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

Read TaxNewsFlash-Exempt Organizations

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

Read TaxNewsFlash-Transfer Pricing


  • 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


  • Canada: Tax measures in 2024 budget include real estate tax changes (British Columbia)

Read TaxNewsFlash-Americas

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

Read TaxNewsFlash-Asia Pacific


  • 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

Read TradeNewsFlash-Trade & Customs

The items described above are also reported as editions of TaxNewsFlash:



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