Global Reward Services Newsletter
in our quarterly roundup.
Welcome to Global Reward Services Newsletter, a quarterly digest by KPMG Global Rewards Services team to keep you updated on important tax changes and trends that could affect your organization’s rewards and compensation structures. Whether you're navigating tax management, working on compliance, or understanding global trends, we've got you covered.
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June 2025 Edition
In the Americas, Argentina’s streamlined foreign exchange access and a new Social Security Agreement with South Korea bolster market confidence and worker mobility. Barbados raised its Social Security earnings ceiling and Chile released the 2024 tax return calendar, while Canada pushed capital gains tax changes to 2026, creating a planning window. Meanwhile, the US finalized expatriate gift tax regulations and announced reciprocal tariffs, directly impacting global operations and mobility decisions.
Across Europe, Middle East and Africa, Angola’s proposed Personal Income Tax Code promises a simpler system. Belgium’s government proposed revamping the expat tax regime alongside a solidarity contribution on future capital gains and the Czech Republic introduced changes to employee share plans and consolidated employer reporting. Italy’s 2025 Budget Law adjusts tax thresholds and fringe benefits, the Netherlands clarified travel-day taxation, and Norway’s National Budget modifies employer taxes and exit requirements. Portugal ended its expat tax regime, offering incentives for R&D, while Spain imposed an extra solidarity contribution for high earners. In the UK, the Scottish Budget outlines next year’s compliance highlights, and employers are reminded of ERS reporting deadlines.
In Asia-Pacific, Malaysia’s 2025 Budget adds a dividend tax on local income above MYR 100,000 and requires EPF contributions from expatriates. The Philippines increased total social security contributions to 15% starting January 2025, and Thailand approved generous tax incentives to attract skilled citizens back home. Read our newsletter for more details on these crucial updates that can help you plan, stay compliant, and enhance global reward strategies.
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