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KPMG Week in Tax: July 21 – 25, 2025

Recent tax developments from around the globe for the weeks of July 21 – 25, 2025

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July 28, 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).

  • Kenya: The Tax Appeal Tribunal held that the median rate did not have to be applied in computing the taxpayer’s net profit. The tribunal found the tax authority misinterpreted the OECD Transfer Pricing Guidelines and made mistakes in identifying comparables, making application of the median rate inappropriate. Read TaxNewsFlash
  • Taiwan: The Ministry of Finance issued a notice requiring profit-seeking enterprises engaged in controlled transactions in 2024 to prepare a transfer pricing report when filing their 2024 income tax return, or substitute documentation if specified conditions are met. Read TaxNewsFlash
  • UK: The government published draft legislation and explanatory notes for Finance Bill 2025-2026, which includes proposed tax measures relating to amendments to the multinational top-up tax and domestic top-up tax, research and development (R&D) tax relief, and land remediation relief, among other things. In addition, HM Revenue & Customs (HMRC) issued its “Transformation Roadmap” setting out how the UK will build “a tax and customs system that is fit for the future.” Read TaxNewsFlash

Transfer Pricing

  • Kenya: Application of median rate in computing net profit not required (Tax Appeal Tribunal decision)
  • Moldova: Legislation amending transfer pricing rules, exempting income derived by nonresident individuals from state securities, extending reduced VAT rate to medical devices
  • OECD: Consultation on transfer pricing framework for copper
  • Taiwan: Clarification of requirement to prepare transfer pricing report or substitute documentation if specified conditions met
  • UK: Consultation on proposed tax measures for Finance Bill 2025-2026; HMRC Transformation Roadmap

Read TaxNewsFlash-Transfer Pricing

Trade & Customs

  • United States-Japan agreement on trade, investment
  • EU: European Commission announces surveillance of imports and exports of metal scrap
  • Framework for United States-Indonesia agreement on reciprocal trade
  • U.S. CBP adjusts customs user fees for inflation (FY 2026)
  • EU adopts 18th Russia sanctions package
  • USTR launches Section 301 investigation into Brazil’s trade practices
  • U.S. BIS requests comments on Section 232 investigations into imports of unmanned aircraft systems and polysilicon

Read TradeNewsFlash-Trade & Customs

Africa

  • Kenya: Application of median rate in computing net profit not required (Tax Appeal Tribunal decision)

Read TaxNewsFlash-Africa

Americas

  • Chile: Taxation of shares in company resident in preferential tax regime under indirect sale rule; other direct and indirect tax developments
  • Colombia: Tax incentive for investment in sports, recreation, and physical activity
  • Colombia: No legal deadline for sending electronic messages confirming receipt of invoices
  • Costa Rica: Continuation of tax consultation system amid platform transition
  • Saint Lucia: Repeal of VAT on imported sports equipment and property tax on sports business offices; 50% reduction in airport taxes
  • Saint Vincent and the Grenadines: E-tax platform expanded to online filing and payment of monthly VAT and PAYE

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Guidance on claiming credit for foreign resident capital gains withholding from property sale
  • Hong Kong: Proposed enhancements of maritime service tax concessions, new tax concession for commodity trading
  • India: Select committee report on proposed legislation to replace Income-tax Act, 1961
  • Korea: Zero-rated VAT treatment unavailable for domestic portion of international freight forwarding services (Tax Tribunal decision); other tax developments
  • Singapore: Taxpayer not “trading in derivates” within meaning of financial sector incentive regulations (Income Tax Board of Review decision)
  • Taiwan: Clarification of requirement to prepare transfer pricing report or substitute documentation if specified conditions met
  • UAE: Guidance allowing depreciation on investment properties held at fair value

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Draft law on new capital gains tax on financial assets approved by government
  • Belgium: Guidance addressing structured e-invoicing
  • Bulgaria: Introduction of use of euro as of January 1, 2026
  • Cyprus: Consultation on “tax reform” legislation package; new digital tax services
  • EU: Public consultation on VAT rules for travel and tourism sectors
  • EU: European Commission announces surveillance of imports and exports of metal scrap
  • Iceland: Guidance on lodging tax, infrastructure charges for cruise ships
  • Moldova: Legislation amending transfer pricing rules, exempting income derived by nonresident individuals from state securities, extending reduced VAT rate to medical devices
  • Moldova: Proposal to allow issuance of e-receipts; guidance for SMEs exceeding VAT registration threshold
  • Poland: Withholding tax guidelines related to application of “beneficial owner clause”
  • Poland: Legislation limiting certain tax reporting passed by Senate
  • Slovakia: VAT rules for local reverse charge
  • UK: Consultation on proposed tax measures for Finance Bill 2025-2026; HMRC Transformation Roadmap

Read TaxNewsFlash-Europe

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