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Week in Tax: January 13 – 17, 2025

Recent tax developments from around the globe for the week of January 13 – 17, 2025

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January 20, 2025

KPMG Week in Tax—published weekly to provide an overview of tax developments as reported in TaxNewsFlash—includes summaries of select tax-related news followed by a full list of reports (more information can be found at the links provided). Highlights these two weeks include:

  • United States: Proposed regulations addressing corporate separations, incorporations, and reorganizations, focusing on nonrecognition of gain or loss aim to enhance transactional flexibility and require multi-year tax reporting through a new Form 7216. Comments on these proposals are due by March 17, 2025. Read TaxNewsFlash
  • United States: Proposed regulations under section 162(m), which limits the deduction for employee remuneration exceeding $1 million, reflect amendments from the American Rescue Plan Act of 2021. The regulations define criteria for identifying the five highest compensated employees and the term “covered employee.” Comments and requests for a public hearing are due by March 17, 2025. Read TaxNewsFlash
  • OECD: New administrative guidance under the Pillar Two rules to enhance the administration of the global minimum tax includes a central record of jurisdictions with transitional qualified status and guidance on excluding certain deferred tax assets from MNE groups' effective tax rates. Updates also feature a revised GloBE information return with simplifications and a multilateral competent authority agreement for the automatic exchange of GIR information. Read TaxNewsFlash
  • Spain: Law 7/2024, effective December 22, 2024, implements the OECD's Pillar Two global minimum tax in line with the EU Minimum Tax Directive, mandating a 15% minimum effective tax rate for large-scale groups with revenues over €750 million. If a jurisdiction's tax rate falls below this threshold, a top-up tax applies starting fiscal years beginning on or after December 31, 2023. The law also amends various taxes, including corporate and individual income tax, VAT, and excise duties. Read TaxNewsFlash

United States

  • Final regulations: Guidance relating to IRS Independent Office of Appeals
  • Notice 2025-12: Indexing factor for use by group health plans and health insurance issuers in 2025 under “No Surprises Act” provisions
  • Proposed regulations withdrawn: Amendments to coverage of certain preventive services under Affordable Care Act
  • Proposed regulations: Guidance on corporate separations, incorporations, and reorganizations qualifying for nonrecognition of gain or loss
  • Proposed regulations: Limitation of deduction for certain employee remuneration under section 162(m)
  • Announcement 2025-6: Pilot program to test changes to alternative dispute resolution (ADR) programs
  • Notice 2025-8: Updated elective safe harbor for domestic content bonus credit guidance amounts under sections 45, 45Y, 48, and 48E
  • Notice 2025-9: Safe harbors regarding incremental cost and retail price equivalent of certain qualified commercial clean vehicles for purposes of section 45W credit
  • Notices of filing of petitions for addition of cyanuric acid, potassium carbonate, potassium bicarbonate, and sodium chlorite to Superfund list
  • Reporting deadlines for certain partnership “basis shifting” transactions identified as transactions of interest
  • Rev. Proc. 2025-13: Streamlined procedure for taxpayers to revoke election to apply alternative tax for non-life insurance companies under section 831(b)
  • Rev. Proc. 2025-14: List of qualifying technologies for clean electricity credits
  • Rev. Rul. 2025-4: Guidance for states that have paid family and medical leave programs
  • IRS updates FAQs for energy efficient home improvement and residential clean energy property credits
  • Michigan: Research and development credit law enacted
  • KPMG article: Tax issues raised by development of valuable digital IP and data assets
  • KPMG report: Implications of Denham Capital Management LP v. Commissioner Tax Court Opinion

Read TaxNewsFlash-United States

  • Treasury Secretary nominee Scott Bessent addresses TCJA expirations in Senate Finance Committee testimony
  • House passes Taiwan double-tax relief bill
  • House Ways and Means hearing on making TCJA tax cuts permanent

Read TaxNewsFlash-Legislative Updates

  • Rev. Proc. 2025-6: Procedures for certain applicable entities that made elective payment election on Form 990-T to change annual accounting period
  • Guidance for states that have paid family and medical leave programs; additional employment tax updates with possible relevance for tax-exempt organizations

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • China: Report on advance pricing agreement (APA) program
  • KPMG article: Tax issues raised by development of valuable digital IP and data assets
  • KPMG report: Inclusive Framework Administrative Guidance on limitation of the use of deferred tax assets under transitional rules (Article 9.1)
  • KPMG report: Inclusive Framework guidance on application of GloBE rules
  • OECD: Inclusive Framework on BEPS releases updates to global minimum tax administration
  • Spain: Law implementing Pillar Two global minimum tax approved
  • UAE: Guidance on tax groups, including transfer pricing rules applicable to groups
  • Statement by co-chairs of Inclusive Framework on BEPS indicates still no consensus on Pillar One

Read TaxNewsFlash-Transfer Pricing

Africa

  • Egypt: New taxpayers required to comply with the mandate to issue electronic receipts for B2C transactions
  • South Africa: Meaning of “bulk” for royalty tax purposes (High Court decision)

Read TaxNewsFlash-Africa

Americas

  • Honduras: New obligation to submit financial statements with income tax returns, updated withholding tax tables
  • Mexico: Changes to sales tax on alcoholic beverages, property tax increases in various municipalities
  • Mexico: Miscellaneous tax resolution for 2025 regarding payroll electronic invoices (CFDI)
  • Paraguay: Expanded list of taxpayers required to issue electronic invoices

Read TaxNewsFlash-Americas

Asia Pacific

  • China: Report on advance pricing agreement (APA) program
  • India: Capital reduction through share cancellation resulted in transfer of capital asset (Supreme Court decision)
  • Indonesia: Guidance on treatment of VAT
  • Malaysia: Tax developments summary (January 2025)
  • Saudi Arabia: Penalty waiver for taxes, including VAT and excise tax, extended through June 2025
  • UAE: Guidance on tax groups, including transfer pricing rules applicable to groups
  • UAE: VAT exemption does not apply to cryptocurrency mining

Read TaxNewsFlash-Asia Pacific

Europe

  • Czech Republic: Amendments in VAT law 2025
  • Greece: Income tax treaty with Japan in force; list of non-cooperative countries for FY2023
  • Poland: Changes to thermal modernization tax relief
  • Poland: VAT exemption for online platform assisting banking customers; VAT treatment of medical services consortium; VAT exemption for currency exchanges
  • Spain: Law implementing Pillar Two global minimum tax approved
  • Spain: VAT filings due in January and February 2025
  • Sweden: Proposed changes to R&D incentive rules

Read TaxNewsFlash-Europe

Trade & Customs

  • California-based manufacturer agrees to pay over $2.5 million in penalties for transactions with entities affiliated with Chinese and Russian defense sectors
  • Gulf Cooperation Council (GCC) countries implement new integrated customs tariff
  • U.S. BIS final rule prohibits transactions involving vehicle connectivity systems (VCS) with nexus to China or Russia
  • U.S. BIS implements new controls to address dual-use concerns related to biotechnology
  • U.S. BIS revises Export Administration Regulations (EAR) Entity List
  • U.S. BIS revises export controls on advanced computing integrated circuits and AI model weights
  • U.S. BIS updates export controls on advanced computing semiconductors and adds entities to the Entity List
  • U.S. CBP and Treasury propose changes to duty and tax exemption for low-value shipments
  • U.S. CBP and Treasury propose new rules for low-value shipment entries
  • U.S. CBP releases interim final rule to implement provisions of the USMCA
  • U.S. DHS adds 37 China-based companies to UFLPA Entity List due to forced labor
  • U.S. Treasury targets Russian sanctions evasion schemes and designates Kyrgyzstani bank
  • USTR releases model negotiating texts
  • USTR releases report detailing approach to using trade tools to combat forced labor
  • Senate Finance Ranking Member Wyden releases legislation to repeal sanctions, establish normal trade relations with Cuba

Read TradeNewsFlash-Trade & Customs

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