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: Proposed regulations regarding the clean electricity production credit under section 45Y and the clean electricity investment credit under section 48E would provide rules for determining greenhouse gas emissions rates resulting from the production of electricity, petitioning for provisional emissions rates, and determining eligibility for the credits. Read TaxNewsFlash
- United States: The IRS released Notice 2024-49, providing guidance on registration requirements for the clean transportation fuel production credit under section 45Z. To qualify for the credit, a taxpayer must have a signed registration letter from the IRS dated on or before January 1, 2025. The IRS aims to process completed applications received by July 15, 2024, but cannot guarantee a processing date for applications received after this date. Read TaxNewsFlash
- OECD: A statement by the co-chairs of the Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS) indicated that negotiations on Pillar One are nearing completion, aiming for a final agreement by the end of June. The statement did not explicitly address questions about whether India and China would join the Pillar One deal. Read TaxNewsFlash
Additional reports
United States
- Proposed regulations: Clean electricity production and investment credits under sections 45Y and 48E
- Polyoxymethylene added to Superfund list
- Notice 2024-49: Registration requirements for section 45Z clean transportation fuel production credit
- IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Texas
- KPMG report: U.S. Tax Court decision interpreting section 7508A(d)’s automatic and mandatory extension for filing a petition
Transfer Pricing
- Australia: House passes legislation clarifying meaning of “exploration for petroleum,” updating transfer pricing guidance
- Belgium: Due date for first GloBE registration is July 13, 2024
- Cyprus: Final version of 2022 transfer pricing documentation form
- Japan: Explanation of guidance on income inclusion rule, associated forms and schedules
- OECD: Statement by co-chairs of Inclusive Framework on BEPS indicates final negotiations on Pillar One Amount A (including text of multilateral convention) and Amount B nearing completion
FATCA / IGA / CRS
- Bermuda: CRS reporting deadline is May 31, 2024
- Bermuda: Updated CRS technical guidance
- Canada: Updated FATCA and CRS guidance
- Channel Islands: FATCA and CRS reporting updates (Jersey)
- Hong Kong: List of common errors in AEOI reporting published
- Japan: Updated CRS FAQs
- Korea: Revised CRS regulations
- OECD: Updated FAQs under CRS regime
- Panama: Guidance on registration, changes, and deactivation of entities on for FATCA and AEOI portal
- Taiwan: Deficiencies found and mitigation steps in implementing CRS
Asia Pacific
- Australia: House passes legislation clarifying meaning of “exploration for petroleum,” updating transfer pricing guidance
- India: Taxation of foreign branch at higher rate than applicable to domestic company not prevented by non-discrimination article of treaty (High Court decision)
- New Zealand: Budget 2024
- Saudi Arabia: E-invoicing requirement extended to 12th group of taxpayers from December 1, 2024
Europe
- Cyprus: Final version of 2022 transfer pricing documentation form
- Germany: Law implementing MLI passed by lower house of Parliament, other tax developments
- Hungary: Rule requiring submission of information and documents for VAT refund claims within one month held contrary to EU law (CJEU judgment)
- Italy: Certain additional obligations on online service providers not allowed under EU law (CJEU judgment)
- Poland: Intra-community VAT supply of construction materials; issuance of invoice for bad debt relief (court decisions)
- Poland: Lectures, courses, and trainings provided by universities subject to VAT
- Poland: Postponement of e-invoicing mandate and reporting obligations of digital platform operators (DAC7) passed by Parliament
Read TaxNewsFlash-Europe
Africa
- Africa: Summary of tax developments (May 2024)
Read TaxNewsFlash-Africa
The items described above are also reported as editions of TaxNewsFlash:
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