KPMG Week in Tax: March 16 – 20, 2026

Recent tax developments from around the globe for the week of March 16 – 20, 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).

Belize: The government announced in the 2026/2027 budget speech its plans to fully implement e-invoicing for businesses under the general sales tax (GST) regime and introduce significant changes to the tax authority’s structure. Read TaxNewsFlash
Norway: The Ministry of Finance announced its intention to present a bill introducing mandatory digital bookkeeping and e-invoicing requirements for entities subject to bookkeeping obligations. Read TaxNewsFlash
UK: HMRC published their latest transfer pricing diverted profits tax (DPT) statistics for the year ended March 31, 2025 (FY 2024-2025). Read TaxNewsFlash
United States: Rev. Proc. 2026-17 provides transition guidance for taxpayers who previously elected under section 163(j)(7) to be treated as an electing real property trade or business, electing farming business, or excepted regulated utility trade or business, but who now wish to withdraw the election in light of the various amendments to sections 163(j)(8) and 168(k) under the “One Big Beautiful Bill Act” (OBBBA). Read TaxNewsFlash
United States: Notice 2026-20 extends for an additional year the temporary relief provided in Notice 2025-7, allowing eligible taxpayers to rely on alternative methods for making an adequate identification of units of digital assets held in the custody of a broker that are sold. Read TaxNewsFlash

United States

Final regulations: Unmarked vehicles used by emergency responders treated as qualified nonpersonal use vehicles
Notice 2026-20: One-year extension of temporary relief for making adequate identification of units of digital assets held in broker’s custody
Rev. Proc. 2026-17: Transition guidance for excepted trade or business elections

Read TaxNewsFlash-United States

Transfer Pricing

Belgium: Draft IIR top-up tax return published for public consultation
Belgium: Guidance on currency conversion for global minimum tax
Finland: Proposed additional amendments to Pillar Two rules
Greece: Guidance on requirements for constituent entity notifications under Pillar Two rules
Poland: DAC8 and DAC9 legislation signed by president; other tax developments
Romania: Draft guidance clarifying accounting treatment of deferred tax under Pillar Two rules
UK: Transfer pricing and DPT statistics for FY 2024-2025

Read TaxNewsFlash-Transfer Pricing

FATCA / CRS / CARF

Singapore: Implementation of FATCA XML schema version 2.0.1
UK: List of participating and reportable jurisdictions for CARF published

Read TaxNewsFlash-FATCA / CRS / CARF

Trade & Customs

U.S. OFAC issues Russia-related general license
U.S. OFAC announces $1.1 million settlement with online brokerage firm for violations of sanctions programs
Bahrain: Updated imports and exports VAT guide

Read TradeNewsFlash-Trade & Customs

Americas

Barbados: Tax measures in 2026 budget
Belize: Mandatory e-invoicing announced as part of 2026/2027 budget
Canada: Tax measures in 2026 budget (New Brunswick)
Canada: Tax measures in 2026 budget (Saskatchewan)
Central America and the Caribbean: Tax developments in Costa Rica, Guatemala, Panama, Dominican Republic, and Honduras
Chile: Tax treatment of terminated insurance contracts; other tax developments
Colombia: Temporary tax and compliance measures following declaration of climate-related emergency

Read TaxNewsFlash-Americas

Asia Pacific

Australia: ATO impact statement on High Court decision holding taxpayer not liable for withholding tax on embedded royalties or subject to DPT
Australia: Taxpayer entitled to refund of overpaid GST that was not “passed on” to purchasers (Federal Circuit and Family Court decision)
Bahrain: Updated imports and exports VAT guide
Kazakhstan: Updated list of countries not treated as CFCs
Malaysia: 6% service tax rate for rental or leasing services
New Zealand: Additional amendments to August tax bill include new thin capitalization rules for infrastructure investments
Oman: Second phase of implementation of e-invoicing
Taiwan-Singapore income tax treaty enters into force
Vietnam: Guidance on various provisions under corporate income tax law

Read TaxNewsFlash-Asia Pacific

Europe

Belgium: Draft IIR top-up tax return published for public consultation
Belgium: Guidance on currency conversion for global minimum tax
Czech Republic: One-time transaction is not economic activity for VAT registration purposes (Supreme Administrative Court decision)
Denmark: Public consultation on new e-invoicing format
EU: CJEU Advocate General opinion on VAT treatment of credit management in securitization structures (Finland)
EU: Updated State aid rules for sustainable transportation
Finland: Proposed additional amendments to Pillar Two rules
Greece: Guidance on requirements for constituent entity notifications under Pillar Two rules
Italy: Higher withholding tax rate on dividends paid to nonresidents held discriminatory under TFEU (Supreme Court decision)
Moldova: Consultations on draft legislation implementing multiple EU excise directives
Netherlands: Tax authority letter clarifying effect of Supreme Court decision invaliding increased corporate income tax interest rates
Norway: Ministry of Finance accelerates mandatory digital bookkeeping and e-invoicing requirements
Norway: Split VAT treatment required for data center services provided to foreign customers with customer-owned servers (Tax Appeals Board decision)
Poland: DAC8 and DAC9 legislation signed by president; other tax developments
Romania: Draft guidance clarifying accounting treatment of deferred tax under Pillar Two rules
Spain: Activities of insurance comparison site qualify for VAT exemption (National Court decision)
Sweden: Proposed amendments to VAT rules
UK: Amortization deductions denied under related-party rules; trading had not commenced for purposes of EIS (court decisions)
UK: Transfer pricing and DPT statistics for FY 2024-2025

Read TaxNewsFlash-Europe

Other publications

The items described above are also reported as editions of TaxNewsFlash:

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