Article Posted date
16 February 2024
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 government released revised exposure draft legislation and explanatory materials implementing public country-by-country (CbC) reporting for reporting periods beginning on or after 1 July 2024. Read TaxNewsFlash
- Saudi Arabia: The Zakat, Tax and Customs Authority (ZATCA) issued guidelines to provide clarity on various agreements involving software and databases, such as licensing agreements, distribution agreements, subscription agreements, and service agreements. These guidelines offer detailed, non-exhaustive examples to assist in understanding the taxation of software payments, particularly in cross-border transactions. Read TaxNewsFlash
- United Kingdom: The report stage and third reading for Finance Bill 2023-2024 took place in the House of Commons, which means the bill is substantively enacted. The bill includes amendments to the research and development (R&D) and creative industries provisions, as well as the new investment exemption for the electricity generator levy. Read the report from the KPMG member firm in the UK
- United States: The U.S. Treasury Department announced that in light of the revised timeline for adoption and signature of the Pillar One multilateral convention (MLC), Austria, France, Italy, Spain, and the United Kingdom have decided to extend from 23 December 2023 until 30 June 2024, the political agreement set forth in the joint statement issued on 21 October 2021, regarding their agreement that (as part of Pillar One) they will withdraw all unilateral measures concerning the imposition of digital services taxes (DSTs) once Pillar One takes effect. Read TaxNewsFlash
Additional reports
United States
- Application period for environmental justice solar and wind capacity limitation program closing February 29
- Correction to proposed regulations on energy credit under section 48, relating to certain gas upgrading equipment
- Final Form 4626 and instructions for corporate alternative minimum tax (CAMT)
- GLAM: Liability of third-party payers for improperly claimed employee retention credits
- IRS provides tax relief for taxpayers in Michigan affected by severe storms, tornadoes and flooding
- Rev. Proc. 2024-14: Indexing adjustments for amounts used to calculate employer shared responsibility payments
- U.S. Treasury release: No change to list of countries cooperating with international boycott
- U.S. Treasury statement regarding extended agreement on digital services taxes imposed by Austria, France, Italy, Spain, United Kingdom
- KPMG report: California court decision on interstate tax law
- KPMG reports: Delaware (unclaimed property voluntary disclosure agreement program); Illinois (tax treatment when mobile app used to purchase fuel); South Dakota (use tax on equipment)
Exempt Organizations
- Announcement 2024-7: Effective dates for changes to user fee schedule for determination letters
Transfer Pricing
- Australia: Revised draft legislation implementing public country-by-country reporting
- EU: VAT treatment of transfer pricing adjustments (CJEU referral from Romania)
- United States: Treasury statement regarding extended agreement on digital services taxes imposed by Austria, France, Italy, Spain, United Kingdom
FATCA / IGA / CRS
- Channel Islands: Updated FATCA and CRS practical guidance; common errors in reporting (Jersey)
Trade & Customs
- Brazil: Updates in foreign trade
- Canada: Annual report concerning efforts to prevent forced labor in supply chains
- EU: New phase of EU excise movement and control system (EMCS)
- United States: Amendments to North Korea sanctions regulations
- United States: Request for post-hearing comments on trade in automotive goods under USMCA
Americas
- Argentina: Tax relief for small, medium taxpayers, non-profit and health sectors
- Dominican Republic: Minimum wage for social security contributions
Asia Pacific
- Australia: Foreign investment fees bills pass House
- Australia: Guidance on income tax treatment of registered emissions units
- Australia: Guidance on LIFO method for securities holding period requirement
- Australia: Individual income tax and medicare levy bills pass House
- Bahrain: Cabinet approves signing of income tax treaty with UAE
- India: Constitutionality of anti-profiteering provisions under GST upheld (High Court decision)
- India: Sales proceeds in escrow account not includable in capital gains (tribunal decision)
- Malaysia: Final guide on transitional rules for service tax rate change on foreign digital services
- Malaysia: Updated e-invoicing guidelines, software development kit
- Philippines: Recent direct and indirect tax developments
- Saudi Arabia: Tax treatment of software payments
- Sri Lanka: Clarification of “resident person” for tax purposes
- Vietnam: New telecommunications law
Europe
- Czech Republic: Application of VAT deduction for selected passenger cars in 2024
- Czech Republic: Deadline for assessing tax; technical improvement of real property (Supreme Administrative Court decisions)
- Czech Republic: Determining whether income and expenses are “related” (court decisions)
- EU: VAT treatment of transfer pricing adjustments (CJEU referral from Romania)
- France: Tax authority guidance on VAT treatment of non-fungible tokens
- Greece: Guidance on new reporting obligations for digital platform operators (DAC7)
- Netherlands: Consultation on new framework for determining characterization for tax purposes of foreign legal forms
- Netherlands: Qualification of land as developed or undeveloped for VAT purposes (Supreme Court decision)
- Poland: VAT rate on take-away meals; eligible costs of new investment projects (Supreme Administrative Court decisions)
- Spain: Guidance under new mandatory corrective self-assessment procedure for direct and indirect taxes
- UK: Additional capital gains tax changes for save as you earn plans
- UK: Income tax treaty relief for foreign dividends (Upper Tribunal decision)
- UK: Tax “pledges” in Labour’s plan for business
- UK: Tax measures in Autumn statement substantively enacted
- UK: Taxpayer not estopped from arguing invalidity of inquiry notices (First-tier Tribunal decision)
- UK: Time limits for discovery assessments relating to stamp duty land tax (First-tier Tribunal decision)
Read TaxNewsFlash-Europe
The items described above are also reported as editions of TaxNewsFlash:
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