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: The House of Representatives passed the "One Big Beautiful Bill Act" (H.R. 1), which aims to make the 2017 Tax Cuts and Jobs Act provisions permanent, enhance deductions for passthrough businesses, and introduce new tax benefits while offsetting costs through measures like extending the SALT deduction limit and modifying energy tax credits. The bill, now heading to the Senate, is anticipated to undergo further changes, particularly concerning its tax provisions. Read TaxNewsFlash
- EU: The Council Directive (EU) 2025/872, known as DAC9, establishing a framework for the exchange of Pillar Two information among EU member states, became effective on May 7, 2025. Member states are required to transpose the directive by December 31, 2025, with the first top-up tax reporting deadline set for June 30, 2026, including those delaying the implementation of the income inclusion and undertaxed profits rules. Read TaxNewsFlash
- New Zealand: The 2025 budget introduces a 20% "investment boost" tax deduction for new qualifying business assets, alongside changes to KiwiSaver settings, which include phased increases in minimum contribution rates for employees and employers. Additional tax policy changes involve abandoning digital services tax legislation, adjusting interest deductibility for nonresidents, revising start-up company share scheme taxation, modifying foreign investment fund rules, and modernizing fringe benefit tax rules to lower compliance costs. Read TaxNewsFlash