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KPMG Week in Tax: February 16 – 20, 2026

Recent tax developments from around the globe for the week of February 16 – 20, 2026

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february 23, 2026

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: The U.S. Supreme Court held that tariffs imposed by the president under the International Emergency Economic Powers Act (IEEPA) were not legally authorized. Later that day, President Trump signed a proclamation imposing a temporary 10% import duty under section 122 of the Trade Act of 1974. Read TradeNewsFlash
  • United States: The IRS released additional guidance regarding the corporate alternative minimum tax (CAMT), which generally imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of certain large corporations.  The new notice, in combination with a series of notices in 2025, results in significant changes to the CAMT regime and in how taxpayers have previously computed liability AFSI. Read a KPMG report with initial analysis and observations
  • Netherlands: The Dutch Lower House has approved a new Box 3 “wealth tax” regime, which would take effect on January 1, 2028, and tax individuals based on actual income, realized capital gains, and unrealized capital growth, with exceptions for immovable property and start-up shares taxed only on realized gains. The Upper House of Parliament still has to debate the bill. Read TaxNewsFlash

United States

  • Notice 2026-16: Interim guidance on special depreciation allowance for qualified production property under section 168(n)
  • KPMG report: Additional interim CAMT guidance (Notice 2026-7)
  • Notice 2026-7: Additional interim guidance on application of CAMT
  • U.S. Supreme Court: Presidential tariffs exceeded legal authority under International Emergency Economic Powers Act (IEEPA)
  • KPMG article: Fuel tax refund implementation encounters appropriation hurdles
  • KPMG report: Proposed regulations providing guidance on clean fuel production credit
  • KPMG report: Spain-United States implementing binding arbitration on tax treaty matters
  • IRS announces tax relief for taxpayers affected by winter storms in Louisiana

Read TaxNewsFlash-United States

  • GLAM: Section 4960 excise tax refund claims

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • Bahrain: Updated guidance on domestic minimum top-up tax (DMTT)
  • Belgium: Trends to consider for 2026 transfer pricing audits
  • Finland: Guidance on global minimum tax, qualified domestic minimum top-up tax; legislation implementing DAC9
  • South Africa: Guidance on global minimum tax registration

Read TaxNewsFlash-Transfer Pricing

Trade & Customs

  • President Trump signs executive order ending certain additional tariffs imposed under IEEPA
  • President Trump signs proclamation imposing temporary 10% import duty
  • U.S. Supreme Court: Presidential tariffs exceeded legal authority under International Emergency Economic Powers Act (IEEPA)
  • United States finalizes trade deal with Indonesia

Read TradeNewsFlash-Trade & Customs

Africa

  • Ghana: VAT measures from 2026 budget enacted
  • Nigeria: Timeline for implementation of e-invoicing and electronic fiscal system regime
  • South Africa: Guidance on global minimum tax registration

Read TaxNewsFlash-Africa

Americas

  • Canada: Consultation on clean technology and clean electricity investment tax credits
  • Canada: Tax measures in 2026 budget (British Columbia)
  • Colombia: New tool for reporting single-use plastic import tax
  • Dominican Republic: Updated selective consumption tax rates for alcohol and tobacco
  • Honduras: Various tax relief approved for FY 2026
  • Jamaica: Tax measures in 2026/2027 budget include tax on digital services and intangibles
  • Mexico: Tax incentive for film and audiovisual production

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Restructuring not subject to anti-avoidance rules (Full Federal Court decision)
  • Bahrain: Income tax treaty with Guernsey enters into force; tax treaty with Saudi Arabia signed
  • Bahrain: Updated guidance on domestic minimum top-up tax (DMTT)
  • Bahrain: Updated VAT guides
  • India: Draft Income-tax Rules, 2026 and forms released for consultation
  • Pakistan: No mandatory formula or single rule for apportioning expenses (Supreme Court decision)
  • Saudi Arabia: Regulatory frameworks for special economic zones
  • Sri Lanka: Eligibility criteria and tax concessions for strategic development projects
  • UAE: Corporate tax exemption for qualifying sports entities and related organizations
  • UAE: Profit margin scheme VAT guide

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Increased VAT rate on hotels, camping, and pesticides
  • Belgium: Trends to consider for 2026 transfer pricing audits
  • EU: Updated list of non-cooperative tax jurisdictions
  • Finland: Guidance on global minimum tax, qualified domestic minimum top-up tax; legislation implementing DAC9
  • Isle of Man: 2026 budget proposals include increased individual allowances
  • KPMG report: Spain-United States implementing binding arbitration on tax treaty matters
  • Netherlands: Transition to new Box 3 (“wealth tax”) regime
  • Poland: Updates to national e-invoicing system (KSeF) manual and new login options
  • Spain: Deduction of technical provisions confirmed for EU insurers (Supreme Court decision)
  • UK: Strict deadlines upheld despite perceived unfairness (First-tier Tribunal decision)

Read TaxNewsFlash-Europe

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