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).
- United States: The House of Representatives passed (by a vote of 357-70) H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” bipartisan legislation that would address scheduled changes in business taxation under the “Tax Cuts and Jobs Act,” among other provisions. Read TaxNewsFlash
- Australia: The government on 31 January 2024 released exposure draft legislation and supporting explanatory materials that would retroactively update Australia’s transfer pricing laws to the most recent version of the Organisation for Economic Cooperation and Development’s (OECD) Transfer Pricing Guidelines published on 20 January 2022. Read TaxNewsFlash
- United Kingdom: HM Revenue & Customs (HMRC) has released updated transfer pricing guidance on allocation of risk in controlled transactions related to the control of risk framework in the OECD Transfer Pricing Guidelines. Read TaxNewsFlash
Additional reports
United States
- KPMG report: New year, changing information reporting and withholding (IRW) requirements
- KPMG report: SEC comments on accounting for income taxes
- KPMG report: Practical tax mechanics of implementing SEC clawbacks
- KPMG reports: Colorado (sales and use tax); New York (property tax exclusion); multistate (online marketplace sales)
Read TaxNewsFlash-United States
- House passes bipartisan tax extenders legislation
Transfer Pricing
- Australia: Proposed retroactive adoption of updated OECD transfer pricing guidance
- Cyprus: Proposed increase to Local file thresholds
- Indonesia: New regulations for transfer pricing documentation, MAPs, APAs
- Malta: Time limitation on applicability of grandfathering provision under transfer pricing rules
- KPMG report: Europe, Middle East, and Africa (EMA) transfer pricing insights (February 2024)
- EU: Public country-by-country reporting implementation summary
- Poland: Procedure for filing transfer pricing reporting forms for acquired entities
- UK: Updated transfer pricing guidance on allocation of risk in controlled transactions
- OECD: Aggregated ICAP statistics
- UK: Government response to consultations on proposed changes to transfer pricing and international tax rules
FATCA / IGA / CRS
- Finland: FATCA and CRS annual information returns due 31 January 2024
Africa
- Africa: Summary of tax developments (January 2024)
- Botswana: Increase in tax-exempt thresholds for pensions, gratuities and retrenchment packages
- Nigeria: Deadline for filing employer annual tax returns extended to 7 February 2024 (Lagos State)
- Tanzania: VAT and DST obligations of nonresident providers of cross-border electronic services
Read TaxNewsFlash-Africa
Americas
- Colombia: Modified tax Form 490 includes significant economic presence corporate income tax payments
- Colombia: Proposed amendments to e-invoicing regulations
- Mexico: Tax master plan 2024
- KPMG report: Mexican rulings on exportation of services eligible for 0% VAT
Asia Pacific
- Australia: Guide on details of R&D tax transparency reports
- Australia: Guide on hybrid mismatch rules; new case studies on offshore tax evasion
- Cambodia: Approved treaty benefits effective for full calendar year
- Cambodia: Real estate taxes relief, procedures for online amendment of monthly tax declarations
- India: Capital loss arising from cancellation of shares is allowable to shareholders even if no consideration is paid (tribunal decision)
- India: Tax measures in interim budget 2024
- Indonesia: New policy for Article 21 withholding tax
Europe
- Czech Republic: Information on application of VAT from January 2024
- Czech Republic: Tax card for 2024
- EU: Penalty relief due to technical issues related to CBAM registry and import control system 2
- Germany: Final guidance on CFC rules, other tax developments
- Germany: Guidance on obligations of payment service providers, other VAT developments
- Italy: Amendments to direct and indirect tax rules effective 1 January 2024
- KPMG report: Comments on public consultation on new common corporate tax system in the EU (BEFIT)
- North Macedonia: New rulebook on application of VAT
- Poland: Employer not liable for VAT based on fraudulent invoices prepared by employee (CJEU judgment)
- Poland: Sublicense receivables treated as capital assets; taxation of refunds from employee capital plans (Supreme Administrative Court decisions)
- Sweden: European Commission opens State aid investigation into non-food biogas and bio-propane tax exemption schemes
- UK: Capital Allowances on camping pods (First-tier Tribunal decision)
- UK: Government response to consultations on proposed changes to transfer pricing and international tax rules
- UK: Mandatory payrolling for benefits in kind beginning April 2026
- UK: Proposed changes to Scottish land and buildings transaction tax
- UK: Unallowable purpose, connection, and control (First-tier Tribunal decision)
Read TaxNewsFlash-Europe
Trade & Customs
- China: Amended technology export restrictions and licensing procedures
- KPMG report: Proposals to de minimis customs rules spike U.S. importer interest
- U.S. publication of Price Cap Coalition alert
The items described above are also reported as editions of TaxNewsFlash:
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