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).
- Canada: A second budget bill containing the remaining tax measures from the 2025 federal budget includes global minimum tax provisions, clean economy incentives, and the cryptoasset reporting framework. Read TaxNewsFlash
- EU: The CJEU held that year-end transfer pricing adjustments designed to guarantee a target profit margin do not automatically constitute a taxable supply of services for VAT purposes unless a direct link to identifiable services exists. Multinational businesses may need to proactively review intercompany agreements so that transfer pricing policies and VAT positions are consistent, clearly distinguishing between price corrections and service remuneration to withstand continued tax authority scrutiny. Read TaxNewsFlash
- United States: The IRS announced terms of a time-limited settlement opportunity for eligible partnerships involved in conservation or historic preservation easement disputes, allowing for a deduction of approximate out-of-pocket costs while imposing a 10% gross valuation misstatement penalty if accepted within 90 days. For an additional 45 days following the initial 90-day window, the settlement remains available but the penalty increases to 20%, after which cases will only be resolved based on the hazards of litigation. Read TaxNewsFlash