KPMG Week in Tax: July 28 – August 1, 2025

Recent tax developments from around the globe for the week of July 28 – August 1, 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: Notice 2025-28 introduces simplified interim rules for applying the corporate alternative minimum tax (CAMT) to partnerships, including new election methods that reduce complexity and information-sharing requirements. The IRS and Treasury also plan to revise and partially withdraw prior CAMT regulations. Read TaxNewsFlash
Trade developments: The United States and EU have reached a new trade and tariff agreement, while the White House has announced a series of significant tariff increases—including on imports from Canada, Brazil, and copper products—and the suspension of the duty-free de minimis exemption for all countries. Read TradeNewsFlash
DAC9: Denmark and Sweden have both initiated public consultations on draft bills to implement DAC9 into their domestic laws, facilitating the automatic exchange of Pillar Two information between EU member states. Read TaxNewsFlash

United States

Notice 2025-28: Interim guidance on application of CAMT to partnerships, intent to issue new proposed regulations
Notice of 21 substances added to Superfund list
U.S. Treasury release: No change to list of countries cooperating with international boycott
Fourth Circuit: Taxpayer not entitled to net interest on tax overpayments made by merged corporation under section 6621(d)
KPMG report: Effects on accounting for income taxes of key provisions of “One Big Beautiful Bill Act”

Read TaxNewsFlash-United States

Exempt Organizations

KPMG report: Tax provisions of interest for institutions of higher education in “One Big Beautiful Bill Act”
Eighth Circuit: Mayo Clinic was “educational organization”

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

Costa Rica: Final guidance on obligation of certain taxpayers to submit annual transfer pricing information return
Denmark: Public consultation on proposal to implement DAC9
Kenya: Tax changes in Finance Act 2025
Luxembourg: Draft legislation to implement DAC9, amend Pillar Two rules to incorporate recent OECD guidance
OECD: Second batch of updated transfer pricing country profiles
OECD: Updated data exchange formats for global minimum tax, CARF; new FAQs on CARF, CRS
Poland: Legislation limiting partnership tax reporting signed into law; bill on national electronic invoicing system (KSeF) passed by lower house of Parliament
Sweden: Public consultation on proposal to implement DAC9

Read TaxNewsFlash-Transfer Pricing

FATCA / IGA / CRS

Bermuda: Advisory on enhanced due diligence for high-risk jurisdictions
India: Updated FAQs and reporting portal user guide
Liechtenstein: Implementation of CARF and revised CRS approved
Montserrat: Amendments to FATCA and CRS regulations
OECD: Updated data exchange formats for global minimum tax, CARF; new FAQs on CARF, CRS
Panama: Removal from EU list of high-risk third countries; extension of FATCA and CRS filing deadline

Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

EU and United States reach agreement on tariffs and trade
White House announces modified reciprocal tariff rates
White House announces 35% tariff on Canadian imports
White House announces additional 40% tariff on imports from Brazil, effective August 6, 2025
White House announces increase in tariffs on copper to 50%
White House announces suspension of duty-free de minimum exemption for all countries, effective August 29, 2025
U.S. CBP issues guidance on copper import duties

Read TradeNewsFlash-Trade & Customs

Africa

Egypt: New taxpayers required to comply with mandate to issue electronic receipts for B2C transactions
Kenya: Tax changes in Finance Act 2025
Mozambique: VAT exemption for sugar, cooking oil, and soap
Nigeria: Update on proposed legislation to reform tax system
South Africa: Vendor may appeal ruling allowing use of alternative method of apportionment not requested by vendor (Supreme Court of Appeal decision)

Read TaxNewsFlash-Africa

Americas

Colombia: Draft legislation includes direct and indirect tax reform proposals
Costa Rica: Final guidance on obligation of certain taxpayers to submit annual transfer pricing information return
Costa Rica: Postponement of implementation of new digital tax platform, guidance on related procedures
Mexico: List of 266 registered foreign providers of digital services (as of June 30, 2025)

Read TaxNewsFlash-Americas

Asia Pacific

Australia: Guidance on arrangements used in fraudulent GST refund claims
Australia: Productivity Commission proposes lowering corporate tax rate, introducing net cashflow tax
Bangladesh: Tax measures in National Budget FY 2025-2026
Cambodia: Guidance on application of capital gains tax
Hong Kong: Further guidance on foreign-sourced income exemption regime
India: Requirement for alternative investment funds to list investor names in trust deed is unlawful (High Court decision)
Philippines: Guidance on books of accounts, VAT zero-rate documentation requirements
Philippines: Legislation rationalizing tax rates on passive investments signed into law
Qatar: Capital gains exemption for restructuring transactions

Read TaxNewsFlash-Asia Pacific

Europe

Belgium: Copyright tax regime reintroduced for IT sector
Bulgaria: Guidance on standard audit file for tax (SAF-T) report
Denmark: Public consultation on proposal to implement DAC9
Finland: Proposed tax changes in mid-term budget negotiations
France: Tax consolidation regime and nonresident subsidiary losses (CJEU referral)
Greece: Enhanced tax incentives for family offices
Greece: Parliament passes bill on B2B e-invoicing mandate
Italy: Imposition of IRAP on dividends received by financial intermediaries from subsidiaries resident in other member states is contrary to EU law (CJEU judgment)
Luxembourg: Draft legislation to implement DAC9, amend Pillar Two rules to incorporate recent OECD guidance
Luxembourg: Draft legislation to modernize carried interest tax regime
Luxembourg: Transitional regime proposed for 2024 housing package tax measures
Malta: Amendments to property-related tax exemption
Malta: Scope of VAT exemptions for scheduled passenger transport services expanded
Netherlands: Anti-abuse rule under parent-subsidiary directive (Supreme Court decisions)
Poland: General liability insurance premiums not deductible (Supreme Administrative Court decision)
Poland: Legislation limiting partnership tax reporting signed into law; bill on national electronic invoicing system (KSeF) passed by lower house of Parliament
Sweden: Public consultation on proposal to implement DAC9

Read TaxNewsFlash-Europe

Other publications

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

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