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Week in Tax: October 28 – November 1, 2024

Recent tax developments from around the globe for the week of October 28 – November 1, 2024

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November 1, 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).

  • EU: The European Commission has proposed an extension of the Directive on Administrative Cooperation (DAC) to facilitate the exchange of Pillar Two global minimum tax information between EU member states (DAC9). The proposal aims to incorporate the OECD's global anti-base erosion (GloBE) information return into EU law and establish a framework for the exchange of this information. The proposal includes a targeted dissemination approach so that member states receive only the necessary information based on their role in the multinational enterprise group. Read TaxNewsFlash
  • Germany: The lower house of the German Parliament passed legislation that introduces technical amendments in areas such as restructuring, controlled foreign company taxation, Pillar Two global minimum tax rules, and new minimum tax group rules. The bill would also would postpone the new rules on withholding tax payment and reporting (read TaxNewsFlash). The next step is for the upper house of Parliament (to approve the bill, potentially in their November 22, 2024 meeting. Read TaxNewsFlash
  • United States: The Treasury Department announced the start of negotiations with Taiwan on a comprehensive agreement to address double taxation issues. The first round of negotiations is expected to take place in the coming weeks. Read TaxNewsFlash

United States

  • U.S. Treasury announces the beginning of negotiation of a tax agreement with Taiwan
  • Notice 2024-78: Extension of temporary relief for foreign financial institutions required to report U.S. TINs
  • Notice 2024-80: Pension plans, cost-of-living adjustments for 2025
  • U.S. Tax Court: Loss under section 1256(c) on foreign currency option transaction disallowed under section 165(c) for lack of profit motive
  • U.S. Tax Court: Basis in partnership interest must be decreased by losses deducted in prior closed tax years
  • IRS practice unit: Section 250 deduction—foreign-derived intangible income (FDII)

Read TaxNewsFlash-United States

Exempt Organizations

  • IRS TE/GE 2025 program letter
  • Fifth Circuit: Accountable care organization not entitled to tax exemption under section 501(c)(4); Tax Court affirmed

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • Cyprus: Extended deadlines for submitting 2022 and 2023 tax returns for taxpayers obligated to submit table of summarized information
  • EU: Proposal for exchange of Pillar Two global minimum tax information between EU member states (DAC9)
  • Germany: Annual Tax Act 2024 passed by lower house of Parliament includes Pillar Two changes, other tax developments
  • Germany: Registering Pillar Two minimum tax group leader
  • Isle of Man: Update on implementation of Pillar Two global minimum tax
  • New Zealand: Summary of implementation of Pillar Two GloBE rules
  • UK: Pillar Two tax measures in Autumn Budget 2024

Read TaxNewsFlash-Transfer Pricing

Africa

  • Africa: Summary of tax developments (October 2024)
  • South Africa: Proposed changes to foreign exchange loss carryforward rule for non-trading companies

Read TaxNewsFlash-Africa

Asia Pacific

  • Australia: ATO's 2022-2023 corporate tax transparency report
  • Australia: Payroll tax changes (Northern Territory); land tax treatment of CCIVs (New South Wales)
  • Bahrain: Amendments to rules on permissible commercial activities for foreign owned companies
  • Bangladesh: Summary of tax laws as amended by Finance Act 2024
  • Hong Kong: Management fees paid to BVI affiliate not deductible
  • New Zealand: Summary of implementation of Pillar Two GloBE rules
  • UAE: Implementation of mandatory e-invoicing from July 2026
  • UAE: New guidance on tax residence and Tax Residency Certificate application procedures
  • Vietnam: Updates concerning corporate income tax, VAT, and foreign contractor tax

Read TaxNewsFlash-Asia Pacific

Europe

  • Latvia: Implementation of mandatory e-invoicing from January 1, 2026
  • Germany: Annual Tax Act 2024 passed by lower house of Parliament includes Pillar Two changes, other tax developments
  • UK: Pillar Two tax measures in Autumn Budget 2024
  • Cyprus: Extended deadline for filing 2023 individual tax returns (TD1)
  • Poland: Proposed extension of exemption from obligation to label certain excise duty goods
  • UK: Tax measures in Autumn Budget 2024
  • Cyprus: Extended deadlines for submitting 2022 and 2023 tax returns for taxpayers obligated to submit table of summarized information
  • Spain: Characterization of projects by Ministry of Science and Innovation are binding on tax authority (Supreme Court decisions)
  • Hungary: Mandatory e-invoicing for energy sector beginning January 1, 2025
  • EU: Proposal for exchange of Pillar Two global minimum tax information between EU member states (DAC9)
  • Germany: Registering Pillar Two minimum tax group leader
  • Hungary: Autumn tax package proposals
  • Malta: Tax measures in 2025 budget
  • Sweden: Provision of electricity at charging stations supply of goods for VAT purposes
  • Isle of Man: Update on implementation of Pillar Two global minimum tax
  • Latvia: Proposed amendments to individual income tax law
  • Luxembourg: New online procedures for filing fund subscription tax returns
  • Netherlands: Exemption scheme for participations falling below 5% threshold applies to covered call options (Supreme Court decision)

Read TaxNewsFlash-Europe

Trade & Customs

  • EU imposes duties on imports of battery electric vehicles from China for five years
  • U.S. CBP issues “withhold release order” on frankincense sourced from company in Somalia
  • U.S. OFAC issues sanctions compliance guidance for maritime shipping industry
  • U.S. BIS amends Export Administration Regulations (EAR) by adding to and modifying Entity List
  • U.S. BIS imposes additional export controls against Russia and Belarus
  • U.S. Treasury sanctions third-country intermediaries and Russian producers supporting Russia’s military

Read TradeNewsFlash-Trade & Customs

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