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:
- United Kingdom: Comments are due by April 8, 2025, on supplementary draft guidance for consultation regarding the UK's Pillar Two global minimum tax rules. Additionally, HMRC released amendments to the Finance Bill 2024-2025, including updates to the UTPR rules, incorporation of OECD guidance, and changes to the qualification of permanent establishments as excluded entities. Read TaxNewsFlash
- India: The Union Budget for FY 2025-2026 includes tax measures such as rationalizing withholding tax provisions, extending registration periods for smaller trusts, updating income tax return filing limits, and introducing a presumptive taxation scheme for nonresidents in electronic manufacturing. It also extends the tonnage tax scheme to inland vessels, aligns GST amendments with Council recommendations, and proposes various customs duty changes, while notably not altering corporate tax rates or addressing the OECD's Pillar Two global minimum tax implementation. Read TaxNewsFlash
- United States: The Trump Administration released executive orders imposing tariffs on Canadian, Mexican, and Chinese imports due to concerns over drug trafficking and illegal immigration, with tariffs on Canadian and Mexican products postponed for 30 days. The tariffs include a 25% tariff on Canadian and Mexican products and a 10% tariff on Chinese products. Read TaxNewsFlash