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: Proposed regulations provide guidance on the program under section 48E(h) to allocate environmental justice clean electricity capacity limitation for calendar years 2025 and succeeding years. The program provides an increase of 10% or 20% to the new clean electricity investment tax credit rate available under section 48E for taxpayers (or tax-exempt or government entities) that apply for and receive an allocation under the program. Read TaxNewsFlash
- Argentina: The Executive Branch approved regulations under the RIGI (the incentive regime for large investments), which includes changes to increase minimum investment amounts for the oil and gas sector, limit benefits to certain subsectors, and maintain a USD200 million minimum investment for other sectors, along with simplified procedures for qualifying investments. Read TaxNewsFlash
- Peru: An 18% value added tax (VAT) on cross-border digital services and the import of intangible goods is effective October 1, 2024. The legislative decree covers various digital services, including streaming, information storage, social networks, and remote conferencing, and applies to business-to-customer (B2C) transactions in Peru. Nonresident providers must register for VAT but are not considered to have a permanent establishment for income tax purposes. Financial intermediaries may be required to withhold VAT if nonresident providers fail to comply with registration or payment obligations. Read TaxNewsFlash
