KPMG’s Week in Tax: 16-20 November

KPMG’s Week in Tax: 16-20 November

Countries continue to implement or consider recommendations under the OECD’s base erosion and profit shifting (BEPS) project.

Related content

  • In France, a new article requiring “country-by-country reporting” by the largest multinational enterprises was added by amendment to the Finance Bill for 2016.
  • Nigeria’s tax authority has incorporated into its tax audit procedures certain recommendations from the BEPS project.
  • A new tax treaty between Australia and Germany incorporates many BEPS final recommendations.
  • Qatar is preparing for the wave of international tax reforms spurred by the BEPS project.

Read TaxNewsFlash-BEPS

United States

  • Secretary Jacob Lew wrote to the leaders of the congressional tax writing committees to inform of Treasury’s intent to issue additional “targeted guidance to deter and reduce further the economic benefits of corporate inversions.” The IRS subsequently issued Notice 2015-79.
  • Rev. Proc. 2015-56 provides a “safe harbor” method of accounting for taxpayers engaged in the trade or business of operating a retail establishment or a restaurant. The safe harbor would apply for purposes of determining whether expenditures paid or incurred to remodel or refresh a qualified building are deductible or must be capitalized.
  • Proposed regulations provide guidance for certain married individuals who filed a joint income tax return and later seek relief from joint and several liability.

Read TaxNewsFlash-United States

Global tax news

  • Belgium: The tax authorities announced a policy change with respect to penalties for non-compliance with payroll formalities. The penalties are to be automatically assessed beginning in 2016, whereas under prior treatment, the penalties were imposed only in “exceptional” instances.
  • France: A provision in pending legislation would impose new compliance requirements with respect to value added tax (VAT). 

Read TaxNewsFlash-Europe


  • Brazil: São Paulo has established a program that allows for the settlement of ICM / ICMS tax liabilities with reductions in penalty and interest assessments.
  • Canada: Businesses that have GST/HST and QST “closely related group” elections need to make sure that they file all the required forms by 31 December 2015, with the Canada Revenue Agency (CRA) and Revenue Quebec and based on new rules introduced in 2014.

Read TaxNewsFlash-Americas

FATCA developments

  • Indonesia: The Ministry of Finance issued guidance concerning the procedures for the exchange of financial information with other jurisdictions and countries.
  • United States: The IRS announced updates to a list of frequently asked questions (FAQs) related to the international data exchange services (IDES) system under the FATCA regime, and the OECD provided an updated list of FAQs concerning the common reporting standard (CRS).

Read TaxNewsFlash-FATCA


Read these and other items reported this week at the TaxNewsFlash United States and Global websites.

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