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: Vice President and Democratic presidential nominee Kamala Harris released details of elements of her economic plan, which includes proposals for several new tax incentives and preferences. Read TaxNewsFlash
- United States: The IRS is strongly urging qualifying businesses, tax-exempt organizations, and state, local, and Indian tribal governments to quickly complete the pre-filing registration process for projects placed in service in 2023 if they plan to make an elective payment or transfer election. New laws allow taxpayers to take advantage of certain manufacturing investment, clean energy investment and production tax credits through elective payment (also known as “direct pay”) or transfer. Read TaxNewsFlash
- OECD: New guidance focuses on how the comparable uncontrolled price method can be applied to intragroup transactions involving lithium brines and lithium minerals. Read TaxNewsFlash
- Mexico: A KPMG report analyzes the impact of changes to the maquila tax regime. Read TaxNewsFlash
Additional reports
United States
- Announcement 2024-30: Second voluntary disclosure program for employee retention credit
- IRS accepting applicants for 2025 Compliance Assurance Process (CAP) program beginning September 4, with expanded eligibility criteria
- IRS strongly urges pre-filing registration now for 2023 elective payment or transfer claims
- IRS expands Hurricane Debby tax relief to taxpayers in Vermont
- IRS provides tax relief for taxpayers affected by severe storms and flooding in Minnesota
- KPMG report: Documentation rules under final digital asset reporting regulations
- KPMG reports: Illinois (sales tax exemption); Massachusetts (tax amnesty program); Minnesota (market research activities); Texas (franchise tax, computer-based testing service)
Read TaxNewsFlash-United States
- Vice President Harris releases partial economic plan that includes tax proposals
Transfer Pricing
- KPMG report: Reassessing operations in Mexico due to maquila tax regime changes
- OECD: Transfer pricing framework for lithium
Asia Pacific
- Australia: ATO releases corporate plan for 2024-2025
- Australia: Food donation tax offset legislation introduced to Parliament
- Bahrain: Updated VAT guides
- India: Petition to review decision on most favoured nation clause in tax treaties dismissed by Supreme Court
- Malaysia: Summary of income and indirect tax developments (August 2024)
- Philippines: Guidance on tax law amendments
- Philippines: Guidelines for tax credit certificates and refunds
- UAE: First tax period for juridical persons
- Vietnam: Proposed amendments to corporate income tax law
- Vietnam: Updates on corporate income tax, individual income tax, invoicing and tax administration
Europe
- Czech Republic: Tax treatment of unfinished real estate sale (Supreme Administrative Court decision)
- Denmark: Expanded use of payment information in tax audits
- Poland: Right to deduct VAT on catering services purchased by hotel company; other tax developments
- UK: HMRC issues share plan guidance
- UK: HMRC launches “one-to-many” letter campaign targeting Construction Industry Scheme contractors
Read TaxNewsFlash-Europe
Africa
- Mauritius: Tax measures in Finance Bill 2024 enacted
Read TaxNewsFlash-Africa
Americas
- KPMG report: Reassessing operations in Mexico due to maquila tax regime changes
- Canada: Proposed changes to trust reporting rules
- Costa Rica: New tool for verifying electronic receipts
FATCA / IGA / CRS
- Ireland: Updated AEOI guidance
- Liechtenstein: AEOI reports for the Maldives must be resubmitted by 15 September 2024
Trade & Customs
- U.S. interim final rule amending ITAR to facilitate defense trade and cooperation with Australia and UK
- U.S. BIS imposes $5.8 million penalty on Pennsylvania company for exporting items to parties tied to China’s hypersonics, UAV, and military electronics programs
- U.S. BIS publishes new export control compliance resources for the academic community
- U.S. CBP modifies “withhold release order” on seafood products from certain Taiwanese fishing vessel
- U.S. final rule amends ITAR definition of activities that are not exports, reexports, retransfers, or temporary imports
- U.S. OFAC issues Russia-related general licenses, updates SDN list
The items described above are also reported as editions of TaxNewsFlash:
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