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Week in Tax: November 25 – 29, 2024

Recent tax developments from around the globe for the week of November 25 – 29, 2024

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November 29, 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: Proposed regulations on previously taxed earnings and profits (PTEP) of foreign corporations address longstanding issues under sections 959 and 961, incorporate changes from the “Tax Cuts and Jobs Act” (TCJA), and implement guidance from Notices 88-71 and 2019-01 regarding foreign currency gains or losses and PTEP account maintenance. Read TaxNewsFlash
  • United States: Final regulations under section 752 concern partnership recourse liabilities and special rules for related persons, adopting and modifying proposed regulations from December 2013. These regulations, effective for liabilities incurred or assumed on or after December 2, 2024, allocate a partnership's liability to the partner directly bearing the economic risk of loss. Read TaxNewsFlash
  • United States: Notice 2024-85 outlines a revised timeline for third-party settlement organizations (TPSOs) to meet new reporting thresholds under section 6050W(e), with reporting required for transactions exceeding $5,000 in 2024, $2,500 in 2025, and $600 from 2026 onward. The notice also provides transitional relief by not imposing penalties for failure to withhold and pay backup withholding tax in 2024, with penalties commencing in 2025, and mandates TPSOs that performed backup withholding in 2024 to file Forms 945 and 1099-K. Read TaxNewsFlash
  • Germany: Effective January 1, 2025, transfer pricing documentation must be submitted within 30 days of a tax audit notification or upon request by the tax authority, compared to the previous 60-day timeframe and only during audits. Additionally, a new “transaction matrix” is now required as a key component of the documentation. Read TaxNewsFlash
  • Australia: Legislation implementing a15% global minimum tax and domestic minimum tax on certain multinational enterprises (MNEs) with annual global revenue of at least €750 million passed the Senate. Read TaxNewsFlash

United States

  • Proposed regulations: Previously taxed earnings and profits and related basis adjustments
  • Final regulations: Recourse partnership liabilities and related party rules under section 752
  • Final regulations: Disclosure of specified return information to Bureau of the Census for statistical purposes
  • Notice 2024-85: Form 1099-K transition relief for calendar year 2024 and 2025 transactions
  • Notices of filing of petitions for addition of di-isobutyl carbinol, di-isobutyl ketone, and methyl isobutyl carbinol to Superfund list
  • Announcement 2024-40: Treatment of amounts paid under agreements with Commerce Department for purposes of section 48D advance manufacturing investment credit
  • Tier 2 tax rates for railroads, no changes for 2025
  • IRS practice units: Producer’s section 263A computation and LIFO pooling requirements

Read TaxNewsFlash-United States

Transfer Pricing

  • Australia: Legislation implementing Pillar Two global minimum tax rules passes Senate
  • Germany: Changes to transfer pricing documentation requirements effective January 1, 2025
  • Hungary: Draft declaration form for taxpayers subject to global minimum tax

Read TaxNewsFlash-Transfer Pricing

Americas

  • Jamaica: Reverse income tax credit for certain low-income individuals
  • Saint Vincent and the Grenadines: Tax reform measures effective January 2025

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Legislation implementing Pillar Two global minimum tax rules passes Senate
  • Australia: Proposed production tax incentives
  • India: Arbitral award under business contract treated as business income under Japan treaty (Tribunal decision)
  • India: Taxpayer entitled to claim business losses from commercial transactions made in good faith (High Court decision)
  • Malaysia: Amendments to service tax regulations expand intra-group relief and update taxable services

Read TaxNewsFlash-Asia Pacific

Europe

  • Bulgaria: Scope of supply of services under VAT Directive (CJEU referral)
  • Germany: Changes to transfer pricing documentation requirements effective January 1, 2025
  • Germany: Further update on tax policy consequences from end of governing coalition, other tax developments
  • Germany: New ZUGFeRD version 2.3.2; FAQs for e-invoicing mandate
  • Hungary: Draft declaration form for taxpayers subject to global minimum tax
  • Liechtenstein: Legislation includes VAT amendments
  • Netherlands: New framework for determining characterization for tax purposes of foreign legal forms
  • Poland: General ruling on qualification for dividend withholding tax exemption
  • Sweden: Administrative courts have jurisdiction to review claims for corresponding adjustment under income tax treaty (Supreme Administrative Court decision)

Read TaxNewsFlash-Europe

Trade & Customs

  • European Commission accepts Greece's measures to bring its tonnage tax scheme in compliance with State aid rules
  • European Commission requests WTO consultations over anti-dumping measures imposed by China on imports of EU brandy
  • U.S. BIS imposes new licensing requirements on exports to Pakistan

Read TradeNewsFlash-Trade & Customs

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