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Week in Tax: September 16 – 20, 2024

Recent tax developments from around the globe for the week of September 16 – 20, 2024

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September 20, 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: Proposed regulations and Notice 2024-64 provide guidance on the qualified alternative fuel vehicle refueling property credit under section 30C, including eligibility criteria, credit calculation, and updated mapping tools for identifying eligible census tracts, with comments due by November 18, 2024. Read TaxNewsFlash
  • OECD: Nine jurisdictions signed a multilateral convention to implement the subject to tax rule (STTR) in bilateral income tax treaties, which allows jurisdictions to “tax back” income taxed below a 9% minimum rate, particularly benefiting developing countries under the OECD's Pillar Two global minimum tax rules. Read TaxNewsFlash
  • United Kingdom: The Court of Justice of the European Union (CJEU) annulled the European Commission's decision that certain UK rules on the taxation of controlled foreign companies (CFCs) constituted unlawful State aid, setting aside an earlier General Court judgment, by determining that the appropriate reference framework is the general corporation tax system rather than the specific CFC rules. Read TaxNewsFlash

United States

  • Final regulations: Consistent basis reporting between estate and person acquiring property from decedent
  • Proposed regulations and Notice 2024-64: Guidance on qualified alternative fuel vehicle refueling property credit under section 30C
  • Proposed regulations: Definition of the term “coverage month” for computing premium tax credit
  • Notice 2024-68: Per diem rates, substantiation of employee lodging, meals, incidentals (2024-2025)
  • Rev. Proc. 2024-37: Guidance on filing claims for recovery of overpayments related to tax-exempt and other tax-advantaged bonds
  • U.S. Tax Court: Commutation of marital trust results in gifts to surviving spouse of remainder interests in trust
  • U.S. Treasury awards $5 billion in New Markets Tax Credit (NMTC) allocations
  • IRS provides tax relief for taxpayers in Pennsylvania affected by Tropical Storm Debby
  • KPMG report: Initial observations on proposed CAMT regulations
  • KPMG report: Draft instructions for Form 1099-DA, Digital Asset Proceeds from Broker Transactions
  • KPMG report: Treatment of nonfungible tokens under the final broker reporting regulations
  • KPMG reports: California (potential gross receipts tax changes in San Francisco); California (credit for taxes paid to another state); Washington State (digital ad exchange subject to B&O tax)
  • KPMG article: Understanding and navigating requirements of the corporate alternative minimum tax (CAMT) and proposed regulations

Read TaxNewsFlash-United States

  • U.S. House passes bill increasing penalties for illegal tax disclosures
  • U.S. House Republican leadership, Ways and Means members express opposition to Pillar Two deal in letter to OECD

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Albania: Country-by-country reporting legislation implemented
  • Australia: Increased reporting requirements for Local file
  • OECD: Annual peer review of BEPS Action 13 minimum standard on country-by-country reporting
  • OECD: Jurisdictions sign multilateral convention implementing Pillar Two subject to tax rule
  • Peru: Import and export of commodities subject to transfer pricing regulations
  • United States: House Republican leadership, Ways and Means members express opposition to Pillar Two deal in letter to OECD

Read TaxNewsFlash-Transfer Pricing

Africa

  • Egypt: Overview of changes to permanent establishment provisions
  • Democratic Republic of the Congo: First e-invoicing pilot phase started September 15, 2024
  • Ghana: Second phase of implementation of e-invoicing announced

Read TaxNewsFlash-Africa

Americas

  • Canada: Consultation on potential surtaxes for certain imports from China
  • Peru: Import and export of commodities subject to transfer pricing regulations

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Government registers updated payment times reporting rules
  • Australia: Increased reporting requirements for Local file
  • Australia: Tax measures in 2024-2025 budget (Tasmania)
  • Bahrain: Updated list of basic food items subject to 0% VAT
  • Cambodia: New procedures for postal and express consignments
  • Hong Kong: Guidance on profits tax treatment of items recognized in financial accounts in relation to long service payment
  • Philippines: Tax assessment notices not received by taxpayer were invalid (Supreme Court decision)

Read TaxNewsFlash-Asia Pacific

Europe

  • EU: KPMG comments on European Commission consultation on ATAD
  • Greece: New digital transaction duty replaces current stamp duty
  • Malta: Overview of tax system
  • Netherlands: Extension of default penalty waiver for non-compliance with OSS mechanisms of VAT e-commerce package
  • Netherlands: Government submits 2025 Tax Plan to Parliament
  • Poland: Guidance on depreciation of goodwill
  • Poland: Legislation amending VAT law passed by Council of Ministers
  • Poland: Right to deduct input VAT on vehicles; correcting sales when supply at overstated VAT rate (Supreme Administrative Court decisions)
  • Serbia: Draft legislation on electronic goods delivery notes
  • Serbia: Updates on electronic recording of input VAT
  • Slovakia: Draft legislation includes tax-related measures
  • Sweden: Tax proposals in 2025 budget
  • UK: European Commission’s finding of unlawful State aid annulled, judgment of General Court set aside (CJEU judgment)

Read TaxNewsFlash-Europe

Trade & Customs

  • Cambodia: New procedures for postal and express consignments
  • Canada: Consultation on potential surtaxes for certain imports from China
  • Costa Rica: Free trade agreement with Ecuador enters into force October 1, 2024
  • Peru: Import and export of commodities subject to transfer pricing regulations

Read TradeNewsFlash-Trade & Customs

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