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).
- Australia: The Australian Taxation Office (ATO) finalized a practical compliance guideline (PCG) regarding intangibles arrangements. The PCG focuses on the structuring aspects of intangible arrangements relevant for applying the reconstruction provisions in the Australian transfer pricing rules and the general anti-avoidance rules. Read TaxNewsFlash
- Colombia: Decree 2229 of 22 December 2023 established new deadlines for submitting the various required forms of transfer pricing documentation (i.e., informative declaration, country-by-country (CbC) notification, Local file, Master file, and CbC report) for tax year 2023 and later, which now fall between the 7th and 16th business day of September of the corresponding year. This represents a significant change given that, in previous years, the deadlines for submitting transfer pricing documentation fell in December. Read TaxNewsFlash
- Vietnam: The Ministry of Finance released a draft amendment to the VAT law and is seeking public feedback. Key changes concern goods and services not subject to VAT, VAT rates, input VAT credit, and cases eligible for VAT refund. Read TaxNewsFlash
Additional reports
United States
- Notice 2024-23: Special relief for certain rollovers to or from Maryland prepaid college trust accounts
- Comment period reopened for proposed regulations on federal independent dispute resolution (IDR) process
- Tennessee: Proposed legislation authorizing franchise tax refunds
- IRS provides tax relief for taxpayers in Rhode Island affected by severe storms, flooding, and tornadoes
- IRS provides tax relief for taxpayers in Connecticut affected by severe storms
- KPMG report: Avoiding common pitfalls in oil and gas reserve valuations for U.S. tax purposes
- KPMG report: Resurgence of transfer pricing penalties
- KPMG reports: Florida (sales factor litigation); Massachusetts (corporate excise tax changes); Washington State (capital gains as excise tax case)
Transfer Pricing
- Australia: Practical compliance guideline on intangibles arrangements
- Colombia: New deadlines for transfer pricing documentation
- United States: Resurgence of transfer pricing penalties
BEPS
- OECD: Comments on public consultation on model treaty commentary on permanent establishments as applied to extractible natural resources
Read TaxNewsFlash-BEPS
FATCA / IGA / CRS
- Singapore: Updated CRS e-Tax Guide
Africa
- South Africa: Interest incurred by investment holding company held nondeductible (High Court decision)
- South Africa: Vendors must respond to VAT verification requests with 40 business days
Read TaxNewsFlash-Africa
Americas
- Bolivia: Extended deadline for filing, payment, and compliance with RC-VAT tax obligations for direct taxpayers
- Bolivia: Lists of taxpayers whose invoices are ineligible for VAT credit and tax deduction
- Chile: Clarification on VAT exemption for professional partnerships; other direct and indirect tax developments
- Mexico: Updated value of UMI for 2024
Asia Pacific
- Australia: Practical compliance guideline on intangibles arrangements
- Australia: Updated guide on principal place of residence land tax exemption (New South Wales)
- Hong Kong: Tax deduction for spectrum utilization fees for telecommunication industry
- Korea: Sales support services subject to zero rate of VAT (Tax Tribunal decision)
- Malaysia: Exemptions from new capital gains tax for unit trusts
- Malaysia: Transitional rules for proposed increase in service tax rate
- Philippines: Reduction in accounts receivable did not result in VAT deficiency (Court of Tax Appeals decision)
- Philippines: Year-end tax compliance reminders
- Vietnam: Draft legislation on VAT
Europe
- Albania: Withholding tax and double tax treaties applications
- Cyprus: Extension of deadline to submit data to register of beneficial owners to 31 March 2024
- Malta: Deduction in respect of intellectual property and intellectual property rights
- Netherlands: Only beneficial owner of dividend entitled to credit dividend withholding tax (Supreme Court decision)
- Poland: Taxation of employee incentive shares; supplementary capital contribution deductible (Supreme Administrative Court decisions)
- Serbia: Amendments to “Eco Tax” adopted
- Spain: Amendments to tax incentives under taxes on economic activities and real estate (Madrid)
- Spain: Several corporate tax law measures declared unconstitutional (Constitutional Court decision)
- Sweden: Interest deductions incurred to finance intra-group share acquisition allowed (Supreme Administrative Court decision)
- Sweden: Proposed amendments to rules on deducting prior year losses to facilitate changes in ownership
Read TaxNewsFlash-Europe
Trade & Customs
- U.S. BIS strengthens sanctions against Russia and Belarus
- Fifth round of U.S. sanctions on Hamas targets financial networks and facilitators of virtual currency transfers
Exempt Organizations
- IRS TE/GE division releases summary of “FY 2023 accomplishments”
The items described above are also reported as editions of TaxNewsFlash:
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