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: Notice 2024-41 modifies the existing domestic content safe harbor in Notice 2023-38 and provides a new elective safe harbor for determining the domestic content bonus credit amounts under sections 45, 45Y, 48, and 48E. Read TaxNewsFlash
- Australia: The 2024 federal budget includes tax rate reductions for many taxpayers, particularly low-and-middle income earners. The budget also proposes an expansion of the foreign resident capital gains tax regime and new tax incentives for critical minerals and hydrogen production. Read TaxNewsFlash and TaxNewsFlash
- Kenya: The Finance Bill, 2024 includes a proposals to implement a minimum top-up tax of 15% for resident persons or entities with a permanent establishment in Kenya that are part of a multinational group with a consolidated annual turnover of €750 million in at least two of the previous four years. Another proposal would increase the VAT registration threshold for taxpayers making taxable supplies from KES 5 million to KES 8 million. Read TaxNewsFlash
- Netherlands: The four coalition parties published their general agreement and budgetary appendix that provides insight into the main features of the tax plans of the new coalition government. Tax measures concern corporate income tax, payroll tax, environmental taxes, and VAT. Read TaxNewsFlash
Additional reports
United States
- Proposed regulations: Interest capitalization requirements for improvements to designated property
- Notice 2024-41: Modified domestic content bonus credit guidance under sections 45, 45Y, 48, and 48E, including new elective safe harbor
- Notice 2024-42: Mortality tables for defined benefit pension plans (2025)
- Announcement 2024-24: Updated applicable reference standard for energy efficient commercial building property deduction
- Announcement 2024-25: Capacity limitation carryover amounts for 2024 Low-Income Communities Bonus Credit program year
- Application period for second year of environmental justice solar and wind capacity limitation program opening May 28
- IRS announces tax relief for taxpayers affected by tornadoes in Ohio
- KPMG reports: Colorado (combined reporting changes); Nevada (proposed changes for marketplace facilitators); Tennessee (franchise tax refunds)
Read TaxNewsFlash-United States
- Congress passes five-year FAA reauthorization bill
- House Ways and Means votes five bills relating to disclosure requirements and foreign donations and grants of tax-exempt organizations out of committee
Transfer Pricing
- Czech Republic: Transfer prices for advertising expenses (Supreme Administrative Court decision)
- Kenya: Tax proposals in Finance Bill, 2024 include implementation of Pillar Two global minimum tax
- Malaysia: Updated advance pricing arrangement guidelines
Asia Pacific
- Australia: 2024 federal budget released
- Australia: Build-to-rent land tax exemption legislation passes Parliament (Western Australia)
- Australia: Green hydrogen and critical minerals production tax incentives announced in 2024 federal budget
- Australia: House disagrees with amendments to small business incentive and charities bill
- Australia: No tax measures announced in 2024-2025 budget (Northern Territory)
- Australia: Priority guidance on amendments to thin capitalization rules
- Australia: Senate committee reports on tax promoter, superannuation concessions bills
- Australia: Tax promoter bill passes Parliament
- Bangladesh: Overview of recent direct and indirect tax developments
- Cambodia: Guidance on implementation of new e-filing system; tax incentives for education sector
- Cambodia: Guidance related to public lighting tax, VAT, and patent tax
- Malaysia: Summary of income and indirect tax developments (May 2024)
- Thailand: Tax and other incentives for businesses involved in manufacture of printed circuit boards
Europe
- Czech Republic: Changes that could affect scope of “windfall tax” on fuel
- Czech Republic: Draft amendment to VAT Act 2025 published
- Czech Republic: Transfer prices for advertising expenses; statutory rate of interest on retained VAT deductions upheld (Supreme Administrative Court decisions)
- EU: ECOFIN agrees on new rules for harmonized withholding tax procedures (FASTER Directive)
- Luxembourg: Implications of protocol to tax treaty with Germany for individuals, cross-border workers, corporate taxpayers, and investment funds
- Malta: Tax measures in 2024 budget enacted
- Netherlands: Direct and indirect tax measures in general coalition agreement
- Norway: Proposal for new calculation method for ground rent tax
- Poland: Real estate tax exemption for railway freight terminals; VAT on installation of renewable energy sources, asbestos removal
- Poland: Taxable amount of in-kind contribution of property for VAT purposes is value of shares issued in exchange (CJEU judgment)
- Sweden: Amended agreement with Denmark on cross-border workers in Oresund region announced
Read TaxNewsFlash-Europe
Americas
- Brazil: KPMG report on impact of indirect tax reform proposal on nonresidents
- Costa Rica: Public consultation on draft law introducing reporting obligations for digital platform operators
Africa
- Kenya: Tax proposals in Finance Bill, 2024 include implementation of Pillar Two global minimum tax
- Nigeria: Challenge to tax authority’s declaration of deemed dividend rejected (tribunal decision)
Read TaxNewsFlash-Africa
FATCA / IGA / CRS
- Liechtenstein: Updated CRS guidance for AEOI
- Costa Rica: Updated CRS procedures
Trade & Customs
- Canada: CBSA Assessment and Revenue Management (CARM) mandatory registration extended to October 2024
- EU: Trade support to Ukraine extended for one more year
- United States: Items incident to communications and authorized for export or reexport to Iran
- United States: USTR to modify China tariffs under Section 301 following four-year review
The items described above are also reported as editions of TaxNewsFlash:
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