KPMG Week in Tax—published weekly to provide an overview of tax developments as reported in TaxNewsFlash—includes summaries of select tax-related news followed by a full list of reports (more information can be found at the links provided).
- Greece: A new law introduces several tax provisions including reduced rates for certain taxes, penalties for cash payments over €500, taxation of personal businesses and freelancers, and incentives for electronic invoicing. It also includes provisions for real estate transactions, climate crisis resilience duty, and deductions for building renovation costs. Read TaxNewsFlash
- Hong Kong: The government published a consultation paper on the implementation of the Pillar Two global minimum tax from 2025 onwards. The paper outlines the government's proposals for the legislative approach and administrative framework, including the definition of a Hong Kong resident entity, the application of the global anti-base erosion (GloBE) rules, and the design and administration of the Hong Kong minimum top-up tax (HKMTT). The consultation period will last for three months, ending on 20 March 2024. Read TaxNewsFlash
- United States: The IRS released a legal advice memorandum on the impact of group membership on the interest rate for intragroup loans under section 482. The IRS concluded that if an unrelated lender would consider group membership in setting financing terms for the borrower, even without a formal guarantee, the IRS may adjust the interest rate in a controlled lending transaction to reflect that implicit support. This could result in a decreased interest rate for a U.S. subsidiary of a foreign-parented group. The IRS clarified that this analysis would also apply to loans between controlled parties with relationships other than parent-subsidiary, which might include implicit support from the group. Read TaxNewsFlash
Additional reports
United States
- IRS announces more time for dealers and sellers of clean vehicles to submit time-of-sale reports
- Federal Circuit: Butane not eligible for alternative fuel mixture tax credit
- Effect of group membership on arm’s length interest rate on intragroup loans (Chief Counsel legal advice memorandum)
- IRS annual revenue procedures for 2024
- KPMG report: Proposed regulations on clean hydrogen production credit and related energy credit
Transfer Pricing
- Hong Kong: Consultation paper on implementation of Pillar Two global minimum tax
- KPMG report: Pillar Two rules and the asset management industry
- Qatar: Extended deadline for country-by-country reports and notifications
- United States: Effect of group membership on arm’s length interest rate on intragroup loans (Chief Counsel legal advice memorandum)
BEPS
- Updated BEPS 2.0 – State of play developments summary [PDF 942 KB]
Read TaxNewsFlash-BEPS
FATCA / IGA / CRS
- Senegal: Commitment to start automatic exchange of information (AEOI) by 2025
Americas
- Bolivia: 2024 budget law includes tax measures
- Bolivia: Guidance on tax incentives for import and marketing of capital goods and industrial plants
- Bolivia: Procedure for zero rate VAT billing
Asia Pacific
- India: Guidelines for withholding tax on e-commerce transactions
- Malaysia: Direct and indirect tax changes in Finance Act (No. 2) 2023
- Malaysia: Guidance on sales tax exemptions for manufacturing aids and cleanroom equipment
- Malaysia: New indirect tax guidance effective 1 January 2024
- Saudi Arabia: Guidance on resident natural persons subject to income tax
- Vietnam: Reduced VAT through June 2024
Europe
- Greece: Tax provisions in new law
- Netherlands: Farewell bonuses not treated as non-deductible participation selling costs (Supreme Court decision)
- North Macedonia: New rulebook on VAT registration of foreign taxpayers through a tax representative
- Serbia: Amendments to VAT rulebook
- Sweden: Revaluation of tax base for VAT purposes for group-wide services (CJEU referral)
Read TaxNewsFlash-Europe
The items described above are also reported as editions of TaxNewsFlash:
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.