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).
- EU: The European Commission launched a public consultation on a common template and electronic formats for the public country-by-country (CbC) reports. Interested stakeholders are invited to submit feedback by 29 August 2024. Read TaxNewsFlash
- Belgium: The Court of Justice of the European Union (CJEU) confirmed the validity of the mandatory automatic exchange of information for cross-border arrangements (DAC6). Read TaxNewsFlash
- United States: A report prepared by KPMG LLP outlines the many provisions that are set to expire, alongside (where available) the official revenue estimates associated with making those provisions permanent. The chart also includes a long list of selected non-TCJA expired or expiring items that could be part of next year’s negotiations as well. Read TaxNewsFlash
Additional reports
United States
- IRS announces all QI / WP / WT applications for 2024 must be submitted by September 30
- IRS issues new FAQ for QI/WP/WT
- IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, landslides, and mudslides in Kentucky
- IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Missouri
- KPMG report: Expiring provisions in the 2025 “Tax Cliff”
- KPMG report: State and local tax, technology-related developments (table, second quarter 2024)
- KPMG reports: District of Columbia (FY 2025 budget includes increase in sales and use tax rate); New Mexico (gross receipts tax); Pennsylvania (taxation of electricity used to power vehicles); multistate (tax reform proposals)
Read TaxNewsFlash-United States
- Senate rejects motion to proceed on tax extenders bill
- Senate Majority Leader Schumer files motion to proceed on tax extenders bill
- Senate Finance hearing on tax incentives for economic development and financing; JCT description of present law
Transfer Pricing
- Austria: Public country-by-country reporting implemented, draft amendments to transfer pricing guidelines
- Belgium: Updated transfer pricing forms
- EU: Public consultation on template and formats for public country-by-country (CbC) reports
- Mexico: Updated qualified maquiladora approach applies to APAs for 2020 to 2024
- UK: Draft legislation implementing Pillar Two country-by-country reporting safe harbor anti-arbitrage rule
Asia Pacific
- Australia: Consultation on draft law extending time period for small and medium-sized enterprises to file amended returns from two to four years
- Australia: Guidance on taxable payments annual reports for contractor-provided services
- Australia: Guidance on withholding tax obligations on certain payments to nonresidents
- Australia: Updated thin capitalisation web guidance
- Australia: Updates to taxation ruling related to “exploration of petroleum” for purposes of petroleum resource rent tax
- Cambodia: Establishment of special tax audit unit, implementation of tax incentives for informal economic development
- India: Payments for bandwidth services not royalties taxable in India under the India-Singapore treaty (High Court decision)
- India: Tax residency certificate presumptive proof of business activity for purposes of India-Mauritius treaty (tribunal decision)
- Malaysia: New transition measure for e-invoicing mandate
- Philippines: Foreign shipping companies entitled to VAT zero-rating (Supreme Court decision)
- Philippines: Guidance on updated invoicing requirements
- Saudi Arabia: E-invoicing requirement extended to 14th group of taxpayers from 1 February 2025
Europe
- Belgium: Mandatory disclosure rules (DAC6) compatible with EU law (CJEU judgment)
- Germany: Draft of regulation on awarding of tax-related business number; other VAT developments
- Poland: Domestic rules implementing DAC6 unconstitutional to extent tax advisors obliged to violate professional secrecy (Constitutional Tribunal decision)
- Poland: Free-of-charge delivery of goods, costs of fixed asset not eligible costs, tax exemption and withholding tax, procurement arrangement services (Supreme Administrative Court decisions)
- Portugal: Withholding tax on dividends to nonresident investment funds contrary to EU law (Supreme Administrative Court decision)
- Sweden: Withholding tax on foreign public pension institutions held contrary to EU law (CJEU judgment)
- Switzerland: Draft guidelines on platform rules for goods effective 2025
- UK: Draft legislation for Finance Bill 2024-2025 and related policy papers
- UK: Proposed changes to landfill disposals tax (Wales)
- UK: R&D tax credits claim denied (First-tier Tribunal decision)
Read TaxNewsFlash-Europe
Africa
- Botswana: Annual PAYE and other withholding tax returns filing due date extended to 30 September 2024
- Africa: Summary of tax developments (July 2024)
Read TaxNewsFlash-Africa
Americas
- Colombia: Proposed amendments to e-invoicing regulations
- Mexico: Updated qualified maquiladora approach applies to APAs for 2020 to 2024
FATCA / IGA / CRS
- Bahamas: Amendments to AEOI regulations
- United States: FATCA IDES updates include extended open testing window
- United States: IRS announces all QI / WP / WT applications for 2024 must be submitted by 30 September
- United States: IRS issues new FAQ for QI/WP/WT
Trade & Customs
- U.S. OFAC issues Russia-related general licenses
The items described above are also reported as editions of TaxNewsFlash:
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