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: Rev. Proc. 2026-21 establishes a program to provide targeted letter rulings on specific "significant issues" within certain corporate transactions described in section 332, 351, 355, 368, or 1036, without needing to rule on the overall transaction's qualification. Effective for requests received after May 5, 2026, the initiative responds to taxpayer feedback seeking a more efficient and timely letter ruling process. Read TaxNewsFlash
- United States: The U.S. Court of International Trade invalidated Proclamation 11012 and its 10% import surcharge, finding the president exceeded statutory authority by relying on modern economic metrics not contemplated by Section 122 of the Trade Act of 1974. The court granted specific plaintiffs a permanent injunction and refunds of paid duties, though it declined to issue a universal injunction for all importers. Read TradeNewsFlash
- Belgium: Effective for fiscal years starting January 1, 2025, Belgium has integrated the OECD Pillar One Amount B guidance into its local transfer pricing rules. Additionally, the Belgian tax authorities released draft technical documentation and validation rules for the global anti-base erosion (GloBE) information return, which remain subject to the transposition of DAC9 into local law. Read TaxNewsFlash
- Brazil: Implementing regulations published on April 29, 2026, outline indirect tax reform transitioning the country to a dual VAT system that increases compliance obligations for nonresident sellers and digital platforms. Under the new framework, these entities must register for a local taxpayer number, adhere to strict e-invoicing and transaction-level reporting standards, and manage new joint tax liabilities alongside split-payment collection mechanisms. Read TaxNewsFlash