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).
- Belgium: The Chamber of Representatives approved project 3743/004, mandating business-to-business (B2B) electronic invoicing (e-invoicing) starting from 1 January 2026. Read TaxNewsFlash
- Canada: Finance on 31 January 2024 launched two consultations on potential cost-neutral changes to modernize and simplify Canada’s Scientific Research and Experimental Development (SR&ED) program, and also possible ways to encourage the development and retention of intellectual property (IP) in Canada, including through the introduction of a “patent box” regime. Comments are due by 15 April 2024. Read TaxNewsFlash
- Japan: The National Tax Agency released guidance in the form of questions and answers (Q&As) on the income inclusion rule (IIR), which was introduced as part of the 2023 tax reform measures to implement the Pillar Two global minimum tax and will apply to Japanese companies for fiscal years beginning on or after 1 April 2024. Read TaxNewsFlash
- Nigeria: The Federal Ministry of Finance released a circular entitled “Fiscal Incentives for the Presidential Gas Growth Initiative” setting out various tax and customs incentives for the gas sector—effective from the date of the circular’s issuance. Read TaxNewsFlash
Additional reports
United States
- IRS provides revised FAQs on Form 1099-K
- IRS provides tax relief for taxpayers in Maine affected by severe storms, flooding
- IRS provides tax relief for taxpayers in West Virginia affected by severe storms, flooding, landslides, and mudslides
- KPMG report: Implications of proposed changes to sections 174 and 280C in bipartisan tax extenders legislation
- KPMG report: Navigating the shifting landscape of research credit audits
- KPMG report: Pillar Two implications of U.S. self-initiated transfer pricing true-ups
- KPMG report: State and local tax changes affecting entities in asset management industry in 2023
- KPMG report: State and local tax, technology-related developments (table, fourth quarter 2023)
- KPMG reports: Missouri (REIT dividends deductible); New York (qualified emerging technology company); multistate (worldwide combined reporting)
- Rev. Proc. 2024-12: Temporary extension of time to submit seller reports for transfers of clean vehicle credits
- Rev. Proc. 2024-13: Automobile depreciation deduction limits for 2024
Transfer Pricing
- Belgium: Public country-by-country reporting implemented
- EU: Formal notices to nine member states on failure to transpose minimum tax directive
- Japan: Additional guidance on income inclusion rule
- KPMG report: Legal advice memorandum shows IRS approach to intercompany debt pricing
- KPMG report: Pillar Two implications of U.S. self-initiated transfer pricing true-ups
- Malta: Transfer pricing guidelines
- Spain: Draft legislation implementing Pillar Two global minimum tax
FATCA / IGA / CRS
- Singapore: Reminder that deadline for CRS registration is 31 March 2024
Africa
- Botswana: Tax proposals in budget 2024-2025
- Ghana: Tax and customs measures in 2024 budget enacted
- Nigeria: Deadline for filing employer annual tax returns extended to 15 February 2024 (Anambra State)
- Nigeria: Tax and customs incentives for gas sector
- Senegal: VAT on cross-border provision of digital services
Read TaxNewsFlash-Africa
Americas
- Canada: Consultation on R&E program, patent box regime
- Mexico: Updated platform for filing monthly VAT returns
Asia Pacific
- Australia: Consultation on proposed changes to “producer and location tax offset”
- Australia: Individual income tax, medicare levy, and foreign investment fee bills introduced in Parliament
- Australia: Senate Committee report on interest limitation / thin capitalisation rules bill
- Hong Kong: Comprehensive double taxation agreement with Croatia signed
- Japan: Outline of 2024 tax reform proposals
- Malaysia: Draft guides on transitional rules for service tax rate change, logistics services
- Malaysia: Summary of income and indirect tax developments (February 2024)
- New Zealand: Guidance on proposed 39% trust tax rate
- Pakistan: Guidance regarding electronic transmission of sales tax invoices
- Philippines: Tax on e-commerce transactions
- Vietnam: New land law effective 2025
Europe
- Belgium: Parliament approves new law project to introduce e-invoicing mandate from 1 January 2026
- Belgium: Provisions transposing DAC6 mandatory disclosure rules annulled (Constitutional Court decisions)
- Croatia: Comprehensive double taxation agreement with Hong Kong signed
- EU: Certain member states extend DAC7 reporting deadlines
- EU: Formal notices to nine member states on failure to transpose minimum tax directive
- Malta: Reduced VAT rate on short-term hiring of “pleasure” boats
- Netherlands: Changes to proposal for new “Box 3” (wealth tax) regime as of 2027
- Netherlands: EC approval of COVID-19 related State aid annulled (CJEU General Court judgment)
- Netherlands: FAQs on reporting obligations of digital platform operators (DAC7)
- Poland: Board member liability for VAT arrears (CJEU referral)
- Poland: Taxpayers may retroactively change depreciation rates (Supreme Administrative Court decision)
- Sweden: Guidance on application of “3:12 rules” in cases of significant outside ownership (Supreme Administrative Court decision)
Read TaxNewsFlash-Europe
Trade & Customs
- U.S. OFAC sanctions entities and vessel for price cap violation, implements G7 ban on Russian diamonds
The items described above are also reported as editions of TaxNewsFlash:
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