KPMG’s Week in Tax: 8-12 February 2016

KPMG’s Week in Tax: 8-12 February 2016

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

Related content

Transfer Pricing / BEPS

  • United States: The U.S. Treasury Secretary wrote to the president of the European Commission expressing concerns about the EC state aid investigations of multinational corporations.
  • Australia: Transfer pricing recommendations within the OECD base erosion and profit shifting (BEPS) project are the subject of a consultation.


  • Czech Republic: New value added tax (VAT) provision allows buyers and sellers to agree to an allocation of the reverse charge mechanism, without regard to the value of the goods
  • France: A court decision on the VAT implications of holding company “recharging” of costs


  • Canada: New government’s first federal budget expected soon
  • Chile: Changes enacted to simplify corporate tax regimes—the “attributed tax regime” and the “partially integrated regime”
  • Canada: Reminder that oil and gas companies and mining companies must register and report tax payments made to Canadian and foreign governments

Asia Pacific

  • India: Amended rules and forms relating to the permanent account number (PAN) reporting measures; updated list of transactions requiring PAN reporting
  • Cambodia: Guidance relating to prepayment of profit tax, tax procedures for financial lease transactions, online registration of all companies, and taxpayer classification


  • Nigeria: Tribunal decision concerning what value to assign to crude oil for purposes of the petroleum profits tax 
  • Kenya: Agreement to provide mutual administrative assistance in tax matters is signed

United States

  • The Obama Administration issued its budget proposals for FY 2017, with recommendations for tax provisions. It is not expected that Congress will act or vote on the president’s budget as a whole. Read a KPMG report [PDF 1.1 MB] describing the tax proposals in the FY 2017 budget.
  • Proposed regulations provide guidance relating to the additional limitation on the suspension of benefits applicable to certain pension plans.
  • The U.S. Congress passed legislation that includes an internet tax ban.
  • U.S. congressional tax committee leaders identified a technical correction needed for the research credit.
Read these and other items reported this week at the TaxNewsFlash United States and Global websites

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



KPMG's new digital platform

KPMG's new digital platform