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: Treasury and the IRS released two sets of final regulations providing guidance on (1) clean vehicle tax credits under sections 25E and 30D for the purchase of qualifying new and previously-owned clean vehicles, including new and previously-owned plug-in electric vehicles powered by an electric battery meeting certain requirements and new qualified fuel cell motor vehicles (read TaxNewsFlash); and (2) the circumstances and procedures under which an extension of time will be granted under section 2642(g) to make certain exemption allocations and elections related to the generation-skipping transfer (GST) tax (read TaxNewsFlash).
  • Norway: Pillar Two global minimum tax rules were implemented by the Supplementary Tax Act, which became effective 1 January 2024. The new rules entail significant reporting obligations for covered groups, and the first reporting deadline (for the income year 2024) is in June 2026 (i.e., 18 months from the end of the first financial year of the ultimate parent company). From and including the income year 2025, the reporting deadline is 15 months. Read TaxNewsFlash
  • Japan: The National Diet in March 2024 passed the 2024 tax reform bills with provisions relating to corporate tax, international tax, consumption tax, and individual tax. Read TaxNewsFlash

Additional reports

United States

  • Final regulations: Guidance on clean vehicle credits
  • Final regulations: Guidance on extensions to make certain exemption allocations and elections related to generation-skipping transfer tax
  • D.C. Circuit: IRS has statutory authority to assess penalties under section 6038(b) for willful failure to file Form 5471; Tax Court reversed
  • IRS releases annual update to strategic operating plan
  • IRS issues FAQs regarding disaster relief related to retirement plans and IRAs
  • Notice 2024-36: Announcement of 2024 allocation round and updated guidance on qualifying advanced energy project credit under section 48C(e)
  • Notice 2024-37: Additional guidance and safe harbors for sustainable aviation fuel credit
  • Reference price for nonconventional source production credit for 2023
  • Rev. Proc. 2024-23: Updated annual list of automatic accounting method changes
  • Rev. Proc. 2024-24 and Notice 2024-38: Updated procedures for section 355 private letter rulings
  • KPMG report: Analysis and observations of final transferable credit regulations
  • KPMG reports: Alabama (additional sales tax on adult websites); Arkansas (sales tax on sightseeing flights); Colorado (no sales tax on streaming services); South Carolina (admissions tax on parasailing); Tennessee (franchise tax changes); Virginia (corporate income tax related-party expense disallowance rules)

Read TaxNewsFlash-United States

  • Treasury Secretary Yellen testifies at House Ways and Means Committee hearing on administration’s FY 2025 tax proposals

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Belgium: Amendments to Pillar Two global minimum tax rules
  • Norway: Pillar Two global minimum tax implemented in Supplementary Tax Act
  • OECD: Consolidated commentary on Pillar Two rules, updated Pillar Two examples
  • OECD: Tax inspectors without borders 2024 annual report, new focus on country-by-country data and digital economy
  • Poland: Draft bill implementing Pillar Two global minimum tax published
  • Slovakia: Guidelines on transfer pricing documentation for 2023
  • KPMG report: Employee data reporting for public country-by-country reporting

Read TaxNewsFlash-Transfer Pricing

Asia Pacific

  • Australia: Amendments to superannuation system
  • Australia: Cryptoasset data-matching program
  • Japan: 2024 tax reform passed by Parliament
  • Mongolia: Amendments to corporate income tax and individual income tax law; other tax-related developments
  • New Zealand: Overview of taxation of interests in foreign investment funds

Read TaxNewsFlash-Asia Pacific


  • Czech Republic: Amendments to income tax provisions in consolidation package approved by lower house of Parliament
  • Estonia: Draft legislation proposes mandatory issuance of e-invoice by sellers upon request of clients
  • Estonia: New reporting requirements for cross-border payment service providers beginning 2024
  • EU: Working paper on VAT treatment of “crypto art”
  • Germany: Draft bill for Annual Tax Act 2024 includes VAT-related measures, other VAT developments
  • Slovakia: Amendments to VAT Act approved by Parliament

Read TaxNewsFlash-Europe


  • Canada: Additional consultation on R&E program

Read TaxNewsFlash-Americas


  • Africa: Summary of tax developments (April 2024)

Read TaxNewsFlash-Africa


  • Cayman Islands: CRS reporting updates
  • UK: Amendment to CRS regulations

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • Costa Rica: Recent customs-related developments
  • EU-New Zealand trade agreement enters into force
  • U.S. OFAC issues Russia-related general license
  • U.S. proposed rule to support defense trade and cooperation with Australia and United Kingdom
  • United States imposes nearly 300 new sanctions on Russia’s military-industrial base and third-country support

Read TradeNewsFlash-Trade & Customs

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




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