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).

  • Hungary: Transfer pricing will be a priority in the audit plan for calendar year 2024. The new transfer pricing reporting requirement, which was introduced in the previous tax year, along with the first data submissions, can be used for risk assessment and tax audit selection purposes in 2024. Read TaxNewsFlash
  • Belgium: The government has approved a draft law reforming the investment deduction regime that would introduce three categories of investments qualifying for a tax deduction (on top of the standard amortization for tax purposes) effective 1 January 2025. Read TaxNewsFlash
  • Ireland: Proposed enhancements to the research and development (R&D) tax credit would increase in R&D tax credit rate from 25% to 30%, and double the amount of R&D tax credit available to be refunded as a first-year R&D tax credit installment (from €25,000 to €50,000). Read TaxNewsFlash
  • Spain: India has activated the “most favoured nation” clause in its income tax treaty with Spain, allowing a reduced tax rate of 10% on royalties for technical services, as opposed to the 20% rate stipulated in Article 13 of the income tax treaty. Read TaxNewsFlash

Additional reports

United States

  • Announcement 2024-19: Tax treatment of amounts paid as rebates for energy efficient property and improvements
  • IRS provides tax relief for taxpayers in Maine and Rhode Island affected by severe storms, flooding
  • U.S. Tax Court: Taxpayers automatically entitled to extension to file petition by reason of COVID-19 disaster declaration
  • KPMG report: Comments on expanding tax certainty and issue resolution programs for business taxpayers
  • KPMG report: Recent DCL and Pillar Two guidance, comments and recommendations
  • KPMG reports: Arkansas (sales tax on temporarily used vehicles); Idaho (unclaimed property law changes); multistate (tax rate changes)

Read TaxNewsFlash-United States

Transfer Pricing

  • Australia: New 2024 reportable tax position schedule released, with new questions on intangibles migration arrangements
  • Hungary: Audit plan for 2024 focuses on transfer pricing
  • KPMG report: Recent DCL and Pillar Two guidance, comments and recommendations

Read TaxNewsFlash-Transfer Pricing


  • Canada: Direct and indirect tax measures in 2024 budget (Manitoba)
  • Chile: Correcting erroneous VAT invoices under tax-exempt housing construction project; other direct and indirect tax developments

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Consultation on amendments to transfer balance credit provisions for superannuation successor fund transfer
  • Australia: Law requiring public disclosure of tax residency passes Parliament
  • Australia: New 2024 reportable tax position schedule released
  • Bahrain: Updated VAT guide
  • India: Most favoured nation clause under income tax treaty with Spain reduces tax rate on royalties for technical services
  • India: Taxpayer not providing intermediary services for service tax purposes (Supreme Court decision)
  • Malaysia: Proposed changes to capital gains tax, e-invoicing, and revised estimate of tax payable
  • Saudi Arabia: E-invoicing requirement extended to 10th group of taxpayers from 1 October 2024

Read TaxNewsFlash-Asia Pacific


  • Belgium: Proposed reform of investment deduction regime
  • Cyprus: Extension of deadline for submission of data to register of beneficial owners for certain “refugee” companies
  • Cyprus: Legislation providing tax benefits for companies implementing energy upgrades passes Parliament
  • Hungary: Audit plan for 2024 focuses on transfer pricing
  • Ireland: Proposed R&D tax credit rate and refund increases
  • Poland: Employee compensation under settlement; cashless payments; VAT on payment for transmission easement (court decisions)
  • Poland: New bill implementing reporting obligations for digital platform operators (DAC7)
  • Spain: Most favoured nation clause under income tax treaty activated by India, reduces tax rate on royalties for technical services
  • Sweden: VAT treatment of NFTs associated with a digital work

Read TaxNewsFlash-Europe


  • Bahrain: New FATCA / CRS directive

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • U.S. BIS renews temporary denial of export privileges against Russian airline
  • U.S. corrections to export controls on semiconductor manufacturing items, advanced computing items, supercomputer and semiconductor end use

Read TradeNewsFlash-Trade & Customs

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



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