KPMG’s Week in Tax: 4 - 7 September 2018 | KPMG | US
close
Share with your friends

KPMG’s Week in Tax: 4 - 7 September 2018

KPMG’s Week in Tax: 4 - 7 September 2018

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

1000

Related content

United States

  • The IRS posted early draft releases of Form 965 and related schedules to report information about the “transition tax” imposed under section 965 (added to the Code by the new U.S. tax law).
  • The IRS posted a draft version of Form 8991 concerning the “base erosion and anti-abuse tax” (BEAT) reporting for 2018 (pursuant to new measures added to the Code by the new U.S. tax law).
  • The IRS announced that business taxpayers that make certain business-related payments to charities or government entities for which the taxpayers receive state or local tax credits generally can deduct the payments as business expenses.
  • The IRS Large Business & International (LB&I) division continues to expand its list of compliance campaigns, with 40 campaigns identified and selected to date. An increase in IRS activity related to the Self-Employment Contributions Act (SECA) tax campaign has been observed.
  • An executive order directs the U.S. Treasury Department and Department of Labor to consider how to revise or eliminate rules imposing unnecessary costs and burdens on businesses that would discourage employers, especially on small businesses, from offering retirement plans to employees.
  • The IRS LB&I division posted a directive instructing LB&I examiners in the selection of timeshare industry issues for examination.
  • The IRS issued a reminder that the 2014 Offshore Voluntary Disclosure Program will close on 28 September 2018.
  • The U.S. Tax Court issued an opinion addressing the interaction of the statute of limitations for an assessment under section 6501 with the rules for passive foreign investment company gains under section 1291.

Read TaxNewsFlash-United States

Europe

  • France: The French government is expected to submit a draft of the Finance Bill for 2019 that will possibly include several corporate tax items.
  • France: “Proof of conformity”—evidence that businesses are complying with value added tax (VAT) collection and reporting rules—has been requested by French tax inspectors during recent tax audits, particularly regarding the tax conformity of software and cash desk systems.
  • Italy: Tax measures in Law Decree no. 87 (the "dignity decree") that was converted into law in August 2018 include provisions restricting certain relocating entities, limiting bonus depreciation, and changing the R&D tax credit, among other items. 
  • Ireland: The Department of Finance released a roadmap setting out the future of Ireland’s corporation tax regime.
  • OECD: An Organisation for Economic Cooperation and Development (OECD) report describes recent tax reform efforts in various countries, identifies major tax policy trends, and highlights significant economic stimulus provided by fiscal policy.

Read TaxNewsFlash-Europe

Trade & Customs

  • United States: The U.S. House of Representatives passed by voice vote a Senate amendment to H.R. 4318, the “Miscellaneous Tariff Bill Act of 2018,” thus completing the congressional process.
  • United States: The U.S. Justice Department announced a settlement with a U.S. law firm for violating the unfair immigration-related employment practices provisions of the Immigration and Nationality Act.
  • United States: The U.S. president has notified Congress of an intention to enter into a trade agreement with Mexico and possibly with Canada.
  • USTR: The Office of the U.S. Trade Representative (USTR) announced the “agreed outcomes” of negotiations to amend and modify the United States-Korea free trade agreement.

Read TaxNewsFlash-Trade & Customs

Americas

  • Argentina: Under “emergency measures,” a 12% export tax (customs duty) will be imposed on all goods exported from Argentina, beginning 1 January 2019, and until 31 December 2020.
  • Canada: The Canada Revenue Agency will provide taxpayer relief to Canadians affected by recent wildfires in British Columbia and Ontario.

Read TaxNewsFlash-Americas

Asia Pacific

  • India: The Central Board of Indirect Tax and Customs issued guidance on the goods and services tax (GST) regime in India. 
  • India: The Customs, Excise and Service Tax Appellate Tribunal issued findings in a matter concerning the imposition of service tax on “live feeds” of professional cricket matches over various TV channels.
  • China: Authorities in China updated the “work permit” requirements for residents of Hong Kong, Macau, and Taiwan to work in mainland China.

Read TaxNewsFlash-Asia Pacific

FATCA / IGA / CRS

  • Cayman Islands: The Department for International Tax Cooperation announced that the AEOI portal has been closed until 14 September 2018 to prepare for data transmissions to the competent authorities of relevant partner countries and jurisdictions.
  • Singapore: The revenue authority announced the corporate digital identity for businesses will be the only login method for certain online corporate transactions and common reporting standard (CRS) returns.

Read TaxNewsFlash-FATCA / IGA / CRS

Indirect Tax

  • India: The Central Board of Indirect Tax and Customs issued guidance on the goods and services tax (GST) regime in India. 
  • India: The Customs, Excise and Service Tax Appellate Tribunal issued findings in a matter concerning the imposition of service tax on “live feeds” of professional cricket matches over various TV channels.
  • OECD: An Organisation for Economic Cooperation and Development (OECD) report identifies value added tax (VAT) and excise tax measures the descriptions of recent tax reform efforts in various countries.
  • France: “Proof of conformity”—evidence that businesses are complying with VAT collection and reporting rules—has been requested by French tax inspectors during recent tax audits, particularly regarding the tax conformity of software and cash desk systems.

Read TaxNewsFlash-Indirect Tax

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. 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 KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit