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).
- Dominican Republic: A comprehensive “fiscal modernization law” proposes reforms that include new income tax brackets, changes to VAT exemptions and rates, new excise taxes on products like tobacco and sugary drinks, modernization of tax administration, elimination or modification of various tax incentives and exemptions, and the introduction of a vehicle circulation tax and a contribution on liquefied petroleum gas. Read TaxNewsFlash
- France: The Finance Bill for 2025 includes measures such as the phase-out adjustment of the contribution on companies’ added value (CVAE), a temporary surtax on large corporate profits, a special contribution on major shipping companies, a tax on share buy-backs, amendments to the merger preferential corporate income tax regime and employee stock options, a minimum tax on high-income taxpayers, updates to the Pillar Two global anti-base erosion (GloBE) rules, and the implementation of the DAC8 directive on cryptoassets. Read TaxNewsFlash
- United States: Notice 2024-77 provides guidance on Code sections 414(aa) and 402(c)(12) added by the SECURE 2.0 Act of 2022, addressing inadvertent benefit overpayments and their treatment as eligible rollover distributions, and detailing the impact on the Employee Plans Compliance Resolution System (EPCRS) as outlined in Rev. Proc. 2021-30. Comments are due by December 16, 2024. Read TaxNewsFlash
