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KPMG Week in Tax: June 15 – 19, 2026

Recent tax developments from around the globe for the week of June 15 – 19, 2026

June 22, 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 IRS released Notice 2026-40, announcing that their intent to issue proposed regulations regarding qualified opportunity zones (QOZs) under sections 1400Z-1 and 1400Z-2, as amended by the “One, Big, Beautiful Bill Act” (OBBBA). Read TaxNewsFlash
  • United States: The U.S. Tax Court issued a significant memorandum decision providing a detailed analysis of the “funded research” exclusion under section 41(d)(4)(H). Read TaxNewsFlash
  • Singapore: The Inland Revenue Authority of Singapore (IRAS) published the ninth edition of e-Tax Guide on Transfer Pricing Guidelines, providing a new FAQ on the transfer pricing treatment of stock-based compensation costs, effective from year of assessment (YOA) 2026. Read TaxNewsFlash
  • Canada: Finance proposed an extension to June 30, 2027 (from June 30, 2026), of temporary tariff remissions (i.e., horizontal tariff relief) for eligible steel and aluminum products from the United States, as well as for eligible steel products subject to derivative tariffs. Read TradeNewsFlash

United States

  • Notice 2026-40: Intent to issue proposed regulations regarding qualified opportunity zones (QOZs) under sections 1400-1 and 1400Z-2
  • KPMG article: Effects of recent international tax developments on inbound private equity structures
  • U.S. Tax Court: Architectural partnership largely denied R&D credits but partner compensation was reasonable under section 174(e)
  • IRS grants tax relief for Tribal Nations affected by severe storms in Arizona and Montana

Read TaxNewsFlash-United States

Transfer Pricing

  • Belgium: Draft UTPR top-up tax return published for public consultation
  • Belgium: GIR filer notification deadline, IIR and DTT return templates
  • Cyprus: Announcements on implementation of Pillar Two framework
  • EU: Pillar Two compliance manual
  • Poland: Proposed windfall tax on liquid fuels, relaxation of procedural transfer pricing requirements; other tax developments
  • Singapore: New FAQ on transfer pricing treatment of stock-based compensation costs
  • Singapore: Updated guidance on registration for multinational enterprise top-up tax and domestic top-up tax

Read TaxNewsFlash-Transfer Pricing

Trade & Customs

  • Canada: Temporary tariff remissions extended to 2027
  • Kenya: Tax and customs proposals in 2026/2027 budget
  • Pakistan: Direct and indirect tax measures in Finance Bill, 2026
  • U.S. CBP to detain copper imports from Serbian producer due to forced labor

Read TaxNewsFlash-Trade & Customs

Africa

  • Kenya: Tax and customs proposals in 2026/2027 budget
  • Namibia: Mandatory e-invoicing implementation timeline revised

Read TaxNewsFlash-Africa

Americas

  • Argentina: Increased tax on liquid fuels, carbon dioxide
  • Canada: Enforcement of trailing commission GST/HST extended to 2028
  • El Salvador: Withholding tax on income derived by nonresidents from securities traded on Salvadorean stock exchange repealed

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Legislation expanding build-to-rent land tax exemption passes state Parliament (Western Australia)
  • Australia: Memorandum of Understanding on MLI arbitration process for taxes on income covered by income tax treaty with the Netherlands
  • Australia: Update on proposed legislation to amend capital gains tax and introduce new tax reform measures
  • Hong Kong: Draft legislation to enhance tax concessions for maritime service industry, introduce new tax concession for physical commodity trading
  • Hong Kong: Draft legislation to enhance tax incentives under Unified Fund Exemption and carried interest regimes
  • India: Tax benefit on restructuring allowed if backed by commercial expediency (tribunal decision)
  • Indonesia: Temporary VAT relief for domestic economy class air travel
  • Pakistan: Direct and indirect tax measures in Finance Bill, 2026
  • Singapore: New FAQ on transfer pricing treatment of stock-based compensation costs
  • Singapore: Ruling on income tax issues relating to amalgamation of companies
  • Singapore: Tax framework for variable capital companies
  • Singapore: Updated guidance on registration for multinational enterprise top-up tax and domestic top-up tax
  • Türkiye: Adjusted tax rate on specified financial transactions
  • Türkiye: Tax reform law submitted to Parliament; revised tax rates, bases for specified transactions; income tax treaty with Tanzania signed

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Draft UTPR top-up tax return published for public consultation
  • Belgium: GIR filer notification deadline, IIR and DTT return templates
  • Croatia: Extension of reduced VAT rate on fuels; amendments to corporate income tax procedural rules
  • Cyprus: Announcements on implementation of Pillar Two framework
  • EU: Pillar Two compliance manual
  • France: Memorandum of understanding on cross-border work under Swiss income tax treaty
  • Ireland: Reduced VAT rate for restaurant, catering, and hairdressing
  • Liechtenstein: Income tax treaty with Belgium signed
  • Malta: Protocol to tax treaty with San Marino enters into force
  • Netherlands: Interest deductions may be denied under interest deduction limitation rules even if taxable to recipient (Supreme Court decision)
  • Netherlands: Omnibus tax bill 2027
  • Norway: Consultation on repeal of nitrogen oxide tax
  • Poland: Proposed windfall tax on liquid fuels, relaxation of procedural transfer pricing requirements; other tax developments
  • Romania: Consultation on mutual agreement procedure (MAP) amendments
  • Türkiye: Adjusted tax rate on specified financial transactions
  • Türkiye: Tax reform law submitted to Parliament; revised tax rates, bases for specified transactions; income tax treaty with Tanzania signed

Read TaxNewsFlash-Europe

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