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Week in Tax: December 16 – 20, 2024

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

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December 23, 2024
KPMG Week in Tax will be taking a brief break for the holiday season and will not be published next week. We will return with our next edition on January 6, 2025, with the latest tax developments.

Highlights this week include:

  • United States: Treasury and the IRS published a notice that would allow the U.S. application of Amount B—an OECD-initiative to simplify transfer pricing for baseline marketing and distribution activities. The notice permits in-scope U.S. taxpayers to apply the Amount B framework for tax years beginning on or after January 1, 2025, as an elective safe harbor and announces Treasury’s intention to issue regulations allowing its application. Read TaxNewsFlash
  • Brazil: The Lower Chamber of Congress approved a tax reform bill that introduces harmonized federal and state taxes, caps general tax rates at 26.5%, and provides various tax reductions and exemptions, particularly benefiting low-income individuals and essential goods. The bill now awaits presidential sanction to become law. Read TaxNewsFlash
  • Canada: Large businesses impacted by Canada's new 3% digital services tax (DST) must register for a DST program account on the Canada Revenue Agency (CRA) portal by January 31, 2025, and potentially file their first returns and pay taxes by June 30, 2025, covering revenues since January 1, 2022. Read TaxNewsFlash

United States

  • KPMG report: Proposed adoption of Amount B in the United States
  • KPMG report: Determination under section 987 of taxable income or loss and foreign currency gain or loss with respect to a QBU
  • KPMG report: Proposed PTEP regulations
  • Final regulations: Definition of the term “coverage month” for computing premium tax credit
  • Final regulations: Rules for supervisory approval of penalties
  • Proposed regulations: Updated rules contained in Circular 230 for tax professionals who can practice before IRS
  • IRS seeks feedback on draft Instructions for Form 6765, Credit for Increasing Research Activities
  • IRS announces tax relief for taxpayers in West Virginia affected by Post-Tropical Storm Helene
  • Notice 2025-4: Application of Pillar One Amount B simplified and streamlined approach
  • Notice 2025-5: Standard mileage rates for 2025
  • Rev. Proc. 2024-42: Updated list of jurisdictions for exchanging deposit interest information
  • Rev. Proc. 2025-8: Expanded waiver of eligibility rules to accounting method changes to comply with section 174
  • Rev. Rul. 2025-2: Covered compensation tables for 2025 plan year
  • Announcement 2025-2: Certain portions of proposed regulations on required minimum distributions under section 401(a)(9) will not apply until 2026
  • Source of gain under section 937 from certain dispositions of stock (IRS Chief Counsel memorandum)
  • Washington State: Insurance company affiliate qualifies for insurance business B&O tax exemption (Supreme Court decision)

Read TaxNewsFlash-United States

Transfer Pricing

  • Australia: Changes to country-by-country reporting exemption process
  • Australia: List of specified jurisdictions for public country-by-country reporting
  • Bahrain: Pillar Two global minimum tax implementing regulations
  • Cambodia: New transfer pricing regulations
  • Georgia: Amended transfer pricing regulations
  • Gibraltar: Draft legislation implementing Pillar Two global minimum tax rules
  • Hungary: Changes to autumn tax package, including Pillar Two rules, agreed by Parliament
  • Luxembourg: Overview of tax measures for 2025, including amended Pillar Two law
  • Netherlands: Upper house passes entire 2025 Tax Plan package, including amendments to Pillar Two rules
  • OECD: Fact sheets and pricing tool for implementation of Amount B simplified approach
  • United States: Application of Pillar One Amount B simplified and streamlined approach
  • KPMG report: Proposed adoption of Amount B in the United States

Read TaxNewsFlash-Transfer Pricing

Americas

  • Argentina: Deadline to pay PAIS tax extended until December 26
  • Argentina: Income tax treaty with China entered into force
  • Brazil: Key changes to tax reform bill
  • Canada: Large businesses must register for digital services tax by January 31, 2025
  • Canada: Overview of recent indirect tax changes
  • Canada: Tax proposals in 2024 federal fall economic update
  • Canada: Updated guidance on forced labour and child labour reporting requirements
  • Chile: Application of U.S. income tax treaty to royalties on feature film; other direct and indirect tax developments
  • Colombia: Each participant in joint contract entitled to claim proportional share of withholding taxes

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Changes to country-by-country reporting exemption process
  • Australia: List of specified jurisdictions for public country-by-country reporting
  • Australia: Tax measures announced in 2024-2025 Mid-year Economic and Fiscal Outlook
  • Australia: Taxpayers held promoters of scheme to exploit research and development tax incentive (Federal Court decision)
  • Bahrain: Pillar Two global minimum tax implementing regulations
  • Cambodia: New transfer pricing regulations
  • China: Income tax treaty with Argentina entered into force
  • India: Additional guidance on Direct Tax Vivad Se Vishwas Scheme 2024
  • India: Improvements to GST return filing process
  • Pakistan: Proposed changes to income, sales, and excise tax legislation
  • Sri Lanka: Tax reform proposals presented to Parliament include VAT on nonresident digital service providers

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Reformed investment deduction regime effective from 2025
  • Bosnia and Herzegovina: New form for reporting profit tax losses
  • Bosnia and Herzegovina: Proposed VAT refund on first supply of new residential property
  • Croatia: Proposed amendments to VAT law
  • Cyprus: Changes to framework of register of beneficial owners
  • Estonia: Upcoming changes to direct and indirect tax laws
  • EU: VAT gap statistics for 2022
  • EU: Year-end overview of 2024 tax developments
  • France: St. Barthélemy companies may belong to French tax group
  • Georgia: Amended transfer pricing regulations
  • Gibraltar: Draft legislation implementing Pillar Two global minimum tax rules
  • Gibraltar: Draft legislation on new restriction on the use of tax losses
  • Hungary: Changes to autumn tax package, including Pillar Two rules, agreed by Parliament
  • Hungary: Guidance amending extra-profit taxes
  • Italy: Guidance on documentation required for special penalty protection for hybrid mismatches
  • Italy: Guidance on new rules for fiscal representatives of non-EU companies
  • Luxembourg: Guidance on court decision on application of VAT to remuneration received by board of directors member
  • Luxembourg: Overview of tax measures for 2025, including amended Pillar Two law
  • Luxembourg: Tax relief package passed by Parliament includes tax cuts for both corporate and individual taxpayers
  • Netherlands: Amended guidelines on recovery of VAT on costs relating to share transactions
  • Netherlands: Upper house passes entire 2025 Tax Plan package, including amendments to Pillar Two rules
  • Norway: New legislation mandates registration of beneficial owners
  • Poland: Exemption from requirement to electronically submit asset data
  • Poland: Refund of income tax paid by Maltese subsidiary considered income
  • UK: Anti-abuse rule applied to deny “refreshed” losses
  • UK: Repayment of State aid and interest following CJEU annulment of European Commission decision
  • UK: Tax measures in draft budgets for Scotland and Wales

Read TaxNewsFlash-Europe

FATCA / IGA / CRS

  • Germany: Updated CRS guidance
  • Uruguay: New public key certificate for production and simulation environments
  • United States: IRS updates FAQs on QI/WP/WT page

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • Canada: Updated guidance on forced labour and child labour reporting requirements
  • California-based company agrees to pay $3.3 million for unlicensed shipments of Common High Priority List items to Russia
  • U.S. BIS updates export controls for changes agreed by Australia Group
  • U.S. OFAC amends general licenses for legal services payments
  • U.S. OFAC issues Russia-related general licenses and FAQs
  • U.S. OFAC settlement agreements for violations of Global Magnitsky Sanctions Regulations and sanctions on Iran

Read TradeNewsFlash-Trade & Customs

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