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KPMG Week in Tax: May 25 – 29, 2026

Recent tax developments from around the globe for the week of May 25 – 29, 2026

June 1, 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 staff of the Joint Committee on Taxation (JCT) released its 341-page general explanation of Pub. L. No. 119-21, commonly referred to as the “One Big Beautiful Bill Act” (OBBBA). Read TaxNewsFlash
  • Australia: The Australian Taxation Office (ATO) updated its guide on the implementation of Pillar Two in Australia, with new details on GIR exchange and the implications of possible adoption of OECD side-by-side package into Australian law. Read TaxNewsFlash
  • New Zealand: The Inland Revenue Department (IRD) issued updated guidance on transfer pricing documentation, including explaining expectations for maintaining Master file and Local file documentation aligned with the OECD transfer pricing guidelines and the arm’s length principle. Read TaxNewsFlash

United States

  • Proposed regulations: Withdrawal of applicability dates under proposed section 892 regulations issued in December 2025
  • Renewable electricity production inflation factors, reference prices for 2026
  • Sixth Circuit: Section 4261 “ticket tax” applies to flight usage charges only, and not to fees for overhead and management
  • KPMG article: A refresher on tax statutes of limitations

Read TaxNewsFlash-United States

  • JCT general explanation of “One Big Beautiful Bill” (“Bluebook”)

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Australia: Updated guide on Pillar Two, with details on GIR exchange, implications of possible adoption of side-by-side package
  • New Zealand: Updated transfer pricing documentation guidance
  • Netherlands: DAC8 enacted; qualification as joint venture under Pillar Two rules; other tax developments
  • OECD: Consolidated commentary to global anti base erosion (GloBE) model rules
  • Poland: Template for GloBE information return; other tax developments
  • UK: Updated list of Pillar Two territories, qualifying top-up taxes

Read TaxNewsFlash-Transfer Pricing

Trade & Customs

  • United States: Tariffs on certain products of Taiwan modified, implementing trade agreement signed earlier this year
  • Bahrain: Customs duties and 10% VAT to apply on shipments valued over BHD 100
  • Dominica: Extended VAT exemption and import duty waivers on essential goods
  • Vietnam: Customs procedures under centralized customs clearance model (Hai Phong City)

Read TradeNewsFlash-Trade & Customs

Africa

  • Africa: Rules on collecting VAT on online and digital supplies in Rwanda; other tax developments

Read TaxNewsFlash-Africa

Americas

  • Central America and the Caribbean: Tax developments in Costa Rica, Guatemala, Panama, and Dominican Republic
  • Costa Rica: Decreased excise tax rates for non-alcoholic beverages, perfumed soap
  • Dominica: Extended VAT exemption and import duty waivers on essential goods
  • Saint Kitts and Nevis: Reduced gasoline excise tax and extended exemptions for alternative energy equipment

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Consultation on draft legislation on grid matching requirements for hydrogen producer tax incentive; private capital program guidance
  • Australia: KPMG recommendations on thin capitalisation reforms
  • Australia: Proposed legislation to amend capital gains tax and introduce new tax measures
  • Australia: Updated guide on Pillar Two, with details on GIR exchange, implications of possible adoption of side-by-side package
  • Bahrain: Customs duties and 10% VAT to apply on shipments valued over BHD 100
  • India: Reimbursements of salary costs not fees for technical services subject to withholding under UK treaty (tribunal decision); other direct and indirect tax developments
  • India: Short-term capital loss on sale of business to subsidiary disallowed (tribunal decision)
  • New Zealand: Draft guidance on application of reduced value rule for GST on long-stay accommodations in commercial dwellings
  • New Zealand: Legislation introducing package of compliance simplification measures enacted; updated guidance on tax implications of sponsorships
  • New Zealand: Tax measures in 2026 budget
  • New Zealand: Updated transfer pricing documentation guidance
  • Singapore: Proposed support measures amid rising energy costs; subordinated perpetual securities treated as debt; Kenya tax treaty enters into force
  • Uzbekistan: Law introducing Islamic banking enacted
  • Vietnam: Customs procedures under centralized customs clearance model (Hai Phong City)
  • Vietnam: Fuel-related taxes reduced to zero

Read TaxNewsFlash-Asia Pacific

Europe

  • Andorra: Income tax treaty with Estonia enters into force
  • Belgium: Details on capital gains tax
  • Belgium: Request for certificates for increased thematic investment deduction now available
  • EU: CJEU Advocate General opinion on application of anti-abuse rule of parent-subsidiary directive
  • EU: VAT in the Digital Age (ViDA) implementation work program for 2026
  • Germany: Determination of place of supply of marketing services (Federal Fiscal Court decision); other VAT developments
  • Germany: New draft bill amending Tax Advisory Act; other tax developments
  • Netherlands: DAC8 enacted; qualification as joint venture under Pillar Two rules; other tax developments
  • Netherlands: Proposed e-invoicing and digital reporting framework under ViDA
  • Poland: Template for GloBE information return; other tax developments
  • UK: Proposal to make foreign permanent establishment (PE) exemption compulsory
  • UK: Temporary reductions in transport-related taxes; guidance on taxation of “ecosystem services”; consultation on changes to plastic packaging tax
  • UK: Updated list of Pillar Two territories, qualifying top-up taxes
  • UK: Voluntary pilot R&D advance assurance scheme for SMEs

Read TaxNewsFlash-Europe

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