decision)

19 Apr - Australia: KPMG comments on draft legislation implementing Pillar Two global minimum tax rules

18 Apr - Australia: Performance audit report on management of transfer pricing for related-party debt

8 Apr - KPMG report: Transfer pricing and ESG—improving governance by operationalizing transfer pricing

2 Apr - KPMG report: Recent DCL and Pillar Two guidance, comments and recommendations
 

United States

30 Apr - Treasury Secretary Yellen testifies at House Ways and Means Committee hearing on administration’s FY 2025 tax proposals

24 Apr - Final regulations: Domestically controlled REITs

24 Apr - IRS Independent Office of Appeals announces formation of alternative dispute resolution program management office

17 Apr - Updated instructions highlight potential need to request CAMT information from partnerships

15 Apr - KPMG report: Partnership audit rules and specific IRS forms

11 Apr - KPMG report: CAMT recent developments—changes to instructions for Schedule K-1
 

Asia Pacific

17 Apr - India: Update on tax treaty with Mauritius
 

Europe

10 Apr - UK: Draft legislation on new reserved investor fund regime

8 Apr - Luxembourg: Referral to CJEU for failing to correctly transpose ATAD interest limitation rules

Transfer Pricing and BEPS

22 Mar - Australia: Consultation on draft legislation implementing Pillar Two global minimum tax rules

19 Mar - KPMG report: Amount B compliance challenges

19 Mar - KPMG report: Implications of ICAP statistics

6 Mar - Australia: KPMG comments on revised draft legislation implementing public country-by-country reporting
 

United States

22 Mar - IRS updates FAQ on QI/WP/WT website to provide guidance on WP/WT agreement renewals

18 Mar - KPMG report: Tax and trade considerations for U.S. inbound investment

14 Mar - KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2025 budget

14 Mar - KPMG report: New beneficial ownership information reporting requirements

11 Mar - Treasury releases “Green Book” explanation of tax proposals in FY 2025 budget
 

Asia Pacific

28 Mar - Australia: Parliament passes legislation on interest limitation rules and foreign investment fees; Senate passes bill on taxation of general insurers

25 Mar - Australia: Taxpayer entitled to interest deductions with respect to foreign related-party financing for third-party acquisition (Federal Court decision)

12 Mar - Australia: Guidance on applying for variations from foreign resident capital gains withholding

6 Mar - Malaysia: Recent guidance on capital gains tax

5 Mar - India: Deductions for payments to nonresidents upheld; discount by telecom company to distributor not a commission (court decisions)
 

Europe

26 Mar - Germany: Tax reform bill enacted, other tax developments

25 Mar - Ireland: Tax changes for the asset management and funds industry, including Pillar Two rules

25 Mar - UK: Finance (No. 2) Bill 2024

15 Mar - EU: European Parliament committee adopts opinion on FASTER proposal

Transfer Pricing and BEPS

29 Feb - OECD: Report to G20 Finance Ministers and Central Bank Governors, updates on developments in international tax reforms

21 Feb - KPMG report: Overview and initial observations on Pillar One – Amount B

21 Feb - KPMG report: HMRC guidance on OECD’s control of risk framework

19 Feb - OECD: Report on Amount B under Pillar One

8 Feb - KPMG report: Legal advice memorandum shows IRS approach to intercompany debt pricing
 

United States

26 Feb - KPMG report: Challenges and opportunities faced by CAMT “scope bubble corporations”

16 Feb - Final Form 4626 and instructions for corporate alternative minimum tax (CAMT)

8 Feb - KPMG report: Pillar Two implications of U.S. self-initiated transfer pricing true-ups
 

Asia Pacific

27 Feb - Korea: Software fees paid to Irish affiliate treated as royalties paid to U.S. parent (Tax Tribunal decision)

20 Feb - Singapore: Tax measures in budget 2024 include Pillar Two global minimum tax rules

6 Feb - Australia: Senate Committee report on interest limitation / thin capitalisation rules bill

2 Feb - India: Tax measures in interim budget 2024
 

Europe

29 Feb - Germany: Compromise tax reform bill adopted by mediation committee of Parliament, other tax developments

28 Feb - EU: Member states submit opinions to EC on new common corporate tax system proposal (BEFIT)

22 Feb - Switzerland: Tax aspects of limited qualified investor fund for real estate investments

21 Feb - EU: Updates to list of non-cooperative jurisdictions

12 Feb - Netherlands: Consultation on new framework for determining characterization for tax purposes of foreign legal forms

Transfer Pricing and BEPS

30 Jan - EU: Public country-by-country reporting implementation summary

29 Jan - UK: Government response to consultations on proposed changes to transfer pricing and international tax rules

17 Jan - EU: Pillar Two global minimum tax implementation summary

16 Jan - UK: Updates on Pillar Two, including draft HMRC guidance on proposed rules

2 Jan - United States: Effect of group membership on arm’s length interest rate on intragroup loans (Chief Counsel legal advice memorandum)

2 Jan - KPMG report: Pillar Two rules and the asset management industry
 

United States

31 Jan - KPMG report: New year, changing information reporting and withholding (IRW) requirements

22 Jan - KPMG report: Resurgence of transfer pricing penalties

17 Jan - KPMG report: Key takeaways from recent CAMT releases

12 Jan - IRS announces continued enforcement efforts related to high-income individuals, large corporations, complex partnerships
 

Asia Pacific

29 Jan - Australia: Guide on hybrid mismatch rules; new case studies on offshore tax evasion
 

Europe

30 Jan - KPMG report: Comments on public consultation on new common corporate tax system in the EU (BEFIT)

29 Jan - UK: Government response to consultations on proposed changes to transfer pricing and international tax rules

19 Jan - EU: Challenge to EU global minimum tax directive dismissed (EU General Court judgment)

19 Jan - Italy: Procedure for obtaining hybrid mismatch penalty protection

11 Jan - KPMG report: Comments on European Commission consultation on transfer pricing initiative

2023 Articles

Transfer Pricing and BEPS

26 Dec - China: Advance pricing arrangement annual report for 2022

22 Dec - EU: EC publishes FAQs on interpretation and transposition of EU global minimum tax

20 Dec - KPMG report: New administrative guidance on Pillar Two rules, initial observations and analysis

20 Dec - EU: Pillar Two global minimum tax implementation summary

18 Dec - OECD: Further administrative guidance on Pillar Two rules; statement on timeline of Pillar One multilateral convention

15 Dec - KPMG report: Transfer pricing implications of Pillar Two minimum tax rules

5 Dec - KPMG report: OECD official provides update on expected transfer pricing guidance
 

United States

29 Dec - Announcement 2024-5: Termination of United States-Hungary tax treaty effective 1 January 2024

19 Dec - Tax treaty update: Income tax treaty with Chile enters into force
 

Americas

27 Dec - Bermuda: Legislation introducing corporate income tax signed into law

21 Dec - Chile: U.S. income tax treaty enters into force
 

Asia Pacific

14 Dec - Australia: Tax announcements in government's 2023-2024 mid-year economic and fiscal outlook statement

6 Dec - Australia: Amendments to new interest limitation / thin capitalisation rules bill referred to Senate committee

1 Dec - Hong Kong: Draft legislation on expansion of FSIE regime to asset disposal gains passed by Legislative Council


Europe

22 Dec - EU: 2023 year-end overview of direct tax initiatives

20 Dec - EU: European Parliament resolution on further reform of corporate tax rules, including BEFIT proposal

20 Dec - Luxembourg: Overview of certain tax developments for 2024

14 Dec - Luxembourg: European Commission erred in finding grant of State aid based on OECD Transfer Pricing Guidelines (CJEU judgment)

8 Dec - EU: ECOFIN report addressing “Unshell” and FASTER directives

8 Dec - EU: European Parliament subcommittee on tax matters discussion with code of conduct group on business taxation

Transfer Pricing and BEPS

27 Nov - KPMG report: Transfer pricing of financial transactions

24 Nov - KPMG report: Transfer pricing takeaways from 2022 MAP statistics

21 Nov - OECD: Aggregated country-by-country reporting data

21 Nov - KPMG report: Pillar Two implications for “U.S. sandwich structures”

14 Nov - OECD: Mutual agreement procedure (MAP) statistics for 2022

9 Nov - EU: Member states approve statements of EU Council and European Commission reconfirming support for Pillar One and Pillar Two
 

United States

30 Nov - House Ways and Means approves Taiwan double-tax relief bill

29 Nov - KPMG report: YA Global v. Commissioner Tax Court decision released

24 Nov - Proposed regulations: Amendments to apply entity approach to partnership loss disallowance rules under sections 267 and 707

21 Nov - KPMG report: IRS hearing on digital asset proposed regulations

17 Nov - KPMG report: IRS rules on treatment of foreign insurance segregated funds for Article XXI Treaty and FIRPTA exemption purposes

17 Nov - KPMG report: New guidance on section 892 entity classification of foreign investment partnerships

16 Nov - Reply brief for petitioners in Moore case

16 Nov - Senate Finance Chairman Wyden releases legislation addressing the treatment of carried interests

16 Nov - KPMG report: U.S. Tax Court decision upholding IRS determination that fund engaged in U.S. trade or business

15 Nov - U.S. Tax Court: Partnership engaged in U.S. trade or business based on activities of asset manager
 

Asia Pacific

21 Nov - Australia: Legislation proposing tax enforcement enhancements

21 Nov - Japan: Overview of tax system (2023)
 

Europe

30 Nov - KPMG report: Global developments in ESG-related taxes, incentives, and grants (ESG tax tracker)

28 Nov - Italy: Legislative decrees implementing tax reform

27 Nov - UK: Update on consultation on proposed changes to transfer pricing and permanent establishment rules

Asia Pacific

31 Oct - Australia: KPMG comments on consultation on proposed amendments to new interest limitation / thin capitalisation rules

25 Oct - India: Notification required for taxpayer to claim benefit under income tax treaty most favored nations clause (Supreme Court decision)

18 Oct - Australia: Consultation on proposed amendments to new interest limitation / thin capitalisation rules

16 Oct - Hong Kong: Draft legislation on expansion of FSIE regime to asset disposal gains; updated guidance on FSIE regime

5 Oct - India: Final changes to valuation rules under “Angel Tax”

Europe

31 Oct - Luxembourg: U.S. branch denied permanent establishment status, previous ruling nullified (administrative court decision)

26 Oct - Germany: Draft of updated guidance on reorganization tax law

20 Oct - Ireland: Tax proposals in Finance bill 2023 include implementation of Pillar Two global minimum tax

18 Oct - France: Tax measures in 2024 draft finance law include Pillar Two implementation and transfer pricing documentation changes

17 Oct - EU: New directive on tax transparency rules for service providers facilitating cryptoasset transactions

17 Oct - EU: Updates to list of non-cooperative jurisdictions

5 Oct - Ireland: Public consultation on introduction of participation exemption

3 Oct - KPMG report: Comments in response to EC public consultation on proposal to improve withholding procedures (FASTER)

Transfer Pricing and BEPS

27 Oct - KPMG report: U.S. transfer pricing and international tax year-end considerations

17 Oct - KPMG report: Multilateral conventions on Amount A of Pillar One and Pillar Two subject to tax rule, initial observations and analysis

16 Oct - UK: Further analysis of Pillar Two global minimum tax rules in updated Finance Bill 2023 draft legislation

11 Oct - OECD: Multilateral convention to implement Amount A of Pillar One; implementation handbook for Pillar Two global minimum tax

11 Oct - United States: Treasury request for public input on OECD multilateral convention to implement Amount A of Pillar One

5 Oct - France: Draft legislation implementing Pillar Two global minimum tax

3 Oct - OECD: Multilateral convention to facilitate implementation of Pillar Two subject to tax rule

United States

30 Oct - IRS extends acceptance of digital signatures, encrypted emails

23 Oct - U.S. Treasury release: No change to list of countries cooperating with international boycott

19 Oct - Finance Committee files report on Taiwan double-taxation relief bill

16 Oct - KPMG report: IRS announcement of new large partnership audits

16 Oct - KPMG report: Voluntary and mandatory disclosure requirements and options

Asia Pacific

27 Sep - India: Buyback of shares subject to dividend distribution tax (tribunal decision)

25 Sep - Australia: Senate Committee report on new interest limitation and subsidiary information disclosure rules

21 Sep - Australia: Draft legislation to improve tax system

20 Sep - India: Reassessment notice issued without approval was time barred (High Court decision)

20 Sep - India: Taxpayer entitled to refund of taxes paid on behalf of nonresident (High Court decision)

15 Sep - Australia: New communications protocol for ATO objections

11 Sep - India: Singaporean company entitled to treaty benefits on capital gains from transfers of shares of Indian companies (tribunal decision)

Europe

29 Sep - Spain: EC decision of unlawful State aid annulled to protect legitimate expectations (CJEU General Court judgment)

18 Sep - Belgium: Requirement under DAC6 for intermediaries to notify other intermediaries of their reporting obligation is invalid (Constitutional Court decision)

18 Sep - Ireland: Amendments to patent box regime in response to Pillar Two implementation

18 Sep - Italy: Law directing the government to reform the tax system now effective

18 Sep - Italy: Nonresident company eligible for domestic participation regime for capital gains when selling Italian company (Supreme Court decision)

13 Sep - EU: European Commission proposals for directives on business income taxation framework (BEFIT) and transfer pricing

5 Sep - UK: Interest deductions on intra-group debt disallowed on grounds of unallowable purpose (Upper Tribunal decision)

Transfer Pricing and BEPS

29 Sep - UK: Updated Finance Bill 2023 draft legislation, including Pillar Two global minimum tax rules

20 Sep - OECD: Comments on public consultation document on Amount B under Pillar One

18 Sep - Italy: Draft law implementing Pillar Two global minimum tax

18 Sep - Sweden: Draft law implementing Pillar Two global minimum tax

15 Sep - Netherlands: Memorandum to parliament in response to report regarding bill implementing Pillar Two

5 Sep - UK: HMRC guidance on advance pricing agreements

1 Sep - KPMG report: Comments on public consultation document on Amount B under Pillar One following outcome statement on BEPS 2.0

United States

29 Sep - IRS Priority Guidance Plan for 2023-2024

28 Sep - KPMG report: New CAMT guidance in Notice 2023-64 expands scope, increases compliance burdens

21 Sep - Federal Circuit: Claims court erred in applying hybrid legal standard conflating step transaction and economic substance doctrines

20 Sep - IRS announces new work unit focused on large or complex passthrough entities to help with high-income compliance efforts

12 Sep - KPMG report: Fall 2023 tax agenda

Americas

25 Aug - KPMG report: Potential U.S. tax implications of proposed Bermuda corporate income tax

18 Aug - Canada: Details of clean economy incentives in draft legislation

15 Aug - Canada: Details of draft revised EIFEL rules

14 Aug - Canada: Draft legislation includes Pillar Two rules and revised DST and EIFEL rules
 

Asia Pacific

23 Aug - Australia: ATO requesting information on corporate tax transparency data for large companies

15 Aug - Singapore: Taxing gains on sale or disposal of foreign assets

10 Aug - Korea: Tax reform proposal for 2023, implications for foreign invested companies

7 Aug - Australia: Review of regulatory frameworks for tax services and large consulting, accounting, and auditing firms

7 Aug - India: Reassessment notice based on contradictory advance ruling for another taxpayer was invalid (High Court decision)

4 Aug - Hong Kong: Latest proposals on tax certainty scheme for onshore equity disposal gains and expanded foreign-sourced income exemption regime
 

Europe

29 Aug - Spain: Burden of proving abuse of withholding tax exemption under EU Parent-Subsidiary Directive (Supreme Court decision)

4 Aug - Italy: Taxpayer not respected as beneficial owner of interest payments (Supreme Court decision)

4 Aug - Luxembourg: Referral to CJEU by European Commission for failure to correctly transpose ATAD interest limitation rules

2 Aug - Germany: Draft tax reform bill
 

Transfer Pricing and BEPS

21 Aug - Korea: Proposed amendments to transfer pricing and Pillar Two rules

15 Aug - Australia: Targeted consultation on implementation of Pillar Two global minimum tax rules

14 Aug - KPMG report: Accelerated competent authority procedure can extend MAP resolutions to subsequent years

10 Aug - Korea: Tax reform proposal for 2023, changes to Pillar Two and transfer pricing documentation rules

10 Aug - Luxembourg: Draft law implementing Pillar Two global minimum tax

7 Aug - Australia: Audit on ATO’s management of transfer pricing for related-party debt

3 Aug - KPMG report: Amount B and tax certainty
 

United States

Aug 30 - KPMG report: Proposed regulations expand tax information reporting on digital asset transactions

Aug 14 - KPMG reports: Navigating CAMT

Americas

11 Jul - Canada: New mandatory disclosure rules clarified

5 Jul - Chile: U.S. income tax treaty approved by U.S. Senate
 

Asia Pacific

5 Jul - Australia: Legislation proposing changes to interest limitation rules introduced in Parliament

5 Jul - India: Capital gain exempt under Singapore treaty (High Court decision)
 

Europe

19 Jul - Luxembourg: U.S. branch denied permanent establishment status (administrative court decision)

12 Jul - Italy: Withholding tax on dividends paid to investment fund breaches EU law, refund granted (court decision)

7 Jul - Luxembourg: Updated FAQ on mandatory disclosure rules (DAC6)
 

Transfer Pricing and BEPS

31 Jul - EU: Public country-by-country reporting implementation summary

31 Jul - KPMG report: Survey on application of control of risk and DEMPE frameworks, focus on Canada and Mexico

25 Jul - KPMG report: New guidance on Pillar Two rules, initial observations and analysis

25 Jul - KPMG report: Public consultation on Amount B under Pillar One, initial observations

25 Jul - KPMG report: OECD’s effort to simplify transfer pricing

20 Jul - KPMG report: Latest Pillar Two guidance provides some relief for U.S. multinationals, but concerns remain

19 Jul - KPMG report: Transfer pricing and stock-based compensation

17 Jul - OECD: Report on BEPS 2.0, including new guidance on Pillar Two rules

17 Jul - OECD: Public consultation document on Amount B under Pillar One following outcome statement on BEPS 2.0

12 Jul - EU: European Commission progress report on Pillar One

12 Jul - UK: HMRC removes requirement for UK companies to make annual country-by-country reporting notification

12 Jul - OECD: Outcome statement on BEPS 2.0

10 Jul - KPMG report: Survey on application of control of risk and DEMPE frameworks, focus on Germany, the Netherlands, and Sweden
 

United States

19 Jul - Ways and Means Republicans introduce bill to increase BEAT where countries adopt UTPR

18 Jul - JCT report on U.S. international taxation, ahead of Ways and Means hearing on BEPS 2.0

10 Jul - KPMG report: REITs and the new corporate alternative minimum tax

Americas

27 Jun - OECD: Tax transparency in Latin America 2023

15 Jun - Canada: Budget 2023 general anti-avoidance rule consultation, KPMG comments

Asia Pacific

30 Jun - India: Tax residency certificate for claiming tax treaty benefits; tax withheld at source under liberalised remittance scheme and overseas tour program package

28 Jun - Australia: Draft guidance on interaction of non-arm’s length income and capital gains, control and residency tests

22 Jun - Australia: Proposed legislation on new thin capitalisation rules; other tax-related legislation

22 Jun - Australia: Tax authority relies on anti-avoidance rather than transfer pricing arguments in foreign related-party financing dispute (Federal Court decision)

20 Jun - Hong Kong: Advance rulings under foreign-sourced income exemption regime

12 Jun - Hong Kong: Changes to issuance of certificate of residence status and application forms

12 Jun - Hong Kong: Update on profits tax, BEPS 2.0, and e-filing
 

Europe

28 Jun - EU: European Commission guidance on foreign subsidies regulation

28 Jun - Luxembourg: Guidance on reverse hybrid rules

26 Jun - UK: Deduction denied for payments on related-party indebtedness (First-tier Tribunal decision)

26 Jun - UK: Draft guidance on Pillar Two global minimum tax rules published, comments requested

22 Jun - EU: European Parliament adopts resolution on lessons learned from Pandora Papers

20 Jun - EU: European Commission proposal to improve withholding tax procedures

8 Jun - Luxembourg: European Commission erred in finding grant of State aid based on OECD Transfer Pricing Guidelines (CJEU Advocate General opinion)

6 Jun - France: New proposals to counter international tax fraud, including lower turnover threshold for transfer pricing documents

6 Jun - Germany: Interim findings and outcomes from mandatory disclosure rules (DAC6) reporting

6 Jun - Luxembourg: Draft law implementing DAC7

6 Jun - Spain: Foreign alternative investment fund entitled to refund of dividend withholding tax (Supreme Court decision)


Transfer Pricing

27 Jun - KPMG report: Europe, Middle East, and Africa (EMA) transfer pricing insights (June 2023)

26 Jun - KPMG report: Transfer pricing methods for asset management sub-advisers

26 Jun - UK: Spring Finance Bill 2023, including Pillar Two global minimum tax rules, substantively enacted

21 Jun - KPMG reports: Transfer pricing considerations in mergers and acquisitions, focus on UK

12 Jun - KPMG report: Brazil’s proposed transfer pricing rules, implications for intercompany financial transactions
 

United States

29 Jun - Final regulations: Additional guidance on transition from interbank offered rates (IBORs) to other reference rates for foreign banks with ECI

22 Jun - Tax treaty update: Senate votes to approve income tax treaty with Chile

5 Jun  - President signs bill to increase debt limit, partially rescind IRS funding

Americas

22 May - British Virgin Islands: Economic substance guidance for entities claiming tax residence in Jersey, Guernsey, or Isle of Man

 

Asia Pacific

9 May - India: Long-term capital gains on sale of unlisted shares; attribution of profit; place of supply of intermediary services (court decisions)

9 May - Australia: 2023 federal budget released

3 May - Australia: KPMG comments on draft legislation denying deductions for low-taxed related-party intangibles payments

1 May - India: Concessional withholding tax rate for foreign portfolio investors not extended under Finance Bill 2023


Europe

30 May - UK: Update on mandatory disclosure rules (DAC6), now effective

24 May - EU: Update on DAC7 implementation (May 2023)

19 May - EU: Agreement on DAC8 compromise text (EU Council)

19 May - Denmark: Beneficial ownership for purposes of withholding tax exemption for cross-border interest payments (court decision)

15 May - UK: Guidance on interest deduction limitation rule for loans with “unallowable purpose”

4 May - Germany: Guidance on use of OECD commentary in interpreting German income tax treaties

4 May - Luxembourg: European Commission erred in finding grant of State aid (CJEU Advocate General opinion)

4 May - Spain: Requirement under DAC6 for intermediaries to notify other intermediaries of their reporting obligation suspended (Supreme Court decision)

3 May - Italy: Withholding tax on dividends paid to U.S. collective investment funds breaches EU law (court decision)

1 May - UK: Tax policy and consultation documents on modernizing, simplifying and improving the tax system


Transfer Pricing

30 May - KPMG report: Practical transfer pricing compliance in a complex world

22 May - KPMG report: Survey on application of control of risk and DEMPE frameworks, focus on United States and UK

19 May - EU: Action seeking annulment of EU minimum tax directive (EU General Court)

10 May - United States: KPMG analysis of IRS 2022 APA statistics

8 May - KPMG report: Progress on improving mutual agreement procedure

1 May - United States: IRS guidance on review and acceptance of APA submissions


United States

22 May - United States: Application of the FIRPTA regularly traded exception to stock held by partnerships (Chief Counsel legal advice memo)

16 May - United States: Interest expense limitations under sections 267(a)(3) and 163(j); dividend distribution with a debt

3 May - United States: Receipt of profits interest in partnership in exchange for services not taxable (U.S. Tax Court)

Americas

29 Mar - Canada: Tax provisions in federal budget for 2023
 

Asia Pacific

28 Mar - Hong Kong: Proposal to clarify non-taxation of onshore gains from disposal of equity interests

20 Mar - Australia: Changes to interest limitation rules

13 Mar - India: Salaries of seconded employees; extension of time for reassessment notices; tax residency certificates (court decisions)

6 Mar - Hong Kong: Instrument of ratification of MLI deposited with OECD
 

Europe

29 Mar - Germany: Expansion of list of non-cooperative jurisdictions, implications for measures against tax havens

29 Mar - Germany: Shareholder not entitled to challenge assessment against corporation (federal tax court decision)

23 Mar - Germany: Public consultation on implementation of Pillar Two global minimum tax

23 Mar - EU: European Parliament adopts recommendations from report on lessons learned from Pandora Papers

16 Mar - UK: “Spring Budget” 2023

10 Mar - France: Ruling on withholding tax on dividend equivalent payments

10 Mar - Netherlands: Ruling on permanent establishment issues when employees work from home

3 Mar - UK: “Spring Budget” expected 15 March 2023
 

Transfer Pricing and BEPS

27 Mar - KPMG report: Evaluating the equivalence of cost-sharing and cost contribution arrangements

16 Mar - OECD: Public consultation meeting on implementation under Pillar Two

10 Mar - Luxembourg: Draft legislation for implementation of public country-by-country reporting
 

United States

27 Mar - KPMG report: Stock repurchase excise tax and funding rule considerations for inbound taxpayers

24 Mar - Beneficial ownership information reporting guidance

17 Mar - KPMG report: Crypto crackdown—information reporting in a digital asset world

14 Mar - KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2024 budget

9 Mar - KPMG report: Initial impressions of tax proposals in Biden Administration’s FY 2024 budget

9 Mar - FY 2024 budget: “Green Book”—Treasury’s explanation of tax proposals

Americas

10 Jan - Brazil: Report of tax developments for financial, insurance, real estate sectors

Asia Pacific

17 Jan - India: Liaison office did not constitute PE; amalgamation plan rejected (court decisions)

9 Jan - Korea: Tax reform for 2023

Europe

30 Jan - Denmark: Beneficial ownership for purposes of withholding on dividends (Supreme Court decisions)

30 Jan - EU: European Commission public consultation on DAC7 implementing regulation

30 Jan - EU: European Commission work program for first half of 2023

30 Jan - EU: Report on “Unshell” Directive proposal adopted by EU Parliament

30 Jan - Germany: Dividends received by partnership not eligible for exemption under EU Parent-Subsidiary Directive (tax court decision)

27 Jan - KPMG report: Comments on public consultation on new common corporate tax system in the EU (BEFIT)

25 Jan - Italy: 2023 budget law tax measures, including DAC7 and windfall profits tax on energy

24 Jan - EU countries: Transposition of EU directive, cross-border distributions of collective investment undertakings

23 Jan - UK: Final mandatory disclosure rules (DAC6) regulations published

11 Jan - EU: Update on DAC7 implementation

9 Jan - UK: New guidance on “associated companies” test for determining applicable corporation tax rate and payment deadlines

6 Jan - OECD: Further progress on harmful tax practices

Transfer Pricing and BEPS

30 Jan - OECD: Comments on public consultation document on Amount B under Pillar One

25 Jan - KPMG report: Comments on public consultation document on Amount B under Pillar One

24 Jan - OECD: Comments on public consultation document on withdrawal of DSTs under Pillar One

24 Jan - OECD: New methodology for Action 14 peer reviews, changes to MAP statistics reporting and new APA statistics reporting

23 Jan - KPMG report: Focus on country-by-country reporting (CbC) data with Pillar Two minimum tax and public CbC reporting

13 Jan - OECD: Manal Corwin appointed new Director of its Centre for Tax Policy and Administration

United States

Jan 31 - KPMG report: Proposed regulations providing definition of domestically controlled real estate investment trust, initial analysis and observations

Jan 31 - KPMG report: Year-in-review list of U.S. federal tax developments for 2022 (as reported in TaxNewsFlash)

Jan 25 - KPMG report: Third reinstated Superfund tax adds complexity

11 Jan - KPMG report: Final regulations on exception for U.S. real property interests held by foreign pension funds, initial impressions and observations

11 Jan - KPMG report: Section 163(j) considerations on the disposition of partnership property and partnership interests

10 Jan - House passes IRS defunding bill

4 Jan - KPMG report: Initial observations on round 1 of CAMT guidance in Notice 2023-7

Americas

10 Jan - Brazil: Report of tax developments for financial, insurance, real estate sectors

Asia Pacific

17 Jan - India: Liaison office did not constitute PE; amalgamation plan rejected (court decisions)

9 Jan - Korea: Tax reform for 2023

Europe

30 Jan - Denmark: Beneficial ownership for purposes of withholding on dividends (Supreme Court decisions)

30 Jan - EU: European Commission public consultation on DAC7 implementing regulation

30 Jan - EU: European Commission work program for first half of 2023

30 Jan - EU: Report on “Unshell” Directive proposal adopted by EU Parliament

30 Jan - Germany: Dividends received by partnership not eligible for exemption under EU Parent-Subsidiary Directive (tax court decision)

27 Jan - KPMG report: Comments on public consultation on new common corporate tax system in the EU (BEFIT)

25 Jan - Italy: 2023 budget law tax measures, including DAC7 and windfall profits tax on energy

24 Jan - EU countries: Transposition of EU directive, cross-border distributions of collective investment undertakings

23 Jan - UK: Final mandatory disclosure rules (DAC6) regulations published

11 Jan - EU: Update on DAC7 implementation

9 Jan - UK: New guidance on “associated companies” test for determining applicable corporation tax rate and payment deadlines

6 Jan - OECD: Further progress on harmful tax practices

Transfer Pricing and BEPS

30 Jan - OECD: Comments on public consultation document on Amount B under Pillar One

25 Jan - KPMG report: Comments on public consultation document on Amount B under Pillar One

24 Jan - OECD: Comments on public consultation document on withdrawal of DSTs under Pillar One

24 Jan - OECD: New methodology for Action 14 peer reviews, changes to MAP statistics reporting and new APA statistics reporting

23 Jan - KPMG report: Focus on country-by-country reporting (CbC) data with Pillar Two minimum tax and public CbC reporting

13 Jan - OECD: Manal Corwin appointed new Director of its Centre for Tax Policy and Administration

United States

Jan 31 - KPMG report: Proposed regulations providing definition of domestically controlled real estate investment trust, initial analysis and observations

Jan 31 - KPMG report: Year-in-review list of U.S. federal tax developments for 2022 (as reported in TaxNewsFlash)

Jan 25 - KPMG report: Third reinstated Superfund tax adds complexity

11 Jan - KPMG report: Final regulations on exception for U.S. real property interests held by foreign pension funds, initial impressions and observations

11 Jan - KPMG report: Section 163(j) considerations on the disposition of partnership property and partnership interests

10 Jan - House passes IRS defunding bill

4 Jan - KPMG report: Initial observations on round 1 of CAMT guidance in Notice 2023-7

2022 Articles

30 Dec - United States: Analysis and observations on initial guidance on new 1% stock repurchase excise tax

28 Dec - United States: Exception for U.S. real property interests held by foreign pension funds (text of final regulations)

28 Dec - United States: Foreign government income exception and definition of domestically controlled qualified investment entities (text of proposed regulations)

27 Dec - United States: Interim guidance on new corporate alternative minimum tax (CAMT)

27 Dec - United States: Interim guidance on new 1% excise tax on repurchases of corporate stock

23 Dec - EU: Summary of tax-related initiatives in 2022

22 Dec - KPMG report: Provisional agreements in EU on emissions trading, carbon border adjustments, and climate funding

22 Dec - KPMG report: Public consultation document under Pillar One on draft multilateral convention provisions on DSTs

21 Dec - KPMG report: Pillar Two implementation package, initial observations and analysis

20 Dec - Hong Kong: Draft legislation on foreign-sourced income exemption regime passed

20 Dec - Netherlands: Tax developments concerning financial institutions (December 2022)

20 Dec - UAE: Corporate tax provisions relating to oil and gas sector

19 Dec - Colombia: Tax reform measures include 15% minimum tax, surcharges, digital services tax

19 Dec - United States: Treasury timeline for providing guidance on “Inflation Reduction Act” tax provisions

16 Dec - United States: Recent developments in taxation of financial products

16 Dec - EU: Council adopts EU minimum tax directive

13 Dec - India: Set-off of loss against foreign dividend income; revaluation of partnership assets taxable; fixed and agency permanent establishment

13 Dec - United States: Partnership “distributive share only” rule in corporate alternative minimum tax

12 Dec - UAE: Implementation of new federal corporate income tax system, related transfer pricing rules

9 Dec - Brazil: Income tax treaty with United Kingdom signed

9 Dec - EU: Requirement under DAC6 for intermediaries to notify other intermediaries of their reporting obligation is invalid under EU law (CJEU judgment)

9 Dec - KPMG report: Public consultation on Amount B under Pillar One, initial observations and analysis

6 Dec - KPMG report: OECD official provides update on work on Amount B

6 Dec - Italy: Proposed PE exemption for investment manager activities

1 Dec - Hong Kong: Developments with respect to foreign-sourced income exemption regime

30 Nov - Africa: Summary of tax developments (November 2022)

30 Nov - EU: Regulation on foreign subsidiaries distorting the internal market approved by EU Council

30 Nov - Germany: Guidance on stock exchange exception under real estate transfer tax

30 Nov - Germany: Law on DAC7, submitting transfer pricing documentation in tax audits, adopted by lower house of Parliament

29 Nov - KPMG report: Key takeaways from the OECD’s 2021 mutual agreement procedure (MAP) statistics

29 Nov - India: Capital gain not taxable under old India-Mauritius treaty (tribunal decision)

29 Nov - Japan: Overview of tax system (2022)

28 Nov - EU: Anti-money laundering measure allowing access to beneficial ownership information held invalid (CJEU judgment)

22 Nov - Canada: Revised excessive interest and financing expenses limitation (EIFEL) proposals

22 Nov - EU: Public country-by-country reporting implementation summary

18 Nov - KPMG report: U.S. congressional elections and tax policy; preliminary observations

17 Nov - UK: Tax proposals in Autumn statement

17 Nov - OECD: Aggregated country-by-country reporting data

16 Nov - OECD: Comments on progress report on administration and tax certainty aspects of Amount A of Pillar One

16 Nov - United States: Year-end tax discussion ideas for international tax and transfer pricing

16 Nov - EU: Public consultation on new common corporate tax system in the EU (BEFIT) extended to 26 January 2023

14 Nov - Italy: Intermediate holding companies in private equity structures served genuine, non-tax purpose (court decisions)

11 Nov - Hong Kong: Proposed amendments to draft legislation on foreign-sourced income exemption regime, administrative guidance

11 Nov - KPMG report: Comments on progress report on administration and tax certainty aspects of Amount A of Pillar One

11 Nov - UK: Implications of interest rate increases for transfer pricing

11 Nov - UK: Tax considerations for cross-border hybrid and remote working

10 Nov - EU: ECOFIN Council agrees on revised Code of Conduct for Business Taxation

10 Nov - United States: Corporate Alternative Minimum Tax considerations and FAQs

4 Nov - Canada: Changes to excessive interest and financing expenses limitation (EIFEL) rules in 2022 fall economic update

4 Nov - Netherlands: Updated policy statement on hybrid mismatches, deduction allowed in cost-plus situations

3 Nov - Germany: Draft legislation to implement public country-by-country reporting; update on Pillar Two implementation

2 Nov - United States: Year-end tax topics for cryptocurrency investors

1 Nov - Hong Kong: Procedure for complying with economic substance requirements under foreign-sourced income exemption regime

28 Oct - Hong Kong: Draft legislation on foreign-sourced income exemption regime

28 Oct - UK: Update on policy announcements in Chancellor’s “growth plan”; full autumn statement expected 17 November 2022

27 Oct - Germany: Trade tax treatment of dividend from dual resident corporation (tax court decision)

27 Oct - Australia: Public country-by-country (CbC) reporting proposed in 2022-2023 federal budget

25 Oct - Australia: 2022-2023 federal budget released

25 Oct - Belgium: Limitation on dividends received deduction surpluses carried over to absorbing company compatible with EU law (CJEU judgment)

25 Oct - Netherlands: Consultation on implementation of Pillar Two rules

17 Oct - KPMG report: Comments in response to EC public consultation on the SAFE initiative

17 Oct - UK: Proposed changes to additional rate of income tax and corporation tax rate will no longer proceed

14 Oct - Colombia: Tax proposals in draft legislation include 15% minimum tax, surcharges on certain sectors, digital services tax

14 Oct - OECD: Updated guidance on implementation of country-by-country reporting

14 Oct - KPMG report: Current state and trends in transfer pricing for intercompany financial transactions

13 Oct - KPMG report: Global formulary apportionment

13 Oct - KPMG report: The arm’s length standard after the pillars

13 Oct - Australia: Consultation paper on BEPS 2.0

11 Oct - Hong Kong: Proposed incorporation of MLI into domestic law

10 Oct - OECD: Tax transparency framework for cryptoassets, proposed amendments to CRS

6 Oct - OECD: Report on tax incentives and the global minimum tax

6 Oct - OECD: Progress report on administration and tax certainty aspects of Amount A of Pillar One; public consultation

6 Oct - EU: Report on EU Parliament meeting with European Commissioner; discussion of solidarity contribution on surplus profits in fossil sector, minimum tax directive

4 Oct - EU: Updates to list of non-cooperative jurisdictions

4 Oct - Germany: Disallowance of final losses incurred by UK permanent establishment upheld (CJEU judgment)

3 Oct - KPMG report: In defense of the arm’s length principle

3 Oct - United States: Tax treatment of cryptocurrency and challenges of cross-border reporting

30 Sep - OECD: Inclusive Framework on BEPS meeting scheduled for 6 - 7 October 2022

30 Sep - UK: Overview and analysis of Chancellor’s “growth plan”

30 Sep - United States: Accounting for tax provisions in the “Inflation Reduction Act of 2022” and CHIPS legislation

29 Sep - United States: Beneficial ownership information reporting (final regulations)

28 Sep - Germany: Withholding tax exemption denied (lower tax court decision)

27 Sep - Hong Kong: Procedure for confirming economic substance under revised exemption regime

23 Sep - UK: Tax relief measures and tax cuts in Chancellor’s “growth plan”

23 Sep -  United States: Tax provisions in the “Inflation Reduction Act of 2022” relevant to the banking industry; potential implications

21 Sep - United States: A primer on wash sale reporting in a volatile market (updated September 2022)

20 Sep - United States: SEC signals support for country-by-country reporting

16 Sep - UK: Anti-treaty shopping rule under Irish treaty did not apply to deny withholding tax relief on interest income (court decision)

14 Sep - UK: Taxation of cross-border intragroup asset transfer not contrary to EU law (CJEU Advocate General opinion)

9 Sep - EU: Five EU Member States issue joint statement committing to implementing global minimum tax (Pillar Two)

9 Sep - India: Application of “most favoured nation” clause under treaty with the Netherlands (tribunal decision)

8 Sep - Italy: Legislation to accelerate tax dispute resolution and improve tax court efficiency

8 Sep - Italy: Withholding tax on dividends paid to U.S. pension funds; refund opportunities (Supreme Court decisions)

7 Sep - Netherlands: Tax developments concerning financial institutions (September 2022)

26 Aug - EU: Taxation-based obstacles and distortions in cross-border investment; regulation of intermediaries in the EU (European Parliament)

26 Aug - Hong Kong: Implementation of Pillar Two deferred to 2024 at the earliest

25 Aug - OECD: Comments on progress report on Amount A of Pillar One

24 Aug - Germany: Real property management company premises can be permanent establishment of contracting company (tax court decision)

23 Aug - KPMG report: Implementation of ATAD I and II by EU Member States

23 Aug - United States: Further extended phase-in provisions under section 871(m) regulations (Notice 2022-37)

19 Aug - KPMG report: Comments on progress report on Amount A of Pillar One

19 Aug - KPMG report: European Commission business tax agenda

18 Aug - Canada: Draft excessive interest and financing expenses limitation (EIFEL) rules

17 Aug - Canada: Possible changes to general anti-avoidance rule (GAAR), comments due 30 September 2022

16 Aug - United States: President signs budget reconciliation legislation; KPMG’s report on tax law changes

12 Aug - Australia: Proposal for increased public reporting of tax and country-by-country information

11 Aug - EU countries: Transposition of EU directive, cross-border distributions of collective investment undertakings

11 Aug - Hong Kong: Company directors not liable for additional taxes for incorrect profits tax returns filed by company (court decision)

10 Aug - Hong Kong: Income tax treaties to be modified by MLI

10 Aug - Korea: Tax reform proposals for 2022

8 Aug - KPMG report: Tax guide for countries in Middle East and South Asia region

8 Aug - UK: Commercial transaction structured in tax-efficient way did not have “main purpose” of tax avoidance (court decision)

3 Aug - Hong Kong: Profits tax implications on sales of commercial buildings

3 Aug - United States: Initial impressions of corporate alternative minimum tax provision in draft Senate reconciliation bill

2 Aug - EU: Proposed directive for debt-equity bias reduction allowance and limiting deductibility of interest for corporate income tax purposes (KPMG comments on DEBRA proposal)

29 Jul - United States: Initial impressions of energy tax provisions in draft Senate reconciliation bill

28 Jul - KPMG report: Global overview of environmental taxes, incentives and grants (table)

26 Jul - KPMG report: Amount B—the forgotten piece of the Pillar One jigsaw

25 Jul - UK: Draft legislation for Finance Bill 2023 and several consultation responses published on “L Day”

21 Jul - EU: Tax-related developments from CJEU, EU Council, European Commission, and EU Parliament

20 Jul - UK: Draft legislation to implement Pillar Two published

18 Jul - KPMG report: The diverging paths of Pillars One and Two

18 Jul - Netherlands: Interest deductions in acquisition structures (Dutch Supreme Court)

16 Jul - United States: Treaty with Hungary terminated

14 Jul - EU: Update on minimum tax directive; priority of new presidency of the European Council

14 Jul - Italy: Withholding tax on dividends paid to U.S. collective investment funds; refund opportunities (Supreme Court decision)

11 Jul - OECD: Progress report on Amount A of Pillar One, including revised schedule; public consultation

11 Jul - UK: Closer look at consultation on tax immunity for sovereign investors

7 Jul - UK: Consultation on tax treatment of foreign sovereign investors

5 Jul - EU: Tax-related actions of CJEU, EU Council, European Commission, and EU Parliament

1 Jul - KPMG report: Environmental, social, and governance (ESG) and transfer pricing

1 Jul - Australia: Extension of transition period for residency management and control test

30 Jun - Australia: Treatment of U.S. GILTI under hybrid mismatch rules

29 Jun - Australia: Proposed amendments to thin capitalisation rules, effect on arm's length debt test

28 Jun - Germany: Application of anti-treaty/directive shopping rule to interest on convertible bond (tax court decision)

24 Jun - Hong Kong: Proposed changes to offshore regime for passive income

22 Jun - Germany: Dividend withholding tax refund rules; reimbursing withholding tax on dividends received from portfolio investments (CJEU judgment)

20 Jun - EU: Report of ECOFIN to European Council on tax issues including Pillar Two, minimum tax, harmful tax practices, preferential tax regimes, non-cooperative jurisdictions

21 Jun - France: Multinational entity agrees to pay over €1.245 billion to resolve cross-border controversy

17 Jun - EU: Proposal for EU minimum tax directive; update after ECOFIN Council meeting

17 Jun - EU: Latest court decisions, CJEU referral, EC and European Parliament developments

16 Jun - KPMG report: Update on tax control framework requirements

15 Jun - OECD: Comments on tax certainty aspects of Amount A under Pillar One

14 Jun - UK: Implementation of Pillar Two delayed

10 Jun - KPMG report: Comments on tax certainty aspects of Amount A under Pillar One

10 Jun - Luxembourg: New income tax treaty with UK is signed

10 Jun - UK: CFC group finance company partial exemption rules constitute unlawful state aid (EU General Court)

10 Jun - UK: Office of Tax Simplification review of taxation of income from real property

9 Jun - Australia: Planned consultation in July on taxing U.S. and UK resident financial institutions

9 Jun - Brazil: Tax updates concerning financial, insurance, and real estate industries

8 Jun - China: Preferential corporate income tax policies for Hengqin Guangdong-Macao Deep Cooperation Zone

7 Jun - KPMG report: Country-by-country reporting notifications, requirements per country

7 Jun - United States: Mandatory repatriation tax under section 965 is constitutional (Ninth Circuit)

31 May - Germany: Guidance on repayments of contributions by non-EU corporations

31 May - KPMG report: Tax governance frameworks in Singapore and Malaysia, related income tax and GST benefits

25 May - Hong Kong: Update on corporate tax issues, including transfer pricing documentation

24 May - Singapore: Tax treatment of appropriation of trading stock and conversion of non-trade/capital assets

24 May - EU: CJEU infringement procedure and referral; developments from EC, European Parliament, and OECD

23 May - Australia: Labor party wins 2022 election, tax policies include public country-by-country (CbC) reporting

23 May - India: Beneficial ownership provisions may not apply to capital gains article of India-Mauritius treaty (tribunal decision)

19 May - France: “Précompte” system of dividends taxation is contrary to EU law (CJEU judgment)

17 May - Australia: Guidance regarding reduced company tax rate

17 May - Luxembourg: FAQ on mandatory disclosure rules (DAC6)

16 May - UK: Consultation on proposed reforms to capital allowances regime

11 May - EU: Developments from CJEU Advocate General, European Parliament, and OECD

11 May - EU: Proposed debt-equity bias reduction allowance

10 May - India: No permanent establishment under India-Singapore tax treaty (tribunal decision)

5 May - KPMG report: BEPS 2.0 implementation considerations for Mexico

5 May - Canada: Draft hybrid mismatch legislation

3 May - Italy: Withholding tax exemption on cross-border interest payments applied on look-through basis (court decision)

2 May - UAE: Consultation on new federal corporate income tax system

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