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Week in Tax: February 17– 21, 2025

Recent tax developments from around the globe for the week of February 17– 21, 2025

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February 24, 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 include:

  • Chile: Updated transfer pricing adjustment guidelines include the use of the interquartile range, provisions for taxpayer self-adjustments, conditions for tax authority reviews of business reorganizations, and guidance on advance pricing agreements (APAs). Read TaxNewsFlash
  • EU: The European Commission's 2025 work program includes an "Omnibus simplification package" to reduce reporting burdens for companies and SMEs, a proposal for a "28th legal regime" to streamline operations across the EU, and the finalization of the Anti-Tax Avoidance Directive (ATAD) evaluation by Q4 2025. Additionally, several previous directive proposals remain pending, including DAC 9, BEFIT, Transfer Pricing Directive, DEBRA, "Unshell," digital services tax, significant digital presence proposal, and the financial transaction tax. Read TaxNewsFlash
  • Singapore: The 2025 budget proposes various tax measures, including incentives for equity-listed entities, a 50% corporate income tax rebate, enhanced tax exemptions and deductions, and extensions of multiple schemes across sectors such as mergers and acquisitions, insurance, financial, enterprise financing, land intensification, internationalization, and maritime. Read TaxNewsFlash

United States

  • Notice 2025-15: Guidance regarding health coverage reporting required by sections 6055 and 6056
  • KPMG report: Accounting for income taxes considerations of the issuance of the section 987 final regulations

Read TaxNewsFlash-United States

Legislative Updates

  • House CRA targets include digital asset information reporting regulations

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Chile: Updated procedures for transfer pricing adjustments; other direct and indirect tax developments
  • Poland: List of jurisdictions with qualified status for Pillar Two purposes
  • Ukraine: Updates to scope of “controlled transactions” for transfer pricing purposes
  • Vietnam: MCAA for exchange of CbC reports signed; amendments to transfer pricing regulations

Read TaxNewsFlash-Transfer Pricing

Africa

  • Mauritius: Eligibility to claim partial exemption on interest income (Supreme Court decision)
  • Niger: Tax measures in 2025 budget
  • Niger: VAT obligations for digital platforms from January 1, 2025
  • Zambia: Proposed amendments to tax bills following budget report

Read TaxNewsFlash-Africa

Americas

  • Bahamas: Instructions for new VAT stamp portal
  • Brazil: Guidance on extended tax benefits related to tax on industrialized products
  • Canada: Tax proposals in 2025 budget (Nova Scotia)
  • Chile: Updated procedures for transfer pricing adjustments; other direct and indirect tax developments
  • Colombia: Temporary taxes to alleviate internal crisis
  • Panama: Implementation of new form and tax code for SEM withholdings
  • Panama: Updated tax compliance deadlines and regulatory requirements

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Commercial broadcasting tax suspended for one year
  • Australia: Unpaid present entitlement to income or capital of trust estate not a loan (Full Federal Court decision)
  • India: Reimbursements of seconded employees’ salaries not taxable in India under U.S. treaty (High Court decision)
  • Israel: Draft regulations on withholding tax for digital asset transactions
  • Israel: Updated regulations on submission process for employee equity incentive plans
  • Pakistan: New rules for licensing, integration, and issuance of e-invoices
  • Saudi Arabia: Extended deadline to apply new Zakat regulations
  • Singapore: Tax measures in budget 2025
  • Sri Lanka: Tax measures in 2025 budget
  • Taiwan: Increased tax deductions for salary expenses of SMEs
  • Uzbekistan: Tax exemptions for publishing and printing businesses, private education facilities
  • Vietnam: MCAA for exchange of CbC reports signed; amendments to transfer pricing regulations

Read TaxNewsFlash-Asia Pacific

Europe

  • Austria: Notifications for certain outbound payments due February 28; other recent direct and indirect tax developments
  • Bosnia and Herzegovina: Proposed amendments to rules for small entrepreneurs (Republic of Srpska)
  • Bosnia and Herzegovina: Proposed VAT changes
  • EU: Council adopts new legislation on electronic VAT exemption certificate
  • EU: European Commission publishes work program for 2025
  • EU: Updated list of non-cooperative tax jurisdictions
  • Greece: Changes in calculation of maximum amount of contributions and insurance premiums paid to insurance funds and pension plans
  • Iceland: Tax rates for 2025
  • Isle of Man: Tax measures in 2025 / 2026 budget
  • Isle of Man: VAT law amendments
  • Lithuania: Commentary on definition of permanent establishment
  • Lithuania: Proposed VAT exemption for humanitarian aid delivered outside EU
  • Netherlands: 2025 tax plan for BES Islands submitted to Parliament
  • Netherlands: Class action against interest on tax due charged for corporate income tax
  • Netherlands: Implementation of proposal for new “Box 3” (wealth tax) regime postponed until 2028
  • Netherlands: Tax return deadline for inframarginal electricity levy is April 1, 2025
  • Netherlands: Updated guidance on tax treatment of stock options
  • Poland: Applicability of VAT exemption; UK sales revenue determined net of UK VAT (Supreme Administrative Court decisions)
  • Poland: List of jurisdictions with qualified status for Pillar Two purposes
  • Slovenia: Implementation of EU directives on VAT for small businesses and VAT rates
  • UK: Taxation of payments based on UK continental shelf oil production under Canada treaty (Supreme Court decision)
  • Ukraine: Guidance regarding treatment of legal entities acquiring Diia City residence mid-tax year
  • Ukraine: Updates to scope of “controlled transactions” for transfer pricing purposes

Read TaxNewsFlash-Europe

FATCA / IGA / CRS

  • Liechtenstein: Adoption of consultation report on CARF Act, amendments to AEOI Act
  • Lithuania: Updated lists of CRS reportable and participating jurisdictions
  • UAE: Updated FATCA and CRS system user guide

Read TaxNewsFlash-FATCA / IGA / CRS

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