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KPMG Week in Tax: August 11 – 15, 2025

Recent tax developments from around the globe for the week of August 11 – 15, 2025

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August 18, 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).

  • The Czech Republic Senate has approved an amendment extending the deadlines for filing top-up tax information and returns, with first-time filings for the 2024 calendar year now due June 30, 2026 (information return) and October 31, 2026 (tax return), providing companies with additional time to comply. The amendment awaits presidential signature before becoming law. Read TaxNewsFlash
  • Nigeria’s Federal Inland Revenue Service has extended the deadline to November 1, 2025, for large taxpayers to comply with the national electronic invoicing (e-invoicing) requirements. Read TaxNewsFlash
  • The United States and China have agreed to extend the 10% reciprocal tariff rate until November 10, 2025. China will also suspend non-tariff countermeasures. Read TradeNewsFlash

United States

  • Notice 2025-42: Beginning of construction requirements for termination of clean electricity tax credits under sections 45Y and 48E
  • Fourth Circuit: Maryland digital advertising tax violates First Amendment
  • Second Circuit: 90-day time limit to file petition is nonjurisdictional, claim-processing rule subject to equitable tolling
  • Second Circuit: Regulation under section 170 disallowing deduction for amount of SALT credit upheld
  • IRS announces tax relief for taxpayers affected by storms in West Virginia
  • Notices of filing of petitions for addition of two substances to Superfund list
  • KPMG report: Critical October 31, 2025 deadline for Superfund excise tax export credits and refunds

Read TaxNewsFlash-United States

Transfer Pricing

  • Channel Islands: Multinational corporate income tax (MCIT) registration requirements under Pillar Two (Jersey)
  • Czech Republic: Extension of deadlines for first-time filing of Pillar Two information and tax returns
  • Korea: 2025 tax reform proposal, including introduction of domestic minimum top-up tax
  • Malaysia: Tax developments summary (August 2025) includes transfer pricing tax audit framework 2025

Read TaxNewsFlash-Transfer Pricing

Trade & Customs

  • U.S. BIS adds 407 HTSUS codes to list of products subject to steel and aluminum tariffs
  • United States and China agree to continue 10% reciprocal tariff
  • Brazil requests WTO dispute consultations over U.S. tariff measures

Read TradeNewsFlash-Trade & Customs

Africa

  • Ghana: Tax data card for 2025
  • Mauritius: Tax dispute resolution shifts to Revenue Tribunal
  • Nigeria: Discontinuation of issuance of tax exemption certificates
  • Nigeria: Extended e-invoicing compliance deadline for large taxpayers

Read TaxNewsFlash-Africa

Americas

  • Colombia: Tax reform proposals (Bogotá)
  • Venezuela: Changes to VAT exemptions; designation of VAT withholding agents

Read TaxNewsFlash-Americas

Asia Pacific

  • China: Reinstatement of VAT on government and financial bonds
  • India: Proposed tax benefits approved by Lower House of Parliament
  • Korea: 2025 tax reform proposal, including introduction of domestic minimum top-up tax
  • Malaysia: Tax developments summary (August 2025) includes transfer pricing tax audit framework 2025
  • Pakistan: Compliance deadlines for e-invoicing

Read TaxNewsFlash-Asia Pacific

Europe

  • Channel Islands: Multinational corporate income tax (MCIT) registration requirements under Pillar Two (Jersey)
  • Czech Republic: Determining losses on inventories; proving beneficial ownership of royalties (Supreme Administrative Court decisions)
  • Czech Republic: Extension of deadlines for first-time filing of Pillar Two information and tax returns
  • Czech Republic: Guidance on reduction of VAT deduction for bad debts

Read TaxNewsFlash-Europe

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