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Week in Tax: February 10 – 14, 2025

Recent tax developments from around the globe for the week of February 10 – 14, 2025

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February 17, 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:

  • France: The Finance Act for 2025 introduces tax measures including an exceptional surtax on corporate income for large companies, adjustments to phasing out the contribution on companies’ added value (CVAE), a tax on share buy-backs, a beneficial ownership condition for withholding tax on dividends, and a 0.1% increase in the financial transaction tax rate. Read TaxNewsFlash
  • United Kingdom: HM Revenue and Customs (HMRC) initiated a public consultation to gather feedback on the adoption of electronic invoicing (e-invoicing) across UK businesses and the public sector. The focus is on exploring different e-invoicing approaches, standardizing practices, and increasing adoption across UK businesses and government departments. The consultation is open until May 7, 2025. Read TaxNewsFlash
  • United States: The IRS released the final instructions for the 2024 Form 4626, "Alternative Minimum Tax – Corporations," which requires corporations to include a statement of rules applied in. The instructions clarify that all corporations must file Form 4626 unless they meet specific exemptions, and introduce new schedules for reporting adjusted net income or loss from controlled foreign corporations. Read TaxNewsFlash

United States

  • KPMG report: Observations on the final Form 4626 Instructions for CAMT
  • Rev. Proc. 2025-15: Insurance companies, unpaid loss discount factors for 2024 accident year
  • Rev. Proc. 2025-16: Automobile depreciation deduction limits for 2025
  • Trump signs executive orders reconfirming standing hiring freeze for IRS, requiring OIRA review of tax regulations

Read TaxNewsFlash-United States

Legislative Updates

  • House Budget Committee approves 2025 budget resolution
  • House Budget Committee releases 2025 budget resolution and schedules markup
  • House Ways and Means approves four bills aimed at improving tax administration; JCT descriptions

Read TaxNewsFlash-Legislative Updates

Exempt Organizations

  • Prospects for tax legislation affecting exempt organizations in the 119th Congress

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • Costa Rica: Guidance on obligation of certain taxpayers to submit annual transfer pricing information return
  • Cyprus: Penalty relief for late 2022 tax filings
  • Kenya: Legislation replacing digital services tax with significant economic presence tax, implementing Pillar Two rules
  • Spain: Public country-by-country reporting obligations
  • Sweden: Government report to Parliament on EU proposal for exchange of Pillar Two information between EU member states (DAC9)
  • UAE: Legislation implementing Pillar Two global minimum tax rules

Read TaxNewsFlash-Transfer Pricing

Africa

  • Botswana: Tax proposals in 2025/2026 budget
  • Democratic Republic of the Congo: Guidance on “windfall profits tax” on mining sector
  • Guinea-Bissau: VAT implementation effective January 2025
  • Kenya: Legislation replacing digital services tax with significant economic presence tax, implementing Pillar Two rules

Read TaxNewsFlash-Africa

Americas

  • Anguilla: Tax measures in 2025 budget
  • Barbados: Extension of digital transformation tax credit
  • Colombia: Reporting obligations for digital platform operators implemented
  • Costa Rica: Agreement on new strategic sectors for manufacturing companies under free trade zone regime
  • Costa Rica: Deadline to implement changes in e-invoices extended
  • Costa Rica: Guidance on obligation of certain taxpayers to submit annual transfer pricing information return
  • Costa Rica: Proposed amendments to procedures for international tax information exchange
  • Mexico: Payroll tax benefit rules for 2025 (Mexico City)
  • Saint Kitts and Nevis: Guidance regarding VAT compliance for income from short-term rentals through online platforms
  • Saint Lucia: Proposed VAT exemptions for tourism sector, extension of moratorium on residential property tax
  • Uruguay: Updated list of low or no tax jurisdictions

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Hydrogen, critical minerals production tax incentives bill passes Parliament
  • Australia: Instructions for reportable tax position schedule for 2025
  • Australia: Updated form and instructions for thin capitalization test choice
  • India: Limitations on deductibility of head office expenses inapplicable under UAE treaty (Tribunal decision)
  • India: Proposed legislation to replace Income-tax Act, 1961
  • Kazakhstan: Amendments to VAT refund rules
  • Malaysia: Introduction of self-assessment regime for stamp duty, new stamp duty audit framework
  • Malaysia: Tax developments summary (February 2025)
  • Philippines: Guidance on excise tax exemption for electric vehicles, tax treatment of securitization transactions
  • Taiwan: Increased business tax thresholds from January 2025
  • UAE: Amendments to excise taxation of electronic smoking implements; guidance on correcting VAT return errors
  • UAE: Legislation implementing Pillar Two global minimum tax rules
  • Vietnam: Extension of reduced environmental protection taxes on fossil fuels through 2025

Read TaxNewsFlash-Asia Pacific

Europe

  • Austria: Determination of amount of employee monetary benefit from employer events (Finance Court decision)
  • Belgium: Modernization of VAT rules
  • Belgium: Technical and legislative amendments for new small business VAT exemption regime
  • Cyprus: Penalty relief for late 2022 tax filings
  • Czech Republic: Amendments in VAT law 2025 include changes to registration threshold, implementation of EU small business scheme for cross-border supplies
  • Czech Republic: Guidance on application of VAT to fuel cards
  • Czech Republic: Individual income tax exemption for income from transfer of cryptoassets passed by upper house of Parliament
  • Czech Republic: Proposed amendment changing depreciation of photovoltaic power plants
  • France: Tax measures in Finance Act 2025
  • Hungary: EU authorization to extend application of reverse charge mechanism to supplies during insolvency proceedings
  • Malta: Recent VAT changes include implementation of EU small business scheme for cross-border supplies, exemption for certain health care products
  • Poland: Payment to achieve target profitability not subject to VAT; only one tax identification number required (Supreme Administrative Court decisions)
  • Romania: Tax amendments include increased dividend withholding tax rate, tax on special constructions
  • Romania: VAT exemption for certain supplies to hospitals, amendments to VAT regime for deposit return system
  • Spain: Public country-by-country reporting obligations
  • Sweden: Government report to Parliament on EU proposal for exchange of Pillar Two information between EU member states (DAC9)
  • Sweden: Proposed extension of energy tax exemption to electricity consumed for heating ladles and similar processes in metallurgical processes
  • UK: Public consultation on e-invoicing

Read TaxNewsFlash-Europe

Trade & Customs

  • White House announces 25% tariffs on all steel and aluminum imports
  • President Trump orders examination of use of reciprocal tariffs
  • U.S. BIS issues correcting amendment to interim final rule on advanced computing integrated circuits
  • U.S. BIS issues temporary denial order for illegal transshipment of U.S.-origin goods to Russia
  • U.S. CBP amends notice on additional duties for Chinese products, reinstating de minimis exemptions

Read TradeNewsFlash-Trade & Customs

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