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 requirement that the conservation purpose of an easement be “protected in perpetuity” in order to qualify as a “qualified conservation contribution” was held procedurally invalid by the U.S. Tax Court. Read TaxNewsFlash
- Netherlands: Public country-by-country (CbC) reporting was implemented and will apply to financial years starting on or after 22 June 2024. Read TaxNewsFlash
- Germany: The upper house of the German Parliament (Bundesrat) on 22 March 2024 approved the compromise proposal for the "Act to Strengthen Growth Opportunities, Investment and Innovation as well as Tax Simplification and Fairness.” With the Bundesrat´s approval of the tax reform bill, the parliamentary procedure is complete, but the Act still has to be published in the official gazette before it can become effective. Read TaxNewsFlash
- Sri Lanka: The Speaker on 20 March 2024 certified the Value Added Tax (Amendment) Act No.16 of 2024, which increases the standard VAT rate and reduces the VAT registration threshold effective 1 January 2024. Read TaxNewsFlash
- United Kingdom: Finance (No. 2) Bill 2024 (widely referred to as the Spring Finance Bill) was published on 14 March 2024. Read Tax Matters Digest
Additional reports
United States
- Announcement 2024-16: APMA program, APA statistics for 2023
- Final regulations: Definitions of short-term, limited-duration insurance and excepted benefits coverage
- Proposed regulations: Disclosure of specified return information to Bureau of the Census for statistical purposes
- U.S. Tax Court: Conservation easement contribution regulations held invalid under APA because of failure to respond to significant comment
- IRS extends tax relief for taxpayers affected by wildfires in Hawaii
- IRS announces tax relief for taxpayers in Alaska affected by severe storms
- Notice 2024-32: Guidance for qualified student loan and qualified mortgage bonds
- Rev. Proc. 2024-19: Guidance on environmental justice solar and wind capacity limitation program for 2024
- KPMG reports: Louisiana (exempt cable services); Wisconsin (property tax exemption)
Transfer Pricing
- Ireland: Tax changes for the asset management and funds industry, including Pillar Two rules
- Luxembourg: Guidance under Pillar Two law relating to inclusion of deferred tax assets and liabilities in computing effective tax rate
- Netherlands: Public country-by-country reporting implemented
- South Africa: Comparable uncontrolled price method held most reliable method (court decision)
- United States: APMA program, APA statistics for 2023
- KPMG report: New UK transfer pricing guidance on allocation of risk in controlled transactions
Africa
- Africa: Summary of tax developments (March 2024)
- Kenya: Affordable Housing Act signed by president
Americas
- Canada: Direct and indirect tax measures in 2024 budget (Ontario)
- Canada: Relief for bare trusts from new information reporting requirements
- Chile: Tax reform bill introduces VAT liability for sales of low-value goods
- Mexico: “Volumetric controls” for self-consumption of natural gas
Asia Pacific
- Australia: Bill introduced to clarify “exploration for petroleum” meaning
- Australia: Changes to Top 1,000 combined assurance program
- Australia: Consultation on draft legislation, regulations to streamline administration of fuel, alcohol excise
- Australia: Parliament passes legislation on interest limitation rules and foreign investment fees; Senate passes bill on taxation of general insurers
- Australia: Taxpayer entitled to interest deductions with respect to foreign related-party financing for third-party acquisition (Federal Court decision)
- Laos: VAT on cross-border provision of digital services
- Malaysia: Additional guidance on service tax
- Sri Lanka: Amendments to Social Security Contribution Levy Act enacted
- Sri Lanka: Amendments to VAT law enacted
Europe
- Cyprus: End of reduced excise taxes on certain fuels, VAT on certain products
- Estonia: Income tax treaty with Qatar signed, treaty with Pakistan reaches second reading in Parliament
- Estonia: Penalties on taxpayer who failed to appear in person to provide explanations to tax authority upheld (District Court judgment)
- Germany: Parliament approves legislation introducing e-invoicing mandate
- Germany: Tax reform bill enacted, other tax developments
- Ireland: Tax changes for the asset management and funds industry, including Pillar Two rules
- Netherlands: Interest deduction denied under fraud provision of corporate income tax law (Supreme Court decision)
- Poland: Cash register receipts alone are valid evidence of overstated VAT (CJEU judgment)
- Poland: Proposed changes to health insurance contributions by individuals
- UK: Consultation on draft legislation introducing payroll reporting changes
- UK: Finance (No. 2) Bill 2024
FATCA / IGA / CRS
- Cayman Islands: Updated FATCA and CRS guidance
- France: Updated CRS technical guidance
- South Africa: FATCA and CRS third party data submission period
Trade & Customs
- China initiates WTO dispute regarding U.S. tax credits for electric vehicles, renewable energy
The items described above are also reported as editions of TaxNewsFlash: