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. Treasury Department and IRS issued final regulations and other guidance relating to direct pay of certain tax credits available under the “Inflation Reduction Act of 2022” (IRA)) and the “The CHIPS and Science Act of 2022” (CHIPS Act). Both sets of final regulations describe the rules for the elective payment election, including special rules applicable to certain types of entities, excessive payment penalties, basis reduction and recapture, denial of double benefit, and the pre-filing registration process. Read TaxNewsFlash
  • United Kingdom: The “Spring Budget” 2024 includes tax proposals that would have implications for businesses, employers, and individuals. Read a KPMG report
  • Belgium: An Advocate General of the Court of Justice of the European Union (CJEU) issued an opinion concerning the validity of mandatory disclosure rules (DAC6) and the applicability of the professional privilege waiver to non-lawyers. Read a KPMG report

Additional reports

United States

  • Notice 2024-28: Request for recommendations for IRS 2024-2025 Priority Guidance Plan
  • IRS to waive dyed diesel fuel penalty in parts of Texas; wildfire-related relief
  • Treasury and IRS issue final regulations, other guidance on direct pay of certain tax credits under IRA and CHIPS
  • KPMG report: Taxpayer options for fixing federal tax return mistakes
  • Arizona: Guidance on refund claims for invalidated Pinal County tax
  • KPMG reports: California (dividends fully included in sales factor); Minnesota (retail delivery fee); Oklahoma (food sales tax); South Carolina (combined reporting)

Read TaxNewsFlash-United States

Legislative Updates

  • President signs FAA bill extending fuel and ticket taxes
  • White House provides some details of the president’s tax plan
  • JCT report on tax incentives for domestic manufacturing, ahead of Senate Finance hearing
  • JCT report on Amount A under Pillar One of BEPS 2.0, ahead of Ways and Means hearing

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Australia: KPMG comments on revised draft legislation implementing public country-by-country reporting
  • Cambodia: Market interest rate for related party loans; incentives for voluntary amendment of tax declarations
  • Poland: Bill implementing Pillar Two global minimum tax

Read TaxNewsFlash-Transfer Pricing


  • Angola: Revisions to VAT law, including taxation of e-commerce transactions
  • Morocco: VAT on cross-border provision of digital services

Read TaxNewsFlash-Africa


  • Bermuda: No new taxes in 2024-2025 budget
  • Bolivia: Deadline for filing and payment of financial transaction tax extended to 8 March 2024

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Individual income tax and medicare levy bills receive Royal Assent
  • Australia: Overhead costs apportioned to GST-free supplies entitled to input tax credits (Full Federal Court decision)
  • Bahrain: Extension of record retention period for VAT
  • Cambodia: Market interest rate for related party loans; incentives for voluntary amendment of tax declarations
  • India: Deductions for payments to nonresidents upheld; discount by telecom company to distributor not a commission (court decisions)
  • Malaysia: Recent guidance on capital gains tax
  • Philippines: Proposed legislation regarding VAT on cross-border provision of digital services

Read TaxNewsFlash-Asia Pacific


  • Belgium: Mandatory disclosure rules (DAC6) compatible with EU law (CJEU Advocate General opinion)
  • Cyprus: Submission of statements of dividend and interest withholding forms expected soon
  • Czech Republic: No exemption under EU VAT common system when proof not provided that recipient is taxable person (CJEU judgment)
  • EU: European public prosecutor's office estimates serious VAT fraud amounting to €11.5 billion
  • Isle of Man: Guidance on tax treatment of dividends from domestic companies
  • Netherlands: Consultation on draft bill on VAT adjustment on services to immovable property
  • Poland: Bill introducing option for small enterprises to elect cash method
  • Poland: Proposed reduction in VAT rate on beauty treatment services
  • Serbia: VAT refund for 2023 to foreign taxpayers
  • Spain: Digital platform operators must file returns under DAC7 by 8 April 2024
  • Sweden: Further guidance on application of “3:12 rules” in cases of significant outside ownership (Tax Court Board decision)
  • UK: “Spring Budget” 2024

Read TaxNewsFlash-Europe


  • Barbados: Removal from Financial Action Task Force’s grey list
  • Channel Islands: FATCA and CRS deadlines and reporting requirements (Guernsey)
  • France: Updated FATCA reporting technical guidance
  • India: Centralization of FATCA and CRS self-certifications
  • Malta: Updated automatic exchange of information (AEOI) implementing guidelines
  • Saint Kitts and Nevis: Updated AEOI compliance form guidelines

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • U.S. guidance on obligations of foreign-based persons to comply with U.S. sanctions and export control laws
  • KPMG report: Shipping and offshore tax update (March 2024)

Read TradeNewsFlash-Trade & Customs

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



The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.