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KPMG Week in Tax: 19 – 23 August 2024

Recent tax developments from around the globe for the week of 19 – 23 August 2024

August 23, 2024

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 regarding the time for making and revoking certain elections relating to foreign currency gain or loss. Read TaxNewsFlash
  • Australia: Legislation implementing a15% global minimum tax and domestic minimum tax on certain multinational enterprises (MNEs) with annual global revenue of at least €750 million passed the House of Representatives. Read TaxNewsFlash
  • Kenya: The Court of Appeal held that the entire Finance Act, 2023 was unconstitutional due to nonadherence to prescribed legislative procedures. Read TaxNewsFlash
  • Korea: The Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2024. Read TaxNewsFlash

United States

  • Corporations subject to CAMT must file Form 2220 to qualify for estimated tax penalty relief
  • IRS provides tax relief for taxpayers affected by severe storms, straight-line winds, flooding in South Dakota
  • IRS provides tax relief for taxpayers throughout Puerto Rico affected by Tropical Storm Ernesto
  • Rev. Rul. 2024-18: Interest rates, tax underpayments and overpayments remain same for fourth quarter 2024
  • Delaware: Notices requesting “verified reports” of unclaimed property
  • KPMG report: Information reporting for U.S. digital asset brokers
  • Proposed regulations: Revising qualified domestic trust regulations to update outdated references, procedures
  • Proposed regulations: Guidance regarding elections relating to foreign currency gains and losses
  • Notice 2024-61: Inflation adjustment factor and phase-out for enhanced oil recovery credit
  • Notice 2024-63: Interim guidance on employer matching contributions made to retirement plans related to employee student loan payments
  • KPMG report: Controlled foreign corporations as collateral post-TCJA
  • KPMG reports: Arizona (transaction privilege tax); Illinois (sourcing obligations); Kansas (decoupling from section 163(j)); New Jersey (S corporation requirements); Washington State (tax exemption on shipping container repairs)

Read TaxNewsFlash-United States

Transfer Pricing

  • Australia: Proposed amendments to legislation implementing Pillar Two global minimum tax rules
  • Australia: Legislation implementing Pillar Two global minimum tax rules passes House of Representatives
  • KPMG report: Potential effects on businesses of new UN tax treaty
  • Channel Islands: Pillar Two draft legislation published (Jersey)

Read TaxNewsFlash-Transfer Pricing

Africa

  • Kenya: Finance Act, 2023 declared unconstitutional, appeal pending (Court of Appeal decision)
  • Nigeria: Guidelines for implementation of 0% duty rate on some basic food items
  • Nigeria: Private companies incorporated before CAMA 2020 can have one shareholder (Federal High Court decision)

Read TaxNewsFlash-Africa

Americas

  • Chile: Proof of U.S. residency under income tax treaty; other direct and indirect tax developments
  • Costa Rica: New law amends, extends VAT late payment relief and business closure procedures
  • Costa Rica: Modifications to tax procedure regulations
  • Canada: Details on capital gains changes

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Increase in first homeowner duty concessions (Western Australia)
  • India: Guidance regarding requirement to obtain tax clearance certificate
  • Korea: Tax reform proposal for 2024

Read TaxNewsFlash-Asia Pacific

Europe

  • Poland: Draft legislation implementing cash method of accounting, preliminary remarks on individual and corporate income tax law amendments
  • Poland: Draft regulation on exemptions from obligation of keeping sales records using cash registers
  • Poland: U.S. sales tax treated as tax-deductible cost (Supreme Administrative Court decision)
  • Serbia: Amendments to e-invoicing rulebook
  • Romania: Nonresident taxpayers registered for VAT must submit SAF-T reports beginning January 2025

Read TaxNewsFlash-Europe

FATCA / IGA / CRS

  • Switzerland: Consultation on determination of partner states for AEOI concerning cryptoassets

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • U.S. BIS amends Export Administration Regulations (EAR) by revising entity list
  • U.S. BIS makes changes to Russia and Belarus sanctions under Export Administration Regulations (EAR)
  • Costa Rica: Reforms to free trade zone regime
  • Nigeria: Guidelines for implementation of 0% duty rate on some basic food items

Read TradeNewsFlash-Trade & Customs

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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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