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 2024-47 provides a waiver of the addition to tax under section 6655 for underpayment of the 2024 second quarterly installment of estimated income tax due on or before August 15, 2024, with respect to a taxable year that began during 2024, to the extent the amount of any underpayment is attributable to a portion of a taxpayer’s corporate alternative minimum tax (CAMT) liability under section 55, as amended by H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA). Read TaxNewsFlash
- UN: The Bureau of the Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation on 7 June 2024 released a proposal for the zero draft terms of reference for a United Nations (UN) framework convention on international tax cooperation, which is intended to establish a “system of governance for international tax cooperation” and “ensure fairness in the allocation of taxing rights under the international tax system.” Read TaxNewsFlash
- Netherlands: The Secretary of Finance on June 7, 2024, sent a report to the lower house of Parliament on its investigation into the pros and cons of a new Dutch real estate investment trust (REIT) regime. Read TaxNewsFlash
Additional reports
United States
- Notice 2024-47: Additional limited relief from underpayment of estimated tax attributable to CAMT liability
- Corrections to final regulations under section 1061 include change to capital interest allocations exception
- KPMG report: Section 45Y clean electricity production credit and section 48E clean electricity investment credit proposed regulations
- IRS provides tax relief for taxpayers affected by storms in Arkansas
- IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Texas (updated)
- IRS practice unit: Lower of cost or market (LCM)
- IRS adds new FAQs to provide guidance to qualified intermediaries (QIs)
- KPMG reports: Connecticut (unclaimed loss carryforward period, unclaimed property modifications); Florida (unclaimed property law changes); South Carolina (income producing activities)
Transfer Pricing
- Cyprus: Quality assurance review template for Local file
- Ireland: Cost plus price for services charged by subsidiary to parent held to be arm’s length despite excluding cost of share based remuneration (Tax Appeals Commission decision)
- UN: Proposed zero draft terms of reference for UN framework convention on international tax cooperation
Africa
- South Africa: 2024 tax filing deadlines for individuals
- Mauritius: Direct and indirect tax measures in 2024-2025 budget
Read TaxNewsFlash-Africa
Americas
- KPMG report: Mexico’s general anti-abuse rule does not apply retroactively (Federal Tax Court decision)
- Canada: Details on capital gains changes proposed in 2024 federal budget
Asia Pacific
- Cambodia: Guidance on income tax incentives for expanded qualified investment projects
- Australia: Withholding schedules for estimated taxes for 2024-2025
- Pakistan: Direct and indirect tax measures in Finance Bill, 2024
- Malaysia: Summary of income and indirect tax developments (June 2024)
- Bangladesh: Income tax and VAT proposals in Finance Bill 2024
- UAE: Guidance on manpower services versus Visa facilitation services for VAT purposes
- Australia: Proposed increase in stamp duty exemptions for first-time home buyers (Queensland)
Europe
- Cyprus: Extended deadline for payment of central body for equal burden sharing fee on transfers of real estate, shares
- Poland: Draft legislation amending real estate tax regime announced
- Netherlands: Report to Parliament on investigation into REIT regime
- Sweden: Report on government study of “3:12 rules”
- Sweden: Report on government study of interest deduction limitation rules
- Czech Republic: Amendment to Income Tax Act in response to new Accounting Act
- Netherlands: “Box 3” (wealth tax) regime also contrary to EU law because flat-rate returns still in use (Supreme Court decision)
- Poland: Foundation grants not charged into VAT base; UK pension benefits not exempt; financing fees fully includible; real estate tax base (Supreme Administrative Court decisions)
- Poland: Postponement of e-invoicing mandate signed by president
Read TaxNewsFlash-Europe
FATCA / IGA / CRS
- United States: FATCA IDES testing scheduled for July 2024
- United States: IRS adds new FAQs to provide guidance to qualified intermediaries (QIs)
Trade & Customs
- United States: U.S. BIS imposes $285,000 penalty to resolve violations of unlicensed reexports to Russia by Turkish aviation company
- Pakistan: Customs measures in Finance Bill, 2024
- United States: U.S. BIS makes changes to Russia and Belarus sanctions under Export Administration Regulations (EAR)
- United States: U.S. OFAC issues Russia-related determination, general licenses, and FAQs
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.