For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.
To contact the International Tax Team email internationaltax@kpmg.com.
To register for the International Tax webcasts, click here.
Australia
Australia | |||
Tax legislation approved and regulatory update | Various tax topics | 31 January 2025 | Senate Committee report on bill to amend fuel-efficient vehicle definition under luxury car tax, deny deductions for interest charges on tax debts. Read more. |
Proposed legislation | Indirect tax | 22 January 2025 | Consultation on miscellaneous amendments to tax laws, including goods and services tax and excise taxes. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 22 January 2025 | New transfer pricing guidance on inbound related-party funding for property and construction. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 22 January 2025 | Legislation providing details on computation of top-up tax under Pillar Two rules. Read more. |
Bahrain
Bahrain | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 27 January 2025 | Updated domestic minimum top-up tax registration manual. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 21 January 2025 | Guide on entities within scope of domestic minimum top-up tax. Read more. |
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China
Tax legislation approved and regulatory update | Transfer pricing | 13 January 2025 | Report on advance pricing agreement program. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 07 January 2025 | Updated tax policies on residential properties, tax refund for property reinvestment. Read more. |
Tax legislation approved and regulatory update | Income tax | 06 January 2025 | Updated list of industries in western regions eligible for reduced enterprise income tax. Read more. |
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India
India | |||
Administrative and case law | Income tax | 28 January 2025 | Capital losses not reduced by grandfathered exempt capital gains under Mauritius treaty (Tribunal decision). Read more. |
Tax legislation approved and regulatory update | Treaties | 23 January 2025 | Grandfathering provision under tax treaty is excluded from principal purpose test. Read more. |
Administrative and case law | Income tax | 13 January 2025 | Capital reduction through share cancellation resulted in transfer of capital asset (Supreme Court decision). Read more. |
Tax legislation approved and regulatory update | Income tax | 08 January 2025 | No requirement to withhold tax on sales of goods to banks. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 08 January 2025 | Report on advance pricing agreement program. Read more. |
Tax legislation approved and regulatory update | Income tax | 07 January 2025 | Relief for certain filing delays by taxpayers claiming concessional corporate income tax rate. Read more. |
Administrative and case law | Indirect tax | 07 January 2025 | Goods and services tax rule imposing restrictions on exporters’ rights to claim refunds held invalid (High Court decision). Read more. |
Indonesia
Indonesia | |||
Tax legislation approved and regulatory update | Indirect tax | 31 January 2025 | Implementation of new core tax administration system. Read more. |
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Japan
Japan | |||
Tax legislation approved and regulatory update | Transfer pricing | 29 January 2025 | Updated guidance on income inclusion rule. Read more. |
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Kazakhstan
Kazakhstan | |||
Tax legislation approved and regulatory update | Income tax | 30 January 2025 | List of large taxpayers subject to monitoring. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 30 January 2025 | Pilot project for registering public procurement contracts in electronic value added tax invoice system. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 06 January 2025 | Pilot project for automated value added tax balance calculations. Read more. |
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Kuwait
Kuwait | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 08 January 2025 | Legislation implementing Pillar Two global minimum tax rules. Read more. |
Malaysia
Malaysia | |||
Tax legislation approved and regulatory update | Transfer pricing | 22 January 2025 | Transfer pricing guidelines and audit framework for 2024. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 14 January 2025 | Tax developments summary (January 2025). Read more. |
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Oman
Oman | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 08 January 2025 | Legislation implementing Pillar Two global minimum tax rules. Read more. |
Tax legislation approved and regulatory update | Treaties | 02 January 2025 | Oman ratifies tax treaties with Luxembourg and Estonia. Read more. |
Phillipines
Philippines | |||
Tax legislation approved and regulatory update | Indirect tax | 23 January 2025 | Application of Value Added Tax on digital services. Read more. |
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Saudi Arabia
Saudi Arabia | |||
Tax legislation approved and regulatory update | Various tax topics | 14 January 2025 | Penalty waiver for taxes, including Value Added Tax and excise tax, extended through June 2025. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 06 January 2025 | E-invoicing requirement extended to 19th group of taxpayers from September 30, 2025. Read more. |
Singapore
Singapore | |||
Tax legislation approved and regulatory update | Tax compliance | 10 January 2025 | Updated FATCA Frequently Asked Questions and user guide. Read more. |
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South Korea
South Korea | |||
Tax legislation approved and regulatory update | Tax compliance | 28 January 2025 | Revised common reporting standards regulations. Read more. |
Administrative and case law | Transfer pricing | 27 January 2025 | Transfer of shares subject to capital gains tax at arm’s length fair market value (Tax Tribunal decision). Read more. |
Tax legislation approved and regulatory update | Various tax topics | 08 January 2025 | Direct and indirect tax incentives to promote foreign investment announced. Read more. |
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Sri Lanka
Sri Lanka | |||
Tax legislation approved and regulatory update | Transfer pricing | 08 January 2025 | New advance pricing agreement guide. Read more. |
Tax legislation approved and regulatory update | Income tax | 06 January 2025 | Procedure for withholding tax on payments to nonresidents. Read more. |
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South Korea
South Korea | |||
Tax legislation approved and regulatory update | Tax compliance | 28 January 2025 | Revised common reporting standards regulations. Read more. |
Administrative and case law | Transfer pricing | 27 January 2025 | Transfer of shares subject to capital gains tax at arm’s length fair market value (Tax Tribunal decision). Read more. |
Tax legislation approved and regulatory update | Various tax topics | 08 January 2025 | Direct and indirect tax incentives to promote foreign investment announced. Read more. |
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Thailand
Thailand | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 21 January 2025 | Law implementing Pillar Two global minimum tax rules published. Read more. |
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United Arab Emirates
United Arab Emirates | |||
Tax legislation approved and regulatory update | Indirect tax | 16 January 2025 | Value added tax exemption does not apply to cryptocurrency mining. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 15 January 2025 | Guidance on tax groups, including transfer pricing rules applicable to groups. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 13 January 2025 | Gulf Cooperation Council (GCC) countries implement new integrated customs tariff |
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Vietnam
Vietnam | |||
Tax legislation approved and regulatory update | Indirect tax | 02 January 2025 | Reduced value added tax rate on certain goods and services. Read more. |
