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).
- Australia: The federal government introduced legislation to the Australian Parliament that proposes to implement public country-by-country (CbC) reporting for multinational enterprises (MNEs) for reporting periods that start on or after 1 July 2024. Read TaxNewsFlash
- United States: Notice 2024-48 provides information taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category as described in Notice 2023-29 for purposes of qualifying for energy community bonus credit amounts or rates under sections 45, 45Y, 48, and 48E. Read TaxNewsFlash
- United States: The U.S. Supreme Court unanimously affirmed the U.S. Court of Appeals for the Eighth Circuit, in upholding the judgment of a district court that the fair market value of stock in a closely-held corporation, for purposes of valuing the stock interest in the corporation held by the estate of a deceased shareholder, included life insurance proceeds intended for the redemption of the deceased shareholder’s stock interest. Read TaxNewsFlash
Additional reports
United States
- Notice 2024-48: Guidance for the energy community bonus credit under IRA
- Rev. Proc. 2024-26: Procedures for qualified manufacturers, dealers and sellers of certain qualified clean vehicles under IRA
- Notice 2024-39: Carbon oxide sequestration credit under section 45Q, inflation adjustment factor for 2024
- Notice 2024-46: Treatment of certain relief payments made to individuals affected by East Palestine, Ohio train derailment
- U.S. Supreme Court: Estate tax value of stock is not reduced by contractual obligation to redeem shares
- IRS provides tax relief for taxpayers affected by storms in Kentucky and West Virginia
- IRS announces tax relief for taxpayers in Iowa affected by storms, tornadoes, and flooding
- IRS issues new FAQ for qualified intermediaries (QIs)
- Eleventh Circuit: IRS violated APA notice and comment procedures in issuing Notice 2017-10
- KPMG report: IRS removal of automatic accounting methods
- KPMG reports: Illinois (tax changes in budget bill); Tennessee (guidance on sales and use tax sourcing rules); Washington State (amended apportionment rule)
Transfer Pricing
- Australia: Public country-by-country reporting legislation introduced
- EU: Reasoned opinion sent to six member states for incomplete transposition of EU minimum tax directive into national law
- EU: Reasoned opinions sent to six member states for incomplete transposition of EU public country-by-country (CbC) reporting directive
- Germany: Consultation on draft tax return for Pillar Two purposes
- Italy: Implementation of Pillar Two transitional safe harbors
- KPMG report: Assessing the impact of Amount B
- OECD: Updated guidance on implementation of country-by-country reporting clarifies reporting of dividends
- OECD: Updated International Compliance Assurance Programme (ICAP) FAQs
- Serbia: Rulebook on arm’s length interest rates for 2024
Asia Pacific
- Australia: Legislation including “Buy Now, Pay Later” and build-to-rent measures introduced to Parliament
- Australia: Payment times reporting legislation passes House
- Australia: Petroleum resource rent tax deductions cap in effect from 1 July 2023
- Australia: Reporting exemption for specified transactions for electronic distribution platform operators
- Australia: Tax relief measures in 2024 budget (South Australia)
- Bahrain: Updated VAT guide
- India: Guarantee charges received by foreign company not considered “interest,” taxable as “other income” (High Court decision)
- India: Mere existence of subsidiary in India does not automatically constitute a permanent establishment (High Court decision)
- Qatar: Income tax treaty agreements with Saudi Arabia and UAE signed
- Vietnam: Recent direct and indirect tax developments
Europe
- Cyprus: Tax treatment of premiums and medical plans
- Cyprus: Withholding tax and contribution declarations due 31 July 2024
- Czech Republic: Amendment to investment companies and funds law passes Senate
- EU: Formal notices sent to member states for failure to exchange information required under DAC7
- Germany: Transactions within VAT groups may be VAT-exempt; other VAT developments
- Greece: New code of tax procedures revises tax system
- Poland: Certain web services not subject to restrictions of corporate income tax law; settling costs of R&D activities (court decisions)
- Spain: Excise duty on hydrocarbons infringes EU Directive for taxation of energy products and electricity (CJEU judgment)
- UK: Overview of employee share plan reporting, annual return filing deadline is 6 July 2024
- UK: Tax statements from main political parties ahead of general election on 4 July 2024
Read TaxNewsFlash-Europe
Americas
- Colombia: Increased e-invoicing audits
Africa
- Senegal: Changes to VAT on cross-border provision of digital services, now effective from 1 July 2024
- Nigeria: Mining sector update (June 2024)
Read TaxNewsFlash-Africa
FATCA / IGA / CRS
- Argentina: First automatic exchange of financial information under FATCA announced
- Oman: CRS reporting deadline extended to 30 June 2024
- Romania: Updated CRS guidance on OECD FAQs
- United States: IRS issues new FAQ for qualified intermediaries (QIs)
Trade & Customs
- KPMG report: Shipping and offshore tax update (June 2024)
- United States: BIS imposes civil penalty on Texas company to resolve alleged violations of antiboycott regulations
The items described above are also reported as editions of TaxNewsFlash:
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