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).
- Canada: Canada has enacted a new 3% digital services tax (DST) on certain online revenues earned effective January 1, 2022. Canada’s Governor in Council has now fixed the coming-into-force date for the DST as June 28, 2024, which was the final step to enact the new tax, after the measures received Royal Assent on June 20, 2024. The order fixing the coming-into-force date was published on July 3, 2024. Read TaxNewsFlash
- Australia: The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024, which clarifies “exploration for petroleum” and updates transfer pricing guidance, has passed both houses of Parliament. Read TaxNewsFlash
- Hong Kong: Legislation introducing a patent box regime providing a 5% concessionary tax rate for Hong Kong-sourced taxable (i.e., non-capital) profits derived from use or sale of eligible intellectual property (IP), beginning year of assessment (YOA) 2023-2024, was enacted on July 5, 2024. Read TaxNewsFlash
Additional reports
United States
- KPMG report: Final regulations on information reporting on digital asset transactions
- Proposed regulations: Certain basket contract transactions identified as listed transactions
- IRS provides tax relief for taxpayers affected by storms, flooding, landslides, and mudslides in West Virginia
- IRS issues FAQs regarding registration for clean fuel production credit
- Renewable electricity production inflation factors, reference prices for 2024
- KPMG reports: Application of BBA centralized partnership audit regime
- KPMG report: IRS rewards credit card banks with earlier deductions
Read TaxNewsFlash-United States
- House Ways and Means marks up resolution to disallow clean vehicle tax credits regulations, bills related to education
Transfer Pricing
- OECD: Consultation on GloBE information return filing standard
- Israel: Adjusted intellectual property (IP) valuation (District Court decision)
- KPMG report: Transfer pricing in Brazil
- Czech Republic: Acquisition structure not abusive; cost base when applying net profit margin transfer pricing method (Supreme Administrative Court decisions)
- EU: Update on direct tax initiatives, including BEPS 2.0, “Unshell,” SAFE, BEFIT, DEBRA, transfer pricing, public country-by-country reporting, FASTER, DAC7, DAC8
- Australia: Draft legislation implementing Pillar Two global minimum tax rules introduced in Parliament
- Australia: Changes to non-arm’s length income provisions for superannuation funds
- Australia: Legislation clarifying “exploration for petroleum,” updating transfer pricing guidance passes Parliament
Africa
- Nigeria: New withholding tax regulations
Read TaxNewsFlash-Africa
Americas
- KPMG report: Transfer pricing in Brazil
- Chile: Updated invoice and document requirements for VAT
- Canada: Digital services tax now in effect
- Colombia: Labor reform proposal approved by Parliament
Asia Pacific
- Malaysia: Summary of income and indirect tax developments (July 2024)
- Malaysia: New voluntary disclosure program
- India: Portion of service fee from single contract attributable to PE taxable in India (High Court decision)
- Hong Kong: Guidance on foreign-sourced income exemption regime
- Pakistan: Withholding tax collection rates for tax year 2025
- Saudi Arabia: E-invoicing requirement extended to 13th group of taxpayers from January 2025
- Australia: ATO to collect data from online selling platforms
- Australia: Changes to non-arm’s length income provisions for superannuation funds
- Australia: Guidance on changes to income tax reporting for trustees and trust beneficiaries
- Australia: Legislation clarifying “exploration for petroleum,” updating transfer pricing guidance passes Parliament
- Australia: Payment times reporting legislation passes Parliament
- Hong Kong: Legislation introducing patent box regime enacted
- India: Consultation on draft export and import regulations
- Vietnam: Reduced VAT rate for second half of 2024
Europe
- Poland: Comprehensive performance and VAT; lump-sum income tax; transfer of organized part of enterprise not subject to VAT (Supreme Administrative Court decisions)
- Spain: Deadline to claim VAT refunds for 2023 is 30 September 2024
- Czech Republic: Acquisition structure not abusive; cost base when applying net profit margin transfer pricing method (Supreme Administrative Court decisions)
- Czech Republic: Proposed amendment to excise duty law from 2025
- EU: Update on direct tax initiatives, including BEPS 2.0, “Unshell,” SAFE, BEFIT, DEBRA, transfer pricing, public country-by-country reporting, FASTER, DAC7, DAC8
- Cyprus: Consultation on cryptoasset market regulations
- Lithuania: Changes in corporate income tax rates enacted
- UK: HMRC 2022-2023 tax gap report
- UK: Interaction of succession rules and special oil taxation regime (First-tier Tribunal decision)
- UK: Scope of “imported loss” rule (First-tier Tribunal decision)
- Gibraltar: Additional tax proposals in 2024 budget, including update to Pillar Two rules
Read TaxNewsFlash-Europe
FATCA / IGA / CRS
- UAE: Deadline to file FATCA and CRS reports is now July 15, 2024
- Cayman Islands: CRS reporting updates
- Monaco: Addition to Financial Action Task Force’s grey list
Trade & Customs
- Canada: Updated list of imported goods targeted for potential audits
- United States: Adjustments to imports of aluminum and steel into the United States
- United States: U.S. BIS issues guidance on export diversion risks
- India: Consultation on draft export and import regulations
The items described above are also reported as editions of TaxNewsFlash:
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