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: The U.S. Court of Appeals for the District of Columbia Circuit reversed a previous decision of the Tax Court and held that gain recognized by a nonresident alien individual partner on a sale of her interest in a U.S. partnership, which was attributable to inventory items, could not be treated as U.S.-source income subject to U.S. tax. 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 released a revised draft of terms of reference (TOR) for a United Nations (UN) framework convention on international tax cooperation. Read TaxNewsFlash
- Australia: The government initiated consultations on proposed changes to the foreign resident capital gains tax and foreign resident withholding tax regimes. Read TaxNewsFlash
- India: The Finance Minister presented the Union Budget 2024-2025 before the Parliament in the form of the Finance (No. 2) Bill, 2024. There was an expectation that the government would provide guidance on India’s adoption of the Pillar Two global minimum tax rules, but there was no announcement in this regard. Read TaxNewsFlash
- Venezuela: Decree 4,972 (published in the Official Gazette on July 12, 2024) reduced the rate for the large financial transactions tax to 0% (from the previous rate of 2%) for certain transactions. Read TaxNewsFlash
Additional reports
United States
- IRS updates FAQs on new, previously owned, and qualified commercial clean vehicle credits
- Notice 2024-60: Required procedures to claim section 45Q credit for sequestration of carbon oxide
- KPMG report: Planning implementation of broker digital asset reporting regulations
- D.C. Circuit: Gain recognized on sale of partnership interest attributable to inventory not U.S.-source income subject to U.S. tax; Tax Court reversed
- Notice 2024-58: Percentage depletion for oil and gas produced from marginal properties for 2024
- IRS provides tax relief for taxpayers in Texas affected by Hurricane Beryl
- KPMG report: APMA program annual report on APA statistics for 2023
- KPMG reports: Texas (sales tax on credit card processing fees); Wisconsin (unclaimed property voluntary disclosure); multistate (digital advertising tax updates)
Transfer Pricing
- OECD: Tax report to G20 Finance Ministers and Central Bank Governors; other reports on international tax reform developments
- UN: Revised draft terms of reference for UN framework convention on international tax cooperation
- KPMG report: APMA program annual report on APA statistics in the United States for 2023
- KPMG report: Employee data reporting under Pillar Two
Africa
- Zimbabwe: Tax measures in 2024 mid-term budget review
Read TaxNewsFlash-Africa
Americas
- Venezuela: Implementation of 0% tax rate for large financial transactions tax on certain transactions
- Venezuela: New special tax contribution for protection of social security pensions
- Chile: Optional regime for substitute tax for final taxes
- Canada: Digital platforms must report seller information by 31 January 2025
Asia Pacific
- India: Tax measures in budget 2024-2025
- Australia: Consultation on amendments to payment times reporting rules
- Australia: Consultations on changes to foreign resident capital gains tax, foreign resident withholding tax regimes
- Philippines: Updated invoicing requirements
- Korea: Royalties received for use of domestically unregistered patents subject to withholding tax under U.S. treaty (Tax Tribunal decision)
- Australia: Application of taxation of financial arrangement rules to earn-outs (Federal Court decision)
Europe
- Poland: Input VAT deduction on commuter vehicles, deductibility of IT services, VAT on employee capital plans portal (Supreme Administrative Court decisions)
- EU: VAT intermediation rules not applicable if underlying transaction is not an economic activity (CJEU judgment)
- KPMG report: European VAT cases—expert insights and business implications
Read TaxNewsFlash-Europe
FATCA / IGA / CRS
- Saint Vincent and the Grenadines: Extended FATCA and CRS reporting deadline
- Australia: CRS reporting for trustee-documented trusts
- Monaco: New penalties under CRS regime
- Monaco: Updated AEOI guidance under CRS regime
Trade & Customs
- U.S. proposed changes to EAR concerning military, intelligence, and foreign security
- U.S. revisions to definition and controls related to defense services in ITAR
The items described above are also reported as editions of TaxNewsFlash:
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