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 U.S. Senate voted to confirm Marjorie Rollinson to be IRS Chief Counsel. Read TaxNewsFlash
- EU: Several EU member states submitted reasoned opinions to the European Commission (EC) or adopted statements raising concerns with respect to the new common corporate tax system (BEFIT) proposal. Read a KPMG report
- Saudi Arabia: The ministerial resolution outlining new tax incentives for regional headquarters was published in the official gazette and entered into force. Read a KPMG report
- South Africa: The South African Government published the draft Global Minimum Tax Bill and the draft Global Minimum Tax Administration Bill to implement the OECD’s Pillar Two Model Rules. Read a KPMG report
Additional reports
United States
- IRS announces new effort focused on high-income non-filers
- IRS LB&I division adds new compliance campaign (business aircraft)
- IRS provides tax relief for taxpayers in California affected by severe storms, flooding
- IRS provides tax relief for taxpayers in Washington State affected by wildfires
- Notice 2024-26: Administrative exemption from requirement to electronically file Form 1042
- Notice of filing of petition for addition of iso-butanol to Superfund list
- Rev. Proc. 2024-15: Guidance on qualifying securitizations by public utilities
- Senate confirms Marjorie Rollinson to be IRS Chief Counsel
- KPMG report: Challenges and opportunities faced by CAMT “scope bubble corporations”
- KPMG report: Post-pandemic state tax policies
- KPMG reports: Alaska (marketplace facilitators sales tax); Louisiana (industrial tax exemption program); New York (wine producer as qualified manufacturer); Wisconsin (withholding on software licensing income)
Transfer Pricing
- Cyprus: Deadline to submit 2022 return for taxpayers required to submit transfer pricing documentation extended
- Greece: Proposed legislation implementing Pillar Two global minimum tax
- Malta: Legislation implementing Pillar Two global minimum tax
- OECD: Report to G20 Finance Ministers and Central Bank Governors, updates on developments in international tax reforms
- South Africa: Draft legislation implementing Pillar Two global minimum tax
Africa
- Nigeria: NMDPRA’s right to impose and collect certain levies upheld (Federal High Court decision)
- South Africa: Draft legislation implementing Pillar Two global minimum tax
- Republic of the Congo: VAT on cross-border provision of digital services
- South Africa: Summary of direct and indirect tax proposals in 2024 budget
- Africa: Summary of tax developments (February 2024)
Read TaxNewsFlash-Africa
Americas
- Canada: Tax measures in 2024 provincial budgets (Alberta, Nova Scotia, Prince Edward Island)
- Colombia: Corporate compliance for legal entities with presence in Colombia (2024)
Asia Pacific
- Australia: Individual income tax and medicare levy bills pass both Houses of Parliament
- Australia: Rental bond data matching program updated
- Azerbaijan: Designation of strategic investment projects qualifying for tax benefits
- Azerbaijan: Electronic accounting required for certain entities
- Hong Kong: Direct and indirect tax proposals in 2024-2025 budget
- India: Guidance on waiver of certain outstanding direct tax liabilities
- Korea: Software fees paid to Irish affiliate treated as royalties paid to U.S. parent (Tax Tribunal decision)
- Malaysia: Expansion of services subject to service tax
- Malaysia: Service tax policies and FAQs
- Saudi Arabia: Tax incentives for regional headquarters
- UAE: Timelines for corporate tax registration
Europe
- Belgium: Application of anti-abuse provision upheld even though taxpayer not involved in all parts of transaction (Supreme Court decision)
- Cyprus: Deadline to submit 2022 return for taxpayers required to submit transfer pricing documentation extended
- Cyprus: Guidance on submission of data to register of beneficial owners
- EU: Member states submit opinions to EC on new common corporate tax system proposal (BEFIT)
- Germany: Compromise tax reform bill adopted by mediation committee of Parliament, other tax developments
- Germany: Guidance on division of input VAT using overall sales key, other VAT developments
- Ireland: Comments on public consultation on introduction of participation exemption
- Latvia: Tax card for 2024
- Poland: Payments to employees on leave qualify as eligible R&D expenses
- Poland: Social security liability; reduction in depreciation rates for prior years; taxable base for real estate taxes (court decisions)
- Serbia: Individual income tax filing deadlines and rates for 2023
- Switzerland: Draft law to reduce wealth tax on shares of unlisted companies held by entrepreneurs (Geneva)
- UK: “Spring Budget” expected 6 March 2024
- UK: Closure notice held valid (First-tier Tribunal decision)
- UK: Draft guidance on overseas restrictions, subcontracted rules under new merged R&D tax relief regime
Read TaxNewsFlash-Europe
FATCA / IGA / CRS
- Hungary: Updated CRS filing instructions
- Hungary: Updated FATCA filing instructions
- Romania: FATCA and CRS reporting deadline is 15 May 2024
- Switzerland: Suspension of tax information with Hong Kong and Singapore
- United States: Administrative exemption from requirement to electronically file Form 1042
Trade & Customs
- President Biden’s 2024 trade agenda presented to Congress
- U.S. BIS revises EAR entity list
The items described above are also reported as editions of TaxNewsFlash:
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