KPMG’s Week in Tax: 2-6 November

KPMG’s Week in Tax: 2-6 November

President Obama this week signed into law H.R. 1314, the Bipartisan Budget Act of 2015. The new law makes substantial changes to the manner in which partnerships are audited and concerning how taxes are assessed and collected. New provisions also revise Code sections 704(e) and 761(b) relating to the determination of who is a partner in a partnership.

Related content

A KPMG special report summarizes, and makes initial observations about, the newly enacted partnership tax law changes. Read: KPMG Report: Preliminary Analysis of Partnership Tax Changes in Budget Act [PDF 185 KB] 

Other U.S. news

  • Kevin Brady (R-TX) was selected as chairman of the House Ways and Means Committee, and Rep. Tim Rice (R-SC) was tapped to be a new member of the tax-writing committee. 

Read TaxNewsFlash-Legislative Updates

FATCA developments

  • Azerbaijan, San Marino: The U.S. Treasury Department reported the signing of intergovernmental agreements (IGAs) with Azerbaijan and San Marino.
  • Germany: The Federal Ministry of Finance released final guidance notes for implementation of the FATCA regime.
  • Competent Authority: The IRS posted text of Competent Authority arrangements (CAAs) between the United States and other jurisdictions—including Estonia, Guernsey, Iceland, Malta, and Mexico.

Read TaxNewsFlash-FATCA

Other tax news

  • Argentina: With the exchange of diplomatic notes, an income tax treaty between Argentina and Switzerland is scheduled to enter into force in November 2015.

Read TaxNewsFlash-Americas


  • Poland: Newly enacted law expands the requirements for transfer pricing documentation, and includes country-by-country reporting, master file and local file reporting. The new provisions essentially reflect the recommendations made in Action 13 the OECD’s base erosion and profit shifting project.

Read TaxNewsFlash-Transfer Pricing


  • Singapore: The Inland Revenue Authority beginning 1 January 2016 will implement new tax rules with respect to non-resident employees and company directors who are based outside of Singapore and travel to Singapore for business.

Read TaxNewsFlash-Asia Pacific


  • Italy: A decree to implement Italy’s patent box regime—as approved in July 2015—clarifies certain technical aspects of the patent box measures.
  • Belgium: The Belgian government announced increases to the rates of excise tax (duty) imposed on alcohol and alcoholic beverages, gas oil used as fuel, non-alcoholic beverages and coffee, and cigarettes and fine-cut tobacco.
  • Croatia: The amount of deductible interest on loans from a Croatian tax non-resident to a Croatian tax resident related party is decreased from 7% per annum to 3% per annum, and the minimum acceptable interest rate on loans from a Croatian tax resident made to a Croatian tax non-resident related party for corporate profit tax purposes also decreases from 7% per annum to 3% per annum.

Read TaxNewsFlash-Europe


  • Nigeria: A tribunal issued a taxpayer-favorable decision concerning a taxpayer’s claim for the “petroleum investment allowance” with respect to assets used in its “gas-to-liquid” project.

Read TaxNewsFlash-Africa


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

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