For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.
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Armenia
Armenia | |||
Tax legislation approved and regulatory update | Various tax topics | 10 July 2025 | Amendments to special tax regimes. Read more. |
Australia
Australia | |||
Administrative and case law | Income tax | 21 July 2025 | Guidance on claiming credit for foreign resident capital gains withholding from property sale. Read more. |
Proposed legislation | BEPS Pillar 2 | 17 July 2025 | Draft guidance on Pillar Two filing obligations. Read more. |
Administrative and case law | Indirect tax | 17 July 2025 | Goods and Services Tax (GST) treatment on refunds under container deposit scheme. Read more. |
Proposed legislation | BEPS Pillar 2 | 08 July 2025 | Draft guidance on granting exemptions to public Country-by-Country (CbC) regime. Read more. |
Bangladesh
Bangladesh | |||
Proposed legislation | Income tax | 29 July 2025 | Tax measures in National Budget FY 2025-2026. Read more. |
Hong Kong (SAR), China
Hong Kong (SAR), China | |||
Administrative and case law | Income tax | 29 July 2025 | Further guidance on foreign-sourced income exemption regime. Read more. |
Proposed legislation | Income tax | 23 July 2025 | Proposed enhancements of maritime service tax concessions, new tax concession for commodity trading. Read more. |
India
India | |||
Administrative and case law | Income tax | 31 July 2025 | Updated Frequently Asked Questions (FAQs) and reporting portal user guide. Read more. |
Proposed legislation | Income tax | 23 July 2025 | Select committee report on proposed legislation to replace Income-tax Act, 1961. Read more. |
Administrative and case law | Treaties | 11 July 2025 | Anti-fragmentation rule in definition of permanent establishment (PE) not applicable absent any business activity carried on by foreign enterprise in India (tribunal decision). Read more. |
Administrative and case law | Treaties | 08 July 2025 | Mauritius company not an Indian tax resident because control and management not situated “wholly” in India. Read more. |
Japan
Japan | |||
Tax legislation approved and regulatory update | Various tax topics | 17 July 2025 | Upcoming changes to domestic framework aligned with 2022 Common Reporting Standard (CRS) amendments. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 07 July 2025 | Revised guidelines for GloBE information return, guidance on transfer pricing consequences of other jurisdictions application of Amount B. Read more. |
Kuwait
Kuwait | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 09 July 2025 | Regulations under Pillar Two global minimum tax rules. Read more. |
Malaysia
Malaysia | |||
KPMG publication | Various tax topics | 14 July 2025 | Tax developments summary (July 2025). Read more. |
Pakistan
Pakistan | |||
Tax legislation approved and regulatory update | Income tax | 09 July 2025 | Indirect tax changes in various Provincial Finance Acts, 2025. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 08 July 2025 | Direct and indirect tax changes enacted in Finance Act 2025. Read more. |
KPMG publication | Income tax | 07 July 2025 | Withholding tax collection rates for tax year 2026. Read more. |
Philippines
Philippines | |||
Tax legislation approved and regulatory update | Income tax | 30 July 2025 | Legislation rationalizing tax rates on passive investments signed into law. Read more. |
Administrative and case law | Tax compliance | 29 July 2025 | Guidance on books of accounts, value added tax zero-rate documentation requirements. Read more. |
Singapore
Singapore | |||
Administrative and case law | Income tax | 22 July 2025 | Taxpayer not “trading in derivates” within meaning of financial sector incentive regulations (Income Tax Board of Review decision). Read more. |
Tax legislation approved and regulatory update | Indirect tax | 16 July 2025 | Updated guide on Goods and Services Tax (GST) concession for REITs, qualifying registered business trusts. Read more. |
Tax legislation approved and regulatory update | Income tax | 16 July 2025 | Guidance on corporate income tax filing season 2025. Read more. |
Tax legislation approved and regulatory update | Income tax | 10 July 2025 | Updated guidance on payments subject to withholding tax. Read more. |
Administrative and case law | Income tax | 10 July 2025 | Company did not have taxable presence merely by selling goods manufactured locally. Read more. |
South Korea
South Korea | |||
Administrative and case law | Indirect tax | 21 July 2025 | Zero-rated Value Added Tax (VAT) treatment unavailable for domestic portion of international freight forwarding services (Tax Tribunal decision). Read more. |
Sri Lanka
Sri Lanka | |||
Tax legislation approved and regulatory update | Indirect tax | 07 July 2025 | Value Added Tax (VAT) rules for supply of services by nonresident through electronic platforms. Read more. |
Taiwan
Taiwan | |||
Tax legislation approved and regulatory update | Transfer pricing | 22 July 2025 | Clarification of requirement to prepare transfer pricing report or substitute documentation if specified conditions met. Read more. |
Proposed legislation | Income tax | 10 July 2025 | Proposals to expand investment tax credit incentives. Read more. |
Proposed legislation | Treaties | 10 July 2025 | Application period extended for tax agreement benefits. Read more. |
Proposed legislation | Indirect tax | 10 July 2025 | Value Added Tax (VAT) registration threshold increased for nonresident e-service providers. Read more. |
United Arab Emirates
United Arab Emirates | |||
Tax legislation approved and regulatory update | Income tax | 25 July 2025 | Guidance allowing depreciation on investment properties held at fair value. Read more. |
Administrative and case law | Indirect tax | 16 July 2025 | Clarification of Value Added Tax (VAT) recovery on SWIFT Messages limited to financial institutions. Read more. |
Administrative and case law | Treaties | 07 July 2025 | Mutual agreement procedure (MAP) guidance. Read more. |
Vietnam
Vietnam | |||
Tax legislation approved and regulatory update | Indirect tax | 07 July 2025 | Updated Value Added Tax (VAT) guidance. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 07 July 2025 | Guidance on invoices and documents for Value Added Tax (VAT) purposes. Read more. |
