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KPMG Week in Tax: June 1 – 5, 2026

Recent tax developments from around the globe for the week of June 1 – 5, 2026

June 8, 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: Proposed revisions to Chapter VII of the OECD’s Transfer Pricing Guidelines regarding intragroup services maintain the existing conceptual framework while introducing new documentation requirements and 21 illustrative examples. The public consultation for these revisions closes on July 22, 2026. Read a KPMG report
  • United States: The IRS and Treasury intend to issue proposed regulations adapting the section 4960 excise tax on excess tax-exempt organization executive compensation to the expanded "covered employee" definition under the “One Big Beautiful Bill Act” (OB3). The forthcoming guidance details expected inclusions and applicable exceptions for covered employees, with public comments requested by August 4, 2026. Read TaxNewsFlash
  • Belgium: Parliament approved a comprehensive tax program law implementing the November 2025 budget agreement, introducing rate increases across various areas including the VVPRbis scheme, liquidation reserves, securities accounts, and insurance premiums. Published on June 1, 2026, the legislation also modifies rules for copyright income and wage withholding exemptions, with provisions taking effect progressively between June 2026 and January 2027. Read TaxNewsFlash

United States

  • Notice 2026-36: Intent to issue proposed regulations under section 4960 on tax on tax-exempt organization compensation
  • U.S. Tax Court: Cryptocurrency staking rewards includible in income under section 61
  • Final regulations: Modifications to federal independent dispute resolution (IDR) process under No Surprises Act
  • KPMG article: Reported FIFA 2026 World Cup tax deal allows teams to seek section 501(c)(3) tax-exempt status

Read TaxNewsFlash-United States

  • Senate passes reconciliation package funding immigration enforcement, includes no tax

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Czech Republic: Simplification of top-up tax information returns confirmed
  • EU: EC publishes new Pillar Two FAQ on Cyprus; state of play on implementation of DAC9
  • Greece: Law clarifying Pillar Two rules, implementing DAC8 and DAC9 enacted
  • Hungary: Final tax declaration Form 24GLBADO for qualifying domestic minimum top-up tax
  • Indonesia: Administrative guidelines under Pillar Two rules
  • Ireland: Guidance on GIR filing and notification requirements under Pillar Two
  • KPMG report: Public consultation on proposed Revisions to Chapter VII of the OECD Transfer Pricing Guidelines
  • Luxembourg: Guidance on Amount B simplified transfer pricing approach

Read TaxNewsFlash-Transfer Pricing

FATCA / CRS / CARF

  • Bermuda: Further updates to CRS Independence Compliance Review Guidelines
  • British Virgin Islands: Updated CRS 2.0 guidance
  • Cayman Islands: CRS 2.0 self-certification forms

Read TaxNewsFlash-FATCA / CRS / CARF

Trade & Customs

  • President Trump signs order directing customs enforcement and reform
  • U.S. OFAC publishes “Introduction to the Office of Foreign Assets Control”
  • United States adjusts Section 232 tariffs for imports of aluminum, steel, and copper
  • USTR findings and proposed Section 301 tariffs on 60 economies failing to address forced labor
  • USTR initiates Section 301 investigation into Vietnam’s IP practices
  • USTR proposes Section 301 tariffs on Brazilian goods
  • USTR requests comments on scope and operation of U.S.-China Board of Trade

Read TradeNewsFlash-Trade & Customs

Africa

  • Botswana: Legislative package of tax and customs reforms
  • Botswana: VAT Amendment Act, 2025, introducing VAT on remote services, now effective
  • Zimbabwe: Cabinet approves removal of VAT on fish, fish products
  • Zimbabwe: Temporary removal of diesel taxes

Read TaxNewsFlash-Africa

Americas

  • Anguilla: Fuel tax relief package in response to rising global fuel prices
  • Canada: Proposed sales tax relief on food items and hygiene products (Quebec)
  • Colombia: Tax Supreme Court lifts suspension, reinstates withholding tax rates

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Bill excluding tobacco, gambling from R&D tax incentive passes lower house of Parliament
  • Australia: Legislation amending capital gains tax, introducing other new tax measures passes lower house of Parliament
  • Australia: Targeted stamp duty relief in 2026 budget (South Australia)
  • India: Workforce acquired as part of business acquisition constitutes depreciable intangible asset (tribunal decision)
  • Indonesia: Administrative guidelines under Pillar Two rules
  • Kazakhstan: New rules for exchange of tax and customs information between government authorities
  • Malaysia: Income tax treaty with Maldives enters info force
  • Türkiye: Constitutional Court annuls part of electronic tax notification provision
  • Türkiye: Income tax treaty with Zambia signed
  • Türkiye: Law introducing tax reforms approved by Parliament

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Parliament approves program law containing various tax measures
  • Czech Republic: Simplification of top-up tax information returns confirmed
  • EU: EC publishes new Pillar Two FAQ on Cyprus; state of play on implementation of DAC9
  • EU: Real estate transfer tax may not be imposed on contribution of shares qualifying as restructuring operation within meaning of capital duties directive (CJEU judgment)
  • Germany: Dividends paid during liquidation period may benefit from parent-subsidiary directive (Federal Tax court decision)
  • Greece: Law clarifying Pillar Two rules, implementing DAC8 and DAC9 enacted
  • Hungary: Final tax declaration Form 24GLBADO for qualifying domestic minimum top-up tax
  • Iceland: Proposed temporary reduction of VAT rate on fuel products
  • Ireland: Guidance on GIR filing and notification requirements under Pillar Two
  • Italy: Late submission of tax residence certificate does not preclude parent-subsidiary directive withholding tax exemption
  • Luxembourg: Guidance on Amount B simplified transfer pricing approach
  • Moldova: Amendments to tax code
  • Poland: Act introducing amendments to tax code passed by lower house of Parliament; other tax developments
  • Poland: Bill amending mandatory disclosure rules approved by lower house of Parliament
  • Romania: No statute of limitations for carrying forward negative VAT balance (High Court decision)
  • Spain: Proposed amended list of non-cooperative jurisdictions includes removal of Gibraltar
  • Türkiye: Constitutional Court annuls part of electronic tax notification provision
  • Türkiye: Income tax treaty with Zambia signed
  • Türkiye: Law introducing tax reforms approved by Parliament

Read TaxNewsFlash-Europe

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