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

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.


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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

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