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KPMG Week in Tax: May 18 – 22, 2026

Recent tax developments from around the globe for the week of May 18 – 22, 2026

May 25, 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).

  • OECD: The organization published three documents regarding the global minimum tax, including guidance on central GloBE information return (GIR) filing and exchange. This central GIR guidance will be the primary focus for multinational enterprises as they prepare for the June 30, 2026, reporting deadline for the 2024 fiscal year. Read TaxNewsFlash
  • United States: Treasury and the IRS issued final regulations easing administrative burdens by eliminating the January 31 deadline for partnerships to furnish complex section 751 gain or loss information (Part IV of Form 8308) to partners. Partnerships must now only provide basic transaction details by the initial deadline, allowing them to defer the more complex reporting until they file the completed form with their annual Form 1065. Read TaxNewsFlash
  • Greece: New Law 5301/2026 introduces a framework allowing taxpayers to obtain advance tax rulings on prospective transactions from the Independent Authority for Public Revenues. For a fee ranging up to €50,000, the tax administration will issue interpretations within 150 days that are legally binding on the government but remain optional for the taxpayer to apply. Read TaxNewsFlash

United States

  • Final regulations: Information reporting for sales or exchanges to which section 751(a) applies
  • IRS notices provide inflation adjustment factor for carbon oxide sequestration credit and reference price for determining enhanced oil recovery and marginal well production credits
  • Notice 2026-32: Alternative method for carrying broker-dealers to demonstrate satisfaction of adequate net worth requirement for nonbank trustees
  • Notice 2026-33: Guidance on qualified long-term care distributions
  • U.S. Treasury release: No change to list of countries cooperating with international boycott

Read TaxNewsFlash-United States

  • House passes bill aimed at improving tax procedure

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Australia: Guidance on amending global and domestic minimum tax assessments and GIRs
  • Finland: Guidance on identifying groups and allocating income under Pillar Two minimum tax rules
  • KPMG report: OECD clarifies GloBE information return central filing
  • Luxembourg: Administrative Tribunal decision on intra-group financing and guarantee arrangements
  • Sweden: Amendments to top-up tax under Pillar Two

Read TaxNewsFlash-Transfer Pricing

FATCA / CRS / CARF

  • Bahamas: FATCA reporting scheduled annually from May 1 to June 30
  • Germany: Cryptoasset operator registration form now available
  • UK: Updated international exchange of information manual

Read TaxNewsFlash-FATCA / CRS / CARF

Africa

  • Ghana: Reduced growth and sustainability levy for gold mining companies
  • Namibia: Updated excise duty rates on beer, wine, tobacco

Read TaxNewsFlash-Africa

Americas

  • Bermuda: Consultation on proposed amendments to corporate income tax regulations, draft tax credit regulations
  • Chile: Proposed tax changes in national reconstruction bill
  • Dominican Republic: Inflation adjustments, beneficial ownership obligations, and VAT on foreign exchange differences
  • Mexico: General criteria and operational guidelines for tax compliance
  • Uruguay: Changes to tax payment installment regime
  • Uruguay: Temporary suspension of individual income tax withholding on foreign source income

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Guidance on amending global and domestic minimum tax assessments and GIRs
  • Australia: Tasmania state budget 2026-2027
  • Bahrain: Updated Tax Agent/VAT Representative guide
  • Hong Kong: Updated proposals to enhance IP tax deduction regime
  • India: Interest incurred to facilitate share acquisition by subsidiary treated as deductible business expense (Supreme Court decision)
  • India: Royalties paid to nonresident not taxable in India if related to income earned outside India (tribunal decision)
  • Indonesia: New rules for preliminary tax refunds
  • Korea: Improvements to tax audit process
  • Malaysia: Clarification on meaning of "used" for sales tax drawback claims
  • Qatar: Cabinet approves e-invoicing draft law and executive regulations
  • UAE: Clarification of terms “director” and “officer” for purposes of limitation on deductibility of payments to connected persons

Read TaxNewsFlash-Asia Pacific

Europe

  • Finland: Guidance on identifying groups and allocating income under Pillar Two minimum tax rules
  • Greece: New binding tax rulings regime
  • Hungary: Advertisement tax suspended indefinitely
  • OECD: Montenegro deposits instrument of ratification for MLI
  • Poland: Reduced fuel taxes extended through May; other tax developments
  • Romania: 2026 tax guide
  • Sweden: Amendments to top-up tax under Pillar Two
  • Sweden: Proposal to temporarily reduce tax on fuel
  • Sweden: Proposed amendments to tonnage tax system

Read TaxNewsFlash-Europe

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