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ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Week in Tax: May 12 â€� 16, 2025

Recent tax developments from around the globe for the week ofÌýMay 12 â€� 16, 2025

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May 19, 2025

ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø 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: The House Ways and Means Committee has approved the tax title for the "One Big Beautiful" bill, which aims to make permanent key provisions of the 2017 Tax Cuts and Jobs Act, introduce new tax benefits, and offset costs through revenue-raising measures like adjustments to the SALT deduction cap and energy tax credits. As the bill progresses through Congress, further changes are possible, and ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø will provide ongoing updates on thisÌýdedicated webpage.
  • EU: The Economic and Financial Affairs Council has agreed on a draft directive to incentivize the use of the VAT import one-stop-shop (IOSS) by making sellers of low-value imported goods liable for import VAT if not registered under IOSS, requiring non-EU traders to appoint tax representatives, and repealing the special arrangement that shifts VAT obligations to customers. The directive aims to streamline VAT compliance for distance sales of imported goods within the EU and is expected to be formally adopted by July 1, 2028, with potential impacts on direct sellers and marketplaces. Read TaxNewsFlash
  • Argentina: The Senate approved the Multilateral Instrument (MLI) to implement tax treaty-related measures to prevent BEPS, which will take effect after executive promulgation and OECD deposit. The MLI's implementation will impact multinational enterprises by introducing key aspects such as the principal purpose test (PPT) and changes to the concept of permanent establishment (PE), aiming to enhance the integrity of the international tax system and reduce tax avoidance. Read TaxNewsFlash

United States

The House Ways and Means Committee approved theÌýtax titleÌýfor the “One Big Beautifulâ€� bill. Further changes to the tax title could occur as the bill is considered by the House Budget or Rules Committee, or even on the floor of the House during debate. In addition, the Senate could ultimately adopt tax provisions with significant differences as it considers its own version of the bill. ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø will continue to provide updates as the bill works its way through the process in Congress.

For ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø analysis and observations regarding sector or industry-specific provisions in the bill, read TaxNewsFlash.

Read TaxNewsFlash-Legislative Updates

  • Notice 2025-25: Carbon oxide sequestration credit under section 45Q, inflation adjustment factor for 2025
  • Notice 2025-26: Reference price under section 45K(d)(2)(C) for 2024
  • Rev. Rul. 2025-11: Interest rates, tax underpayments and overpayments remain same for third quarter 2025
  • Notices of filing of petitions for addition of six substances to Superfund list
  • Notices of filing of petitions for addition of Di-IsoNonyl Phthalate and Linear Nonyl UnDecyl Phthalate to Superfund list
  • Notices of filing of petitions for addition of nine substances to Superfund list
  • ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø article: Dispute prevention and resolution options
  • ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø article: Need to modernize definition of software for domestic manufacturing incentive

Read TaxNewsFlash-United States

Ìý

Transfer Pricing

  • Kenya: Tax proposals in Finance Bill 2025, including introduction of APAs
  • Korea: Right to claim refund of wrongly withheld tax (Supreme Court decision); VAT monthly reporting; obligation to file CbC report; other tax developments
Read TaxNewsFlash-Transfer Pricing

Africa

  • Kenya: Tax proposals in Finance Bill 2025, including introduction of APAs
  • Mozambique: New procedures for monthly reporting of VAT invoices
Read TaxNewsFlash-Africa

Americas

  • Argentina: Senate approves MLI to prevent base erosion and profit shifting (BEPS)
  • Bermuda: 2025-2026 budget proposes range of tax relief measures
  • Jamaica: Proposed expansion of agricultural vehicle duty concession
Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Final guidance on payment times reporting rules
  • Australia: Proposed extension of “off-the-planâ€� stamp duty concession (Victoria)
  • Australia: Tax measures in 2025 budget (Northern Territory)
  • Hong Kong: Legislation implementing company re-domiciliation regime passed by Legislative Council
  • India: Fair market value basis for asset received in liquidation (High Court decision)
  • Korea: Right to claim refund of wrongly withheld tax (Supreme Court decision); VAT monthly reporting; obligation to file CbC report; other tax developments
  • Malaysia: Tax developments summary (May 2025)
  • Philippines: Guidance on application of VAT on cross-border digital services rules
Read TaxNewsFlash-Asia Pacific

Europe

  • Albania: Tax authorities enforcing nonresident VAT digital services rules
  • Austria: Exclusion of nonresident investment funds from dividend withholding tax refunds compatible with EU law (CJEU judgment)
  • Denmark: VAT-registered entities subject to new digital bookkeeping requirements as of January 1, 2026
  • EU: Draft directive to incentivize the use of VAT import one-stop-shop (IOSS)
  • Latvia: Special tax regime for consumer credit service providers held constitutional (court decision)
  • Poland: Amendments to corporate income tax and VAT laws passed by Council of Ministers
  • UK: Refund claims for stamp duty land tax (court decisions)
  • UK: Treatment of distribution as dividend not of capital nature determined under foreign law (Court of Appeal decision)
Read TaxNewsFlash-Europe

FATCA / IGA / CRS

  • Anguilla: Compliance updates regarding FATCA and CRS
  • Germany: FATCA reporting deadline is July 31, 2025
  • Italy: Updated FATCA and CRS guidance
  • Panama: Clarification on GIIN limitations for classifying account holders as financial institutions
Read TaxNewsFlash-FATCA / IGA / CRS

Trade & Customs

  • U.S. CBP implements tariff modifications to address “stackingâ€�
  • United States and China announce trade agreement
  • European Commission issues consolidated list of “Classification Regulationsâ€�
Read TradeNewsFlash-Trade & Customs

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