Insights

Fresh thinking and actionable insights that address critical issues your organization faces.

Learn more

Resources

Services

KPMG's multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities.

Services to meet your business goals

Technology Alliances

KPMG has market-leading alliances with many of the world's leading software and services vendors.

View all Alliances

Industries

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more
Relevant Results
Sorry, there are no results matching your search.
Autocomplete suggestions are available. Use up and down arrows to review and enter to select.
See more results

Week in Tax: December 2 – 6, 2024

Recent tax developments from around the globe for the week of December 2 – 6, 2024

Share
December 6, 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: Final regulations concerning the energy credit under section 48 refine the eligibility criteria for energy property investments and address the increased credit amounts linked to prevailing wage and apprenticeship requirements. The final rules reflect modifications based on extensive public feedback and include provisions for credit recapture in specific transfer scenarios. Read TaxNewsFlash
  • United States: The deadline for submitting comments on the proposed regulations for the corporate alternative minimum tax (CAMT) has been extended from December 12, 2024, to January 16, 2025. Read TaxNewsFlash
  • Australia: Parliament passed legislation requiring multinational groups to publicly disclose country-by-country (CbC) tax information for reporting periods beginning on or after July 1, 2024, pending Royal Assent (read TaxNewsFlash). Legislation implementing a global and domestic minimum tax was also passed by Parliament and awaits Royal Assent. Read TaxNewsFlash
  • Germany: Transfer pricing documentation—previously required within 60 days of a tax audit notification or upon request by the tax authority—will be required within 30 days, effective January 1, 2025. Additionally, a new "transaction matrix" is now mandatory as the core component of this documentation. Read TaxNewsFlash

United States

  • Final regulations: Definition of energy property and rules applicable to energy credit under section 48
  • Proposed regulations: Unmarked vehicles used by emergency responders treated as qualified nonpersonal use vehicles under sections 274 and 280F
  • Notice 2024-82: Required amendments list (2024) for qualified retirement plans and 403(b) plans
  • Comment period extended for proposed regulations on corporate alternative minimum tax (CAMT)
  • Trump to nominate Scott Bessent as Treasury Secretary, Billy Long as IRS Commissioner
  • IRS practice unit: Examining a reseller’s 263A computation

Read TaxNewsFlash-United States

  • Senate passes disaster tax relief bill

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Australia: Guidance on international transactions that attract scrutiny
  • Australia: Parliament passes legislation implementing public country-by-country reporting
  • Australia: Parliament passes Pillar Two minimum tax bills
  • Germany: Changes to transfer pricing documentation requirements effective January 1, 2025
  • India: Transfer pricing rules applicable to transactions between foreign company and its Indian branch (Tribunal decision)
  • Lithuania: New country-by-country reporting notification requirements
  • Moldova: Guidance on various transfer pricing, VAT, and income tax issues
  • Netherlands: Guidance on how Pillar One Amount B will affect domestic taxpayers
  • OECD: Updated International Compliance Assurance Programme (ICAP) FAQs (December 2024)
  • Spain: Legislation implementing Pillar Two global minimum tax passed by lower house of Parliament
  • KPMG article: Managing Italian transfer pricing audits
  • KPMG report: Update on future of BEPS guidance from OECD

Read TaxNewsFlash-Transfer Pricing

Americas

  • Dominican Republic: Required registration of person responsible for company’s tax obligations
  • El Salvador: Guide on tax havens; tax incentives for skyscraper development

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Application for stay of royalty withholding tax proceedings denied (Federal Court decision)
  • Australia: Guidance on international transactions that attract scrutiny
  • Australia: Guidance on thin capitalization rules, franked distributions, insurance premiums paid to nonresident insurers
  • Australia: Parliament advances tax legislation for small businesses, build-to-rent developments, and production incentives
  • Australia: Parliament passes legislation implementing public country-by-country reporting
  • Australia: Parliament passes Pillar Two minimum tax bills
  • Australia: Parliamentary committee recommends implementing digital services tax
  • Australia: Treasury releases draft legislation for tax treaty with Portugal incorporating BEPS provisions
  • Australia: Update on recent tax legislative developments
  • India: Transfer pricing rules applicable to transactions between foreign company and its Indian branch (Tribunal decision)
  • Indonesia: Guidance on deductibility of uncollectible accounts
  • Japan: Overview of tax system (2024)
  • Malaysia: Amendments to indirect tax laws relating to Pulau 1
  • Maldives: Tightened enforcement procedures; new reporting rules for special economic zones
  • Saudi Arabia: E-invoicing requirement extended to 18th group of taxpayers from August 31, 2025
  • Singapore: Alternative net tonnage basis of taxation for shipping companies
  • UAE: Grace period to update tax records; requests for review of tax assessment or administrative penalties
  • UAE: Guide on corporate tax treatment of real estate investments for natural persons

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Changes to VAT compliance, refund processes, and procedural rules beginning January 1, 2025
  • Belgium: Proposed changes to various automatic exchange of information rules (DAC6 and DAC7)
  • EU: VAT Committee proposes clarification on sourcing rules for resales of single-purpose vouchers
  • EU: VAT Committee proposes clarification on treatment of sales of “skins” on secondary market
  • Germany: Changes to transfer pricing documentation requirements effective January 1, 2025
  • Germany: VAT-related changes in Annual Tax Act 2024; other VAT developments
  • Greece: Extended deadline for implementation of electronic delivery notes and digital tracking of goods shipment
  • Lithuania: Guidance on VAT law
  • Lithuania: New country-by-country reporting notification requirements
  • Luxembourg: Remuneration received by board of directors member is not subject to VAT (court decision)
  • Malta: Bill implementing some measures in 2025 budget
  • Moldova: Guidance on various transfer pricing, VAT, and income tax issues
  • Netherlands: Draft bill implementing directive on tax transparency rules for cryptoasset service providers (DAC8)
  • Netherlands: Guidance on how Pillar One Amount B will affect domestic taxpayers
  • Poland: Depreciation deductions on assets acquired by inheritance; reimbursed taxi expenses; electric vehicle recharging services (court decisions)
  • Poland: Extension of reduced VAT rate on goods for agricultural production
  • Poland: Minister of Finance issues ruling on tax exemptions for interest and royalties
  • Poland: Real estate tax and VAT amendments
  • Serbia: Amendments to e-invoicing law enacted
  • Serbia: Amendments to individual income tax law effective January 1, 2025
  • Serbia: Corporate income tax law amendments passed by Parliament
  • Serbia: VAT amendments enacted
  • Spain: Law introducing new tax incentive for foreign individuals investing in certain securities (Madrid)
  • Spain: Legislation implementing Pillar Two global minimum tax passed by lower house of Parliament
  • Spain: Second package of relief for taxpayers affected by flooding
  • Sweden: Winter car testing activities do not create PE, tax authority’s appeal of lower court decision denied (Supreme Administrative Court decision)
  • UK: Stamp duty land tax relief unavailable for tax avoidance transaction (Upper Tribunal decision)

Read TaxNewsFlash-Europe

FATCA / IGA / CRS

  • Canada: Updated FATCA and CRS onboarding forms
  • Channel Islands: Guidance on further extension of temporary relief for U.S. TIN codes (Guernsey)
  • Germany: Guidance on further extension of temporary relief for U.S. TIN codes
  • Netherlands: Draft bill implementing directive on tax transparency rules for cryptoasset service providers (DAC8)
  • Singapore: CRS TIN guide issued
  • South Africa: Updated AEOI guidance

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • Potential implications of tariffs on China, Mexico, and Canada as announced by President-elect Trump
  • U.S. CBP issues finding on forced labor in certain aluminum imports from Dominican Republic
  • German company agrees to pay $14.5 million for one violation of U.S. OFAC sanctions on Iran
  • U.S. BIS imposes new rules to restrict China's semiconductor production for military use
  • U.S. BIS assessment on use of mature-node semiconductor chips

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.

KPMG. Make the Difference.


Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

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 upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Search now!

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Submit

Office locations

View locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Learn more

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Contact

Headline