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
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
Europe
- 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
Americas
- 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
Africa
- 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
FATCA / IGA / CRS
- Singapore: FATCA and CRS returns due by 31 May 2024; updated CRS self-review tool
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
The items described above are also reported as editions of TaxNewsFlash:
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