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).
- Germany: New rules define “the German way” on how to interpret the arm’s length principle for inbound financial transactions and as such set the requirements for taxpayers to consider in both their transfer pricing analysis as well as their transfer pricing documentation. Read TaxNewsFlash
- Canada: The 2024 federal budget includes tax-related measures concerning capital gains, housing, the clean economy, BEPS 2.0, and indirect tax. Read TaxNewsFlash
- Saudi Arabia: A new Zakat implementing regulation—including Zakat treatment, calculation, returns, and reporting standards—applies to financial years starting on or after 1 January 2024. Read TaxNewsFlash
Additional reports
United States
- IRS updates FAQs for energy efficient home improvement and residential clean energy property credits
- IRS issues FAQs related to tax treatment of work-life referral services provided to employees
- IRS updates FAQs on new, previously owned, and qualified commercial clean vehicle credits
- Notice 2024-33: Limited relief from underpayment of estimated tax attributable to CAMT liability
- Notice 2024-35: Relief with respect to certain required minimum distributions
- Rev. Proc. 2024-20: Foreign insurance companies; effectively connected net investment income (2023)
- Rev. Proc. 2024-21: Nationwide average purchase price, residences located in United States
- KPMG report: Initial analysis of stock repurchase excise tax proposed regulations
- KPMG report: Partnership audit rules and specific IRS forms
- KPMG reports: Florida (sales tax rate on use of real property); Pennsylvania (sales tax on SaaS); New York (challenge to P.L. 86-272 regulations)
Read TaxNewsFlash-United States
- IRS Commissioner Werfel testifies at Senate Finance Committee hearing on 2025 IRS budget and IRS’s 2024 filing season
Transfer Pricing
- Australia: KPMG comments on draft legislation implementing Pillar Two global minimum tax rules
- Australia: Performance audit report on management of transfer pricing for related-party debt
- Germany: New transfer pricing regulations for intra-group financial transactions
Americas
- Bolivia: Changes to the regulations for the refund of export taxes
- Bolivia: Term of payment facilities reduced
- Canada: Tax measures in 2024 federal budget
- Chile: Assets sold under antitrust rules qualify as fixed assets; other direct and indirect tax developments
Asia Pacific
- Australia: Changes to trust tax returns and private rulings application forms
- Australia: Consultation on draft payment times reporting legislation
- Australia: Extension of due date for certain tax returns due 15 May to 5 June
- India: Discrimination in extending time limit for registration by new charitable institutions held unconstitutional (High Court decision)
- India: Update on tax treaty with Mauritius
- Malaysia: Summary of income and indirect tax developments (April 2024)
- Saudi Arabia: New Zakat implementing regulation
Europe
- Cyprus: Reduced 5% VAT for purchase or construction of residence
- Czech Republic: Taking into account estimated payables for income tax purposes (Supreme Administrative Court decisions)
- Germany: “Planned cooperation” between charitable corporations (fiscal court decision)
- Italy: Agreement with UK on VAT refunds
- Netherlands: Insights into upcoming 2025 Tax Plan package
- Poland: Excise tax warehouse as place of import, charitable spending requirement, no gain upon transfer of real estate title as security (court decisions)
- Poland: Reporting obligations for digital platform operators (DAC7) enacted, other tax-related legislative developments
- Poland: VAT account not accessible asset in bankruptcy proceedings (CJEU Advocate General opinion)
- Serbia: Amendments to VAT rulebook
- Serbia: Protocol to Switzerland income tax treaty adopted by Parliament
Read TaxNewsFlash-Europe
Africa
- Mauritius: Update on tax treaty with India
Read TaxNewsFlash-Africa
FATCA / IGA / CRS
- Ireland: Updated CRS guidance
Trade & Customs
- House Ways and Means approves six trade-related bills
- U.S. BIS amends EAR to ease license requirements for Australia and UK
- U.S. BIS expands license requirements for exports to Iran, Russia, Belarus, and Crimea region under the EAR
- USTR initiates Section 301 investigation of China’s targeting of maritime, logistics, shipbuilding sectors for dominance
- Bolivia: Changes to the regulations for the refund of export taxes
- Romania: Changes to customs IT systems
- United States and United Kingdom issue prohibitions on metals from Russia
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.