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Week in Tax: September 9 – 13, 2024

Recent tax developments from around the globe for the week of September 9 – 13, 2024

September 13, 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 relating to the corporate alternative minimum tax (CAMT) create a massively complex parallel regime requiring the calculation of, for example, CAMT basis in stock and the CAMT basis of a CAMT entity partner’s investment in a partnership. Read TaxNewsFlash. Notice 2024-66 provides a waiver of the addition to tax for underpayment of any installment of estimated income tax of a corporate taxpayer with respect to a taxable year that begins during 2024 to the extent the amount of any underpayment is attributable to a portion of a taxpayer’s CAMT liability under section 55. Read TaxNewsFlash
  • Ireland: The Court of Justice of the European Union (CJEU) set aside an earlier judgment of the General Court and confirmed the decision of the European Commission (EC) that Ireland granted the taxpayer unlawful State aid in the form of two tax rulings approving the method the taxpayer used to determine its chargeable profits in Ireland. Read TaxNewsFlash
  • United Kingdom: HM Revenue & Customs (HMRC) published compliance guidelines recommending businesses appoint “UK risk leads” to manage transfer pricing, maintain robust documentation, and implement consistent transfer pricing policies. Read TaxNewsFlash

United States

  • Proposed regulations: Guidance on corporate alternative minimum tax (CAMT) confers exceptionally complex regime
  • Proposed regulations: Exclusion from gross income under section 139E of Tribal general welfare benefits
  • CFC not entitled to section 245A dividends received deduction (IRS Chief Counsel memorandum)
  • Fourth quarter update to IRS 2023-2024 Priority Guidance Plan
  • IRS delaying manual email notifications for FATCA IDES transmissions
  • IRS issues new FAQ regarding credit forward framework described in Notice 2010-46
  • IRS provides tax relief for taxpayers affected by severe storms, flooding in Connecticut and New York
  • IRS provides tax relief for taxpayers in entire state of Louisiana affected by Tropical Storm Francine
  • KPMG reports: California (sales and use tax); Massachusetts (research credit); Nebraska (dividends received deduction); Virginia (manufacturing exemption); multistate (sales and use tax on leased property)
  • Notice 2024-66: Additional limited relief from underpayment of estimated tax attributable to CAMT liability

Read TaxNewsFlash-United States

  • Senate Finance hearing on 2025 tax policy debate; JCT description of present law on income taxation of high income and high wealth taxpayers
  • House passes bill to exclude electric vehicles with batteries from prohibited foreign entities from clean vehicle credit
  • House Ways and Means approves five assorted tax-related bills; JCT descriptions
  • Vice President Harris releases greater detail on tax proposals

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Finland: Consultation on proposed amendments to Pillar Two global minimum tax rules
  • Italy: Comparable entities must be included in transfer pricing comparability analysis (Supreme Court decision)
  • Poland: Updated transfer pricing reports guidebook
  • Sweden: Proposed amendments to Pillar Two global minimum tax rules
  • Switzerland: Announcement regarding implementation of income inclusion rule
  • UK: Compliance guidelines for dealing with transfer pricing risks
  • KPMG report: Comments on EU public consultation on template and formats for public country-by-country (CbC) reports

Read TaxNewsFlash-Transfer Pricing

Americas

  • Mexico: New requests for refund of previously denied credit balance allowed
  • Panama: Tax amnesty program for Municipality of Panama

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Draft legislation to streamline small business tax obligations, improve foreign residents’ capital gains withholding compliance
  • Australia: Payments to drivers by ridesharing company not wages subject to payroll tax (NSW Supreme Court decision)
  • Australia: Transfer duty extension, interest reduction for eligible property buyers affected by construction delays (Western Australia)
  • Bahrain: Updated VAT real estate guide
  • India: Fiscally transparency U.S. entity qualifies as U.S. resident eligible for treaty benefits (Tribunal decision)
  • India: Recommendations of GST Council meeting
  • Kazakhstan: VAT on foreign suppliers of digital products
  • Malaysia: Summary of income and indirect tax developments (September 2024)
  • Saudi Arabia: Proposed amendments to VAT regulations, including expansion of VAT obligations of marketplaces

Read TaxNewsFlash-Asia Pacific

Europe

  • Czech Republic: Advertising, R&D costs held not tax-deductible (Supreme Administrative Court decisions)
  • Czech Republic: Proposed amendments to tax procedure rules
  • Greece: Implementation of electronic delivery notes and digital tracking of goods shipment
  • Ireland: European Commission’s finding of unlawful State aid upheld, judgment of General Court set aside (CJEU judgment)
  • Italy: VAT on transaction costs incurred by special purpose vehicle recoverable post merger (Supreme Court decision)
  • Netherlands: Clarifications regarding application of wealth tax (“Box 3”) (Supreme Court decisions)
  • Netherlands: Consultation on updated draft bill VAT adjustment on services to immovable property
  • Poland: Draft legislation amending VAT, excise tax, and real estate tax law
  • Poland: New deposit-refund system and rules of settling VAT
  • Slovakia: Proposed amendments to VAT law
  • Spain: Deductibility of VAT incurred on customer service expenses (CJEU referral)
  • Spain: Implementation of corrective self-assessment in the field of VAT
  • UK: Amortization deductions on intangible assets held by partnership denied (Upper Tribunal decision)

Read TaxNewsFlash-Europe

FATCA / IGA / CRS

  • United States: IRS issues new FAQ regarding credit forward framework described in Notice 2010-46
  • United States: IRS delaying manual email notifications for FATCA IDES transmissions

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • Greece: Implementation of electronic delivery notes and digital tracking of goods shipment
  • U.S. BIS amends Export Administration Regulations self-disclosure and enforcement provisions
  • U.S. OFAC amendments to Reporting, Procedures and Penalties Regulations
  • U.S. OFAC clarifies process for issuing orders on blocking and identifying property
  • USTR finalizes action on China tariffs following statutory four-year review

Read TradeNewsFlash-Trade & Customs

Exempt Organizations

  • IRS TE/GE division provides new technical guides addressing section 509(a)(3) organizations
  • Tax-exempt organizations without direct pay registration number for clean energy credits urged to contact IRS

Read TaxNewsFlash-Exempt Organizations

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.

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