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).

  • EU: The European Commission published an updated draft of the “Value Added Tax (VAT) in the Digital Age (ViDA)” package, which, if adopted, would expand the VAT digital platform rules, expand the single VAT registration and compliance mechanism, and introduce a new real-time digital reporting system. Read TaxNewsFlash
  • Brazil: The Brazilian government on 24 April 2024 presented to Congress the regulations to introduce the new dual VAT regime under the tax reform bill. The tax reform bill would be introduced over a transitional period of seven years beginning in 2026. Read TaxNewsFlash
  • Nigeria: The Federal Inland Revenue Service issued two information circulars regarding implementation of the provisions of Executive Order No 40 (Oil and Gas Companies (Tax Incentives, Exemptions, Remission etc.) 2024) which was signed by the president on 28 February 2024. Read TaxNewsFlash

Additional reports

United States

  • Proposed regulations: Guidance on information reporting on transactions with foreign trusts and large foreign gifts and transactions with foreign trusts
  • Rev. Proc. 2024-25: HSA inflation-adjusted amounts for 2025
  • Rev. Rul. 2024-11: Interest rates, tax underpayments and overpayments remain same for third quarter 2024
  • Eighth Circuit: Taxpayer’s research was “funded” and thus ineligible for research tax credits under section 41; Tax Court affirmed
  • IRS announces tax relief for taxpayers in Oklahoma affected by severe weather
  • KPMG report: Accelerating Form 1099 deadlines, prioritizing taxpayer efficiency
  • KPMG report: Interplay of potential enactment of extenders with CAMT
  • KPMG report: Phantom inversions under section 7874
  • KPMG reports: Kansas (changes to sales and use tax laws); Nebraska (expensing of R&E expenditures); multistate (draft legislation amending P.L. 86-272)

Read TaxNewsFlash-United States

  • Congress passes one-week FAA extension

Read TaxNewsFlash-Legislative Updates

Asia Pacific

  • Australia: Consultation on draft legislation changing GST treatment of certain motor vehicles supplies
  • Australia: Consultation on draft legislation eliminating withholding tax on certain payment to U.S. entertainers
  • Australia: Overview of direct and indirect tax measures in 2024-2025 budget (Victoria)
  • Australia: Tax-related proposal in 2024-2025 budget (Western Australia)
  • Bahrain: New tourist levy on hotel accommodations
  • Hong Kong: Tax authority’s views on various issues relating to profits tax, including FSIE regime
  • India: Cost of bonus shares is zero for purposes of computing capital gains (tribunal decision)
  • India: Premium received on redemption of debentures is interest income, not capital gains (tribunal decision)
  • Philippines: Clarification of local business tax exemptions for registered business enterprises
  • Saudi Arabia: Guidelines for regional headquarters eligible for tax incentives
  • Saudi Arabia: Proposed amendments to real estate transaction tax regulations
  • UAE: Corporate tax guide on qualifying group relief

Read TaxNewsFlash-Asia Pacific


  • Czech Republic: Amendment to investment companies and funds law passes Parliament
  • Czech Republic: Beneficial owner of royalties under tax treaty (Supreme Administrative Court decision)
  • EU: New draft of EU VAT reform (VAT in the Digital Age (ViDA))
  • Luxembourg: NACE code assigned investment funds upheld (Administrative Court of Appeal decision)
  • UK: Expenses allegedly for employee renumeration held not wholly and exclusively for trade purposes and thus not deductible (Upper Tribunal decisions)
  • UK: Property held to be purely residential and thus subject to higher stamp duty land tax rate (First-tier Tribunal decision)

Read TaxNewsFlash-Europe


  • Bolivia: Changes to procedures for export tax refund requests with surety insurance policy on first demand
  • Brazil: Draft regulations to introduce new dual VAT regime
  • Canada: Federal budget proposals affecting charities
  • Canada: Sales tax changes target digital products and services (British Columbia)
  • Colombia: Guidance on application of the significant economic presence rule

Read TaxNewsFlash-Americas


  • Nigeria: Guidance for financial institutions on collection and remittance of cybersecurity levy
  • Nigeria: Guidance on executive order providing new tax incentives for petroleum sector
  • Nigeria: Insurance companies subject to generally applicable excess dividend tax rule (Tax Appeal Tribunal decision)

Read TaxNewsFlash-Africa


  • Singapore: FATCA and CRS returns due by 31 May 2024; updated CRS self-review tool

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • U.S. BIS adds 37 entities from China to Export Administration Regulations (EAR) entity list
  • U.S. OFAC amendments to Reporting, Procedures and Penalties Regulations

Read TradeNewsFlash-Trade & Customs

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.