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).
- OECD: The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting on 19 February 2024 released a report and reader guide on Amount B—an optional simplified and streamlined approach to apply the arm’s length principle to baseline marketing and distribution activities. Read TaxNewsFlash
- Ethiopia: The Ethiopian Ministry of Finance issued directive no 981/2024 containing new transfer pricing rules effective January 2024. Read TaxNewsFlash
- Singapore: The 2024 budget includes proposals implementing the Pillar Two global minimum tax rules for financial years starting 1 January 2025. Read TaxNewsFlash
Additional reports
United States
- IRS announces plans to begin audits on personal use of business aircraft
- Filing of petitions for additions of caprolactam and nylon 6 to Superfund list
- IRS practice unit: Allocation and apportionment of R&E expenses for tax years beginning before January 1, 2020
- Rev. Rul. 2024-6: Interest rates, tax underpayments and overpayments remain same for second quarter 2024
- U.S. Tax Court: Decision in favor of IRS in case regarding limited partner exception to self-employment income
- U.S. Tax Court: Financing costs, including bond fees, properly included in eligible basis for purposes of low-income housing tax credit
- U.S. Treasury launches website tracking tax guidance under “Inflation Reduction Act”
- KPMG reports: New Jersey (substantiation of sales tax refund claims); Washington State (B&O tax on reimbursements); Wisconsin (pre-combined reporting NOLs)
Read TaxNewsFlash-United States
Exempt Organizations
- Comment period reopened for proposed regulations under section 6050S (qualified tuition expenses), section 25A (education tax credits)
- IRS TE/GE division provides new technical guide on fraternal societies under sections 501(c)(8) and 501(c)(10)
- U.S. Treasury website tracking tax guidance under “Inflation Reduction Act,” release on clean energy in colleges and universities
Transfer Pricing
- KPMG report: Overview and initial observations on Pillar One – Amount B
- OECD: Report on Amount B under Pillar One
- Ethiopia: New transfer pricing rules
- Kenya: Transfer pricing developments
- KPMG report: HMRC guidance on OECD’s control of risk framework
- New Zealand: No adoption of Amount B
- Nigeria: Migration of electronic platform for filing transfer pricing returns and country-by-country notifications
- Singapore: Tax measures in budget 2024 include Pillar Two global minimum tax rules
- Slovakia: Legislation implementing Pillar Two global minimum tax passed by Parliament
Africa
- Ethiopia: New transfer pricing rules
- Kenya: Stay of new affordable housing levy upheld (Court of Appeal decision)
- Kenya: Transfer pricing developments
- Nigeria: Migration of electronic platform for filing transfer pricing returns and country-by-country notifications
- South Africa: Increase in carbon tax rate and carbon fuel levies
Read TaxNewsFlash-Africa
Americas
- Canada: Tax measures in 2024 budget include real estate tax changes (British Columbia)
Asia Pacific
- Australia: “Top hatting” transaction did not qualify for basis step up (Federal Court decision)
- Australia: Additional minerals exploration credits for small companies for 2024-2025
- Australia: First list of companies receiving failure to comply notices under payment times reporting law
- Australia: Ruling on technology-based platform to ascertain fuel use for purposes of fuel tax credit
- India: Computer airline reservation system located in U.S. did not create permanent establishment in India (tribunal decision)
- Singapore: Tax measures in budget 2024 include Pillar Two global minimum tax rules
Europe
- EU: Updates to list of non-cooperative jurisdictions
- Germany: Limitation on inheritance and gift tax relief applicable to regular operating companies
- Isle of Man: 2024 budget includes proposed increases in corporate and individual income tax rates
- Italy: New rules for fiscal representatives of non-EU companies
- Netherlands: Guidance on application of zero VAT rate
- Poland: Corporate income tax on buildings; tax-deductible costs; revenue from trademark (Supreme Administrative Court decisions)
- Poland: Draft legislation implementing new reporting obligations for digital platform operators (DAC7)
- Poland: Guidance and consultation on national e-invoicing system (KSeF)
- Switzerland: Tax aspects of limited qualified investor fund for real estate investments
Read TaxNewsFlash-Europe
Trade & Customs
- EU: New sanctions against Russia focused on limiting access to military technologies
- U.S. BIS adds 93 entities to EAR entity list, including 63 from Russia
- U.S. BIS revises license requirements and export controls for certain camera technologies
- U.S. OFAC issues Russia-related general licenses, FAQs, and designations
The items described above are also reported as editions of TaxNewsFlash:
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