KPMG’s Week in Tax: 30 April - 4 May 2018 | KPMG | US
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KPMG’s Week in Tax: 30 April - 4 May 2018

KPMG’s Week in Tax: 30 April - 4 May 2018

Tax developments or tax-related items reported this week include the following.

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BEPS and Transfer Pricing

  • Australia: The Australian Taxation Office released its final draft of Local file requirements for 2018 tax years. There are a number of new requirements and key changes from the first Local file draft (e.g., a simple roll-forward is not an option).

Read TaxNewsFlash-BEPS and TaxNewsFlash-Transfer Pricing

Asia Pacific

  • Australia: The Australian Taxation Office updated its “tax risk management and governance review guide” to reflect a “whole of tax” approach that gives equal importance to indirect taxes (e.g., goods and services tax (GST) and excise tax). Previously, the guide had an income tax focus.
  • Australia: The 2018-19 federal budget is to be announced on 8 May 2018.
  • Hong Kong: A bill was introduced with proposals for enhanced tax deductions for certain expenses incurred in relation to research and development (R&D) activities. 
  • New Zealand: The government announced its intention to impose GST on “low-value” imported goods and to implement an offshore supplier registration model that would be consistent with the GST regime that applies to offshore suppliers of services to New Zealand consumers.
  • Turkey: The registration site for value added tax (VAT) on e-services has been updated. Suppliers of “e-services”—specifically, services provided electronically to individual consumers in Turkey by entities that do not have a tax residence, workplace, registered head office or business center in Turkey—are required to register in Turkey.

Read TaxNewsFlash-Asia Pacific

Americas

  • Dominican Republic: A reminder was provided to Dominican corporations to hold an annual general shareholder meeting within 120 days of the end of the fiscal year.
  • Canada: The Saskatchewan budget bill—that includes two non-refundable tax credits—received first reading. The tax credits are the “Saskatchewan technology start-up incentive” and the “Saskatchewan value-added agriculture incentive.”
  • Argentina: A tax resolution provides rules for withholding and remitting amounts of income tax in relation to financial income from investments earned by foreign beneficiaries. 

Read TaxNewsFlash-Americas

Africa

  • Nigeria: The Federal Ministry of Interior beginning 7 May 2018 will process various applications electronically (online) and will apply for business permits, expatriate and citizenship applications, among others.
  • South Africa: A statement from the South African Revenue Service (SARS) signals a focus on taxpayer compliance in filing tax returns.

Read TaxNewsFlash-Africa

FATCA / IGA / CRS

  • Italy: The reporting deadlines for filing FY 2017 information regarding the common reporting standard (CRS) and FATCA have been extended to 20 June 2018 and 31 May 2018, respectively.
  • Brazil: The Brazilian tax authority approved an updated version of a manual with respect to the FATCA and CRS regimes.
  • France: An updated version of the FATCA technical guidance has been issued to provide French financial institutions with the technical description and specifications required for transmission of FATCA returns.
  • Singapore: Reporting financial institutions can now submit CRS returns for reporting year 2017.

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • United States: The U.S. Treasury Department (Office of Foreign Assets Control (OFAC)) issued updated general licenses related to trade and transactions involving Ukraine and Russia.
  • United States: Certain countries are exempted from the tariffs, under section 232 of the Trade Expansion Act of 1962, to be imposed on imports of steel and aluminum until 31 May 2018.
  • EU and New Zealand: A new customs agreement between the EU and New Zealand officially entered into force on 1 May 2018.

Read TaxNewsFlash-Trade & Customs

United States

  • The Fifth Circuit court of appeals held that a refund claim filed in 2013, when the taxpayers amended their income tax return for 2002 to reflect a net reduction in foreign tax credit resulting from changes to the taxpayer’s German tax liabilities, was not an overpayment “attributable to any taxes paid … to a foreign country” and thus was not a timely filed refund claim.
  • Notice 2018-44 provides the adjustments to the limitation on housing expenses, under section 911, for specific locations for 2018. The adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States.
  • The California Franchise Tax Board is considering amendments to a draft regulation concerning market-based rules for sales other than sales of tangible personal property.
  • Legislation in Maryland phasing in single-sales factor apportionment for certain Maryland corporate taxpayers has been enacted.
  • The New York Division of Tax Appeals ruled that computer hardware and software purchased for managing customer accounts and performing billing functions did not qualify for the exemption from the state’s telecommunications equipment sales and use tax.
  • The Pennsylvania Department of Revenue issued guidance on the corporate and individual income tax treatment of amounts required to be included in income under IRC section 965 (as enacted by federal tax law in December 2017).
  • The Treasury and IRS, along with other departments, issued a “notice of clarification” in response to a November 2015 final rule with respect to health insurance and health care-related guidance (including emergency care) under the Affordable Care Act.

Read TaxNewsFlash-United States

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