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).
- United States: President Trump signed an executive order to impose a 10% tariff on all countries starting April 5, 2025, with higher reciprocal tariffs on nations with significant U.S. trade deficits beginning April 9, 2025, under the International Emergency Economic Powers Act of 1977. Certain goods already subject to Section 232 tariffs are exempt, and the tariffs will remain until the trade deficit concerns are addressed, with potential adjustments based on trading partners' actions. Read TradeNewsFlash
- Japan: The National Diet approved the 2025 tax reform bills, which include changes to corporate tax, measures for defense funding, leasing taxation, reduced tax rates for small and medium-sized companies, international tax regulations such as a global minimum tax and controlled foreign company (CFC) regime, consumption tax on leasing, individual tax reliefs, and a preservation system for electronic transaction records. Read TaxNewsFlash
- UK: The Finance Act 2025, which received Royal Assent, introduces changes to the UK Pillar Two rules, including the implementation of an undertaxed profits rule (UTPR) for accounting periods starting on or after December 31, 2024, and the introduction of transitional UTPR and country-by-country reporting safe harbors. The Finance Act incorporates OECD guidance and applies most provisions retroactively for financial years beginning on or after December 31, 2023, with some provisions applicable from December 31, 2024, unless retroactive application is elected. Read TaxNewsFlash