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Week in Tax: October 7 – 11, 2024

Recent tax developments from around the globe for the week of October 7 – 11, 2024

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October 11, 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).

  • Brazil: The introduction of a qualified domestic minimum top-up tax (QDMTT) in Brazil aligns with the OECD's global anti-base erosion (GloBE) rules by enforcing a 15% minimum tax rate on large multinational enterprises. Guidance provides details on the application of the rules, including adjustments to tax incentives and changes in the tax treatment of goodwill and fair value for M&A activities. Transitional safe harbors are available until 2026 to help businesses adapt to the changes. Read TaxNewsFlash
  • New Zealand: An updated compliance guide for multinational enterprises reflects key changes since 2019, including the embedding of various OECD base erosion and profit shifting (BEPS) measures and the new Pillar Two global minimum tax proposals effective in New Zealand from 2025. The guide highlights the use of analytics, intelligence from questionnaires, other tax authorities, and country-by-country reporting for risk profiling, with a focus on tax governance and documented support for managing transfer pricing and international tax risks. It also provides checklists and red flag indicators to help multinational groups self-assess their risk profiles. Read TaxNewsFlash
  • United States: Final regulations released this week (1) identify certain syndicated conservation easement transactions and substantially similar transactions as listed transactions, a type of reportable transaction (read TaxNewsFlash), and (2) terminate the continued application of section 367(d) arising from a previous transfer of intangible property (IP) to a foreign corporation when the IP is repatriated to certain United States persons (read TaxNewsFlash).

United States

  • Final regulations: Section 367(d) rules for certain repatriations of intangible property
  • Final regulations: Certain syndicated conservation easement transactions identified as listed transactions
  • Proposed regulations: Federal tax classification of entities wholly owned by Indian Tribal governments
  • Section 250 deduction subject to limitation under each of section 250(a)(2), 246(b)(3)(A), and 246(b)(3)(B)
  • IRS provides tax relief for taxpayers of San Carlos Apache Tribe in Arizona affected by Watch Fire
  • IRS provides tax relief for taxpayers in Florida affected by Hurricane Milton
  • IRS announces dyed diesel penalty relief in Florida due to Hurricane Milton
  • KPMG article: New York City corporate tax regulations may deviate from state regulations
  • KPMG reports: California (sales tax agreement reports); Nevada (voluntary disclosure agreement program); New York (sales tax on electronic currency trading, web-based document processing)

Read TaxNewsFlash-United States

Exempt Organizations

  • Rev. Proc. 2024-39: Six-month extension for certain applicable entities to make an elective payment election on Form 990-T

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • Brazil: Implementation of Pillar Two rules establishes qualified domestic minimum top-up tax
  • Netherlands: Interest deduction limitation anti-profit shifting rule permissible under EU law (CJEU judgment)
  • New Zealand: Updated compliance focus guide for multinationals reflects BEPS, Pillar Two changes
  • OECD: Model competent authority agreement on application of Amount B under Pillar One
  • UK: Initial analysis of OECD’s model competent authority agreement on application of Amount B under Pillar One

Read TaxNewsFlash-Transfer Pricing

FATCA / IGA / CRS

  • Channel Islands: Reopening of AEOI portal for FATCA and CRS reporting (Jersey)
  • Uruguay: AEOI portal available for submission of CRS reports

Read TaxNewsFlash-FATCA / IGA / CRS

Africa

  • Nigeria: Tax authority has discretion to determine percentage of tax on turnover of foreign companies (Federal High Court decision)
  • South Africa: Protocol ratified by Kuwait
  • Uganda: Required audited financial statements for high turnover taxpayers

Read TaxNewsFlash-Africa

Americas

  • Brazil: Implementation of Pillar Two rules establishes qualified domestic minimum top-up tax
  • Chile: New reporting and VAT obligations for digital platforms, remote sellers
  • Costa Rica: New regulations concerning tax exemption regimes
  • Dominican Republic: Tax reform proposals affecting foreign services and e-commerce
  • Mexico: Rules for collecting tax on hosting services on digital platforms (Veracruz)
  • KPMG article: Impact of principal purpose test (PPT) provisions on holding companies in Latin America

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Draft legislation on small business tax obligations, foreign residents’ capital gains withholding passes lower house of Parliament
  • Australia: Revised fringe benefits tax exemptions for plug-in hybrid vehicles effective April 2025
  • Hong Kong: Sourcing of profits from container trading and leasing (court decision)
  • India: Amendments to GST rules including amnesty scheme
  • India: Guidelines for applications to excuse delay in claiming refunds
  • India: Procedural disputes within revived reassessment proceedings (Supreme Court decision)
  • Kuwait: Protocol with South Africa ratified
  • Malaysia: Summary of income and indirect tax developments (October 2024)
  • New Zealand: Updated compliance focus guide for multinationals reflects BEPS, Pillar Two changes

Read TaxNewsFlash-Asia Pacific

Europe

  • Czech Republic: Proposed exemption from individual income tax for income from transfer of cryptoassets
  • EU: Updated list of non-cooperative tax jurisdictions
  • Ireland: Tax measures in Finance Bill 2024
  • Montenegro: Direct and indirect tax amendments enacted
  • Netherlands: Amendments to 2025 Tax Plan
  • Netherlands: Interest deduction limitation anti-profit shifting rule permissible under EU law (CJEU judgment)
  • Norway: Tax measures affecting seafood industry in 2025 budget proposal
  • Poland: Proposed legislation increasing excise duty rates on tobacco products
  • Poland: Whether deductibility of VAT may be conditioned on receiving invoice (CJEU referral)
  • Serbia: Electronic recording of input VAT not required for September 2024 tax period
  • UK: Summary of tax matters

Read TaxNewsFlash-Europe

Trade & Customs

  • Australia: Legislation implementing UK to Trans-Pacific Partnership passed by Parliament
  • United States: CBP lifts “withhold release order” on certain disposable gloves from Malaysia
  • United States: Request for comments on potential import prohibitions on Chinese products due to pangolin trade
  • United States: BIS guidance for financial institutions on best practices to comply with Export Administration Regulations
  • United States: BIS renews temporary denial of export privileges of Russian airline for one year
  • United States: OFAC finalizes amendments to the Reporting, Procedures and Penalties Regulations

Read TradeNewsFlash-Trade & Customs

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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