KPMG Week in Tax: June 9 – 13, 2025

Recent tax developments from around the globe for the week of June 9 – 13, 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).

United States: The Senate confirmed Billy Long as the Commissioner of Internal Revenue with a 53-44 vote. Long will serve through the end of former IRS commissioner Danny Werfel’s term in November 2027. Read TaxNewsFlash
United States: Notice 2025-33 extends transitional relief for brokers handling digital asset transactions by an additional year. This extension provides relief from backup withholding tax liabilities and penalties for brokers during 2026 and 2027, contingent on compliance with IRS TIN Matching Program requirements and specific conditions related to digital asset transactions. Read TaxNewsFlash
Germany: The governing parties have proposed draft legislation aimed at enhancing the country's business environment. Key measures include the temporary reintroduction and increase of declining balance depreciation for movable asset investments, a gradual reduction of corporate and retained earnings tax rates starting in 2028, and an expansion of the research allowance, all aligned with the coalition agreement of the new federal government. Read TaxNewsFlash
Sweden: The Ministry of Finance has announced tax proposals, including a reduction in the corporate tax rate to 20% and a decrease in the special income tax for nonresident individuals to 20%, effective January 1, 2026. Additionally, the government plans to revise interest deduction limitation rules, introducing a group-wide net interest calculation system, higher limits, and new provisions for cross-border loans within the European Economic Area (EEA), which would also come into effect January 1, 2026. Read TaxNewsFlash
Nigeria: The Federal Inland Revenue Service (FIRS) announced an initiative to transition from paper-based to electronic invoicing (e-invoicing). Pilot testing with large taxpayers is underway, with full deployment expected in July 2025, pending presidential approval of tax reform bills. Read TaxNewsFlash

United States

Announcement 2025-16: Competent authority arrangement under U.S.-Denmark treaty listing entities treated as “pension funds”
IRS announces tax relief for taxpayers affected by storms in Mississippi
IRS grants tax relief for taxpayers affected by storms in Missouri and Oklahoma
IRS provides tax relief for taxpayers affected by storms in Texas
Notice 2025-33: Extended transitional relief from reporting and backup withholding rules for custodial brokers effectuating digital asset transactions
Senate confirms Long to be IRS Commissioner
U.S. Supreme Court: Taxpayer’s petition may be dismissed by Tax Court on grounds of mootness
U.S. Treasury release: No change to list of countries cooperating with international boycott
KPMG article: Common transfer pricing challenges in cash pooling

Read TaxNewsFlash-United States

Transfer Pricing

Australia: Summary of key messages from Pillar Two working group meetings
Iceland: Public consultation on draft legislation implementing Pillar Two global minimum tax rules
Kenya: Tax proposals in 2025/2026 budget
Mauritius: Proposed tax measures in 2025-2026 budget, including domestic minimum top-up tax (DMTT)
United States: Common transfer pricing challenges in cash pooling

Read TaxNewsFlash-Transfer Pricing

FATCA / IGA / CRS

Antigua and Barbuda: Changes in new version of CRS standard operating procedure manual
Antigua and Barbuda: Guidance on legislative amendments to AEOI framework

Read TaxNewsFlash-FATCA / IGA / CRS

Africa

Kenya: Tax proposals in 2025/2026 budget
Nigeria: E-invoicing expected to begin in July 2025
Mauritius: Proposed tax measures in 2025-2026 budget, including domestic minimum top-up tax (DMTT)

Read TaxNewsFlash-Africa

Americas

Costa Rica: Implementation of the new platform for the digital tax system
Venezuela: Adjustment to tax unit value
Venezuela: Income tax exemption for securities income

Read TaxNewsFlash-Americas

Asia Pacific

Australia: Summary of key messages from Pillar Two working group meetings
Australia: Tax relief in 2025 budget (South Australia)
Australia: Updated guidelines on corporate tax residency
India: Refund of unutilized GST input tax credit due to business closure allowed; consideration for grant of right of first refusal is capital receipt (court decisions)
Kazakhstan: Updated list of countries not treated as CFCs
Malaysia: Amendments to sales and service tax; relief for stamp duty on employment contracts
Malaysia: Tax developments summary (June 2025)
Pakistan: Direct and indirect tax measures in Finance Bill, 2025
Philippines: Guidelines for VAT return for nonresident digital service providers

Read TaxNewsFlash-Asia Pacific

Europe

Belgium: Failure to allow deductibility of CFC taxes does not violate obligation to implement ATAD (CJEU Advocate General opinion)
Czech Republic: Proposed tax amendments include increase in R&D allowance
Czech Republic: VAT treatment of compensation for stolen goods
Estonia: Proposed increase in corporate and individual income tax rates
Germany: Draft legislation aimed at stimulating investment introduced to lower house of Parliament
Iceland: Public consultation on draft legislation implementing Pillar Two global minimum tax rules
Lithuania: Interpretation of EU parent-subsidiary directive (PSD) anti-abuse rule (CJEU referral)
Lithuania: Tax card for 2025
Norway: Public consultation on introduction of list of non-cooperative tax jurisdictions
Poland: Additional guidance on e-invoicing system
Poland: Application of provision exempting dividends from withholding tax (Supreme Administrative Court decision)
Sweden: Proposal for implementation of directive on cryptoasset reporting (DAC8)
Sweden: Proposed changes to interest deduction limitation rules
Sweden: Proposed reduction in corporate tax rate
Switzerland: New package of tax incentives (canton of Basel-City)
UK: Update on consultation on tax treatment of carried interest

Read TaxNewsFlash-Europe

Trade & Customs

U.S. BIS adds steel derivative products subject to duties
Federal Circuit: Tariffs remain in effect pending appeal
USTR requests comments on proposed modifications in Section 301 investigation of China's maritime sector

Read TradeNewsFlash-Trade & Customs

Other publications

The items described above are also reported as editions of TaxNewsFlash:

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