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: Final regulations provide guidance on how taxpayers will report liability for the excise tax imposed under section 5000D on manufacturers, producers, or importers of certain “designated drugs,” which was introduced by the “Inflation Reduction Act.” Read TaxNewsFlash
- Australia: Legislation that reduces the income tax compliance burden on the general insurance industry caused by the misalignment between the income tax law and the adoption of the new AASB 17, received Royal Assent. The legislation is effective for income years starting on or after 1 January 2023. Read TaxNewsFlash
- Italy: Legislative Decree no. 87/2024 introduces changes to value added tax (VAT) penalties—effective for violations committed beginning 1 September 2024. Read TaxNewsFlash
Additional reports
United States
- Final regulations: Guidance on procedural requirements for section 5000D excise tax on sales of “designated drugs”
- Proposed regulations: Amended guidance regarding payment of tax by commercially acceptable means
- Proposed regulations: Recapture of interest on erroneous refunds of COVID-19 relief employment tax credits
- Notice 2024-52: Reference price for section 45I credit for production of natural gas from marginal wells
- Rev. Proc. 2024-30: Procedures for obtaining automatic consent to change methods of accounting to the Allowance Charge-off Method
- California: Budget tax changes enacted
- KPMG report: Inconsistency in state conformity to the Code
- KPMG report: Recent litigation regarding sales tax collection and remittance obligations in Illinois
- KPMG report: Reporting and paying the stock repurchase excise tax
- KPMG report: Clean fuel production credit—a new incentive regime
- KPMG report: Specified research and experimentation expenditures under section 174
Transfer Pricing
- Gibraltar: Additional tax proposals in 2024 budget, including update to Pillar Two rules
- Belgium: Extended deadline for GloBE registration for groups not intending to prepay to 16 September 2024
- Australia: ATO update on implementation of Pillar Two global minimum tax rules
- KPMG report: Taxpayer-initiated transfer pricing adjustments in MAP
Asia Pacific
- Australia: ATO guidance on small business incentives
- Australia: Food donations tax offset bill introduced in Senate
- Australia: Functional currency realization events on certain loan repayments
- Australia: Legislation on taxation of general insurers receives Royal Assent, ATO guidance released
- Malaysia: Updated e-invoice guidelines and FAQs
- Pakistan: Direct and indirect tax measures in Finance Act, 2024
- Saudi Arabia: Penalty waiver for taxes, including VAT and excise tax, extended through December 2024
- Vietnam: Extended deadlines for payment of corporate and individual income tax, VAT, land rental fee, special consumption tax for automobiles
- Vietnam: Public consultation on draft corporate income tax law, including 2% gross basis tax on share transfers by foreign corporate shareholders
Europe
- Germany: VAT proposals in draft bill for Annual Tax Act 2024; other VAT developments
- Gibraltar: Additional tax proposals in 2024 budget, including update to Pillar Two rules
- Gibraltar: Tax measures in 2024 budget
- Italy: Changes to VAT penalties effective 1 September 2024
- Luxembourg: Tax guide for individuals
- Spain: Guidance on deductibility of insurance technical reserves for corporate income tax purposes
Read TaxNewsFlash-Europe
FATCA / IGA / CRS
- United States: New sign-in options for FATCA Registration System users
- United States: Revised FATCA IDES testing window
- Switzerland: Reciprocal FATCA agreement with United States signed
Trade & Customs
- U.S. BIS amends Export Administration Regulations (EAR) by revising entity list
- U.S. BIS revises “unverified list”
The items described above are also reported as editions of TaxNewsFlash:
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