For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.
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Armenia | |||
Tax legislation approved and regulatory update | Income tax | 06 February 2025 | Tax incentives for high-tech sector. Read more. |
Australia | |||
Proposed legislation | Tax compliance | 28 February 2025 | Consultation on draft legislation on 2025 tax return filing requirements. Read more. |
Administrative and case law | Income tax | 28 February 2025 | Ruling on taxation of bonuses paid to employees as part of sale transaction. Read more. |
Administrative and case law | Others | 27 February 2025 | Guide correcting “common myths” about Division 7A. Read more. |
Proposed legislation | Indirect tax | 25 February 2025 | Proposed increase in tax incentives for alcohol manufacturers Changes would apply from July 1, 2026. Read more. |
Tax legislation approved and regulatory update | Income tax | 25 February 2025 | Guides on claiming critical mineral, hydrogen production tax incentives Details on eligibility criteria and how and when to claim tax offsets. Read more. |
Administrative and case law | Income tax | 21 February 2025 | Unpaid present entitlement to income or capital of trust estate not a loan (Full Federal Court decision). Read more. |
Tax legislation approved and regulatory update | Indirect tax | 20 February 2025 | Commercial broadcasting tax suspended for one year. Read more. |
Tax legislation approved and regulatory update | Tax compliance | 14 February 2025 | Updated form and instructions for thin capitalization test choice. Read more. |
Tax legislation approved and regulatory update | Income tax | 11 February 2025 | Hydrogen, critical minerals production tax incentives bill passes Senate. Read more. |
Tax legislation approved and regulatory update | Income tax | 11 February 2025 | Instructions for reportable tax position schedule for 2025. Read more. |
Hong Kong (SAR), China |
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Proposed legislation | Various tax topics | 27 February 2025 | Tax proposals in 2025-2026 budget. Read more. | |
India | |||
Administrative and case law | Income tax | 26 February 2025 | Activities of Indian subsidiary did not create Permanent Establishment for Finish parent under Finland treaty (High Court decision). Read more. |
Administrative and case law | Treaties | 19 February 2025 | Reimbursements of seconded employees’ salaries not taxable in India under U.S. treaty (High Court decision). Read more. |
Proposed legislation | Income tax | 13 February 2025 | Proposed legislation to replace Income-tax Act, 1961. Read more. |
Administrative and case law | Income tax | 11 February 2025 | Limitations on deductibility of head office expenses inapplicable under UAE treaty (Tribunal decision). Read more. |
Proposed legislation | Various tax topics | 03 February 2025 | Tax measures in budget 2025-2026. Read more. |
Israel | |||
Proposed legislation | Transfer pricing | 27 February 2025 | Consultation on draft guidance regarding local Research and Development centers and Intellectual Property valuations. Read more. |
Proposed legislation | Income tax | 20 February 2025 | Draft regulations on withholding tax for digital asset transactions. Read more. |
Tax legislation approved and regulatory update | Income tax | 20 February 2025 | Updated regulations on submission process for employee equity incentive plans. Read more. |
Japan | |||
Tax legislation approved and regulatory update | Transfer pricing | 29 January 2025 | Updated guidance on income inclusion rule. Read more. |
Kazakhstan | |||
Tax legislation approved and regulatory update | Indirect tax | 10 February 2025 | Amendments to Value Added Tax (VAT) refund rules. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 03 February 2025 | Changes to transfer pricing laws included expanded reporting and disclosure requirements. Read more. |
Malaysia | |||
Tax legislation approved and regulatory update | Indirect tax | 25 February 2025 | New deadlines for e-invoicing compliance. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 14 February 2025 | Introduction of self-assessment regime for stamp duty, new stamp duty audit framework. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 12 February 2025 | Tax developments summary (February 2025). Read more. |
Mauritius | |||
Administrative and case law | Income tax | 18 February 2025 | Eligibility to claim partial exemption on interest income (Supreme Court decision). Read more. |
New Zealand | |||
Proposed legislation | Income tax | 27 February 2025 | Consultation on taxation of charitable and not-for-profit organizations. Read more. |
Oman | |||
Tax legislation approved and regulatory update | Treaties | 05 February 2025 | Income tax treaties signed with Cyprus, Tanzania, and Bahrain. Read more. |
Pakistan | |||
Tax legislation approved and regulatory update | Indirect tax | 18 February 2025 | New rules for licensing, integration, and issuance of e-invoices. Read more. |
Philippines | |||
Tax legislation approved and regulatory update | Indirect tax | 14 February 2025 | Pre-border technical verification and cross-border electronic invoicing system. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 10 February 2025 | Guidance on excise tax exemption for electric vehicles, tax treatment of securitization transactions. Read more. |
Saudi Arabia | |||
Proposed legislation | Indirect tax | 26 February 2025 | Public consultation on draft regulations for real estate transaction tax. Read more. |
Administrative and case law | Tax compliance | 18 February 2025 | Extended deadline to apply new Zakat regulations. Read more. |
Tax legislation approved and regulatory update | Treaties | 06 February 2025 | Application of withholding tax under income tax treaties. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 04 February 2025 | Guidance on application of real estate transaction tax to “build-own-operate-transfer” contracts. Read more. |
Singapore | |||
Proposed legislation | Various tax topics | 20 February 2025 | Tax measures in budget 2025. Read more. |
Sri Lanka | |||
Proposed legislation | Various tax topics | 25 February 2025 | Proposed legislation includes Value Added Tax (VAT) and income tax changes. Read more. |
Proposed legislation | Various tax topics | 20 February 2025 | Tax measures in 2025 budget. Read more. |
Taiwan | |||
Tax legislation approved and regulatory update | Tax compliance | 25 February 2025 | Updated list of low-tax jurisdictions. Read more. |
Tax legislation approved and regulatory update | Income tax | 20 February 2025 | Increased tax deductions for salary expenses of small and medium enterprises. Read more. |
Tax legislation approved and regulatory update | Income tax | 14 February 2025 | Increased business tax thresholds from January 2025. Read more. |
United Arab Emirates | |||
Tax legislation approved and regulatory update | Tax compliance | 21 February 2025 | Updated FATCA and common reporting standards system user guide. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 14 February 2025 | Amendments to excise taxation of electronic smoking implements, guidance on correcting Value Added Tax (VAT) return errors. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 12 February 2025 | Legislation implementing Pillar Two global minimum tax rules. Read more. |
Proposed legislation | Indirect tax | 07 February 2025 | Public consultation on electronic invoicing data dictionary. Read more. |
Tax legislation approved and regulatory update | Tax compliance | 04 February 2025 | Updated guidance on participation exemption and foreign permanent establishment exemption. Read more. |
Uzbekistan | |||
Tax legislation approved and regulatory update | Income tax | 20 February 2025 | Tax exemptions for publishing and printing businesses, private education facilities. Read more. |
Vietnam | |||
Tax legislation approved and regulatory update | Various tax topics | 20 February 2025 | Multilateral Competent Authority Agreement for exchange of country-by-country reports signed, amendments to transfer pricing regulations. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 13 February 2025 | Extension of reduced environmental protection taxes on fossil fuels through 2025. Read more. |
