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. Treasury Department and IRS released proposed regulations addressing certain issues arising under the dual consolidated loss (DCL) rules, including the treatment of intercompany transactions, Pillar Two taxes, and certain disregarded payments. Read TaxNewsFlash
- Korea: The Ministry of Economy and Finance (MOEF) announced further proposed amendments to the Korean Pillar Two global anti-base erosion (GloBE) minimum tax rules. Read TaxNewsFlash
- Brazil: The government presented to Congress regulations to introduce the new dual value added tax (VAT) regime under the tax reform bill. Among modifications brought by the new regulations, both residents and nonresidents doing business in Brazil will need to adapt to the ancillary changes pertaining to compliance—such as the new indirect tax liabilities for nonresident sellers or digital platforms. Read TaxNewsFlash
Additional reports
United States
- U.S. Tax Court: Participation interest may constitute partnership interest regardless of subjective intent to be a partner
- IRS announces end to moratorium on processing new employee retention credit claims
- IRS provides tax relief for taxpayers affected by Hurricane Debby in four states
- IRS releases draft updated Form 1099-DA for digital assets proceeds from broker transactions, requests comments
- Proposed regulations: Dual consolidated loss rules, including treatment of intercompany transactions, Pillar Two taxes, and certain disregarded payments
- KPMG reports: Colorado (local sales tax dispute settled); Illinois (updated investment partnership regulations); Oregon (potential corporate minimum tax increase); South Carolina (bank tax)
Read TaxNewsFlash-United States
- Senate confirms two U.S. Tax Court judges, four nominees remain
Transfer Pricing
- Austria: Amendments to Pillar Two draft legislation and loss carryforward rules published
- Turkey: Draft legislation implementing Pillar Two submitted to Parliament
- Australia: Updated guidance on petroleum resource rent tax implements gas transfer pricing review recommendations
- Korea: Further proposed amendments to Pillar Two rules
- UAE: Tax authority’s policy on issuing clarifications and directives, including advance pricing agreements
- Australia: Senate committee report on public country-by-country reporting bill
Africa
- Ghana: Measures related to tax administration, digital solutions, indirect tax in 2024 mid-year budget review
Read TaxNewsFlash-Africa
Americas
Asia Pacific
- Australia: Updated guidance on petroleum resource rent tax implements gas transfer pricing review recommendations
- India: Amendments to direct tax measures proposed in finance bill 2024
- India: Subsidiary did not constitute agency permanent establishment under Japan treaty (tribunal decision)
- UAE: Tax authority’s policy on issuing clarifications and directives, including advance pricing agreements
- Malaysia: New versions of e-invoicing technical guidelines
Europe
- Austria: Amendments to Pillar Two draft legislation and loss carryforward rules published
- Belgium: Permissibility of tax exemption for interest on savings deposits under EU law (CJEU referral)
- France: Public access to beneficial ownership register restricted
- Poland: Tax exemption for nonresident funds only permitted under EU law (CJEU Advocate General opinion)
- Poland: Deduction of VAT; tax losses in downstream merger (Supreme Administrative Court decisions)
- Poland: Definitions of “building” and “non-building structure” for real estate tax purposes
- Poland: Increased excise tax on tobacco products, including cigarettes
Read TaxNewsFlash-Europe
FATCA / IGA / CRS
- Barbados: CRS and FATCA filing deadline extended to 16 August
- Panama: CRS filing deadline extended to 2 September
- Channel Islands: Amendments to FATCA and CRS regulations (Jersey)
- Singapore: Updated CRS FAQs
Trade & Customs
- U.S. conforming amendments to extended exclusions, China Section 301 investigation
The items described above are also reported as editions of TaxNewsFlash:
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