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KPMG Week in Tax: July 20 – 24, 2026

Recent tax developments from around the globe for the week of July 20 – 24, 2026

July 27, 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: President Trump signed three proclamations imposing an additional 50% ad valorem tariff on a wide range of Canadian imports (covering products ranging from wine to hockey sticks to cement) effective August 19, 2026 (read TradeNewsFlash), as well as a memorandum imposing additional duties under Section 301 of the Trade Act of 1974 of 10% or 12.5% on imports from 60 economies, subject to certain exceptions (read TradeNewsFlash).
  • UK: The government published draft legislation for the Finance Bill 2026-2027, which includes implementation of the Pillar Two side-by-side package, as well as proposed changes to the foreign branch exemption regime and proposals related to energy, real estate, and financial sectors. Read TaxNewsFlash
  • KPMG: Tax professionals from KPMG International Limited submitted comments in response to the OECD’s public consultation on Proposed Revisions to Chapter VII of the OECD Transfer Pricing Guidelines, covering special considerations for intragroup services. The comments express general support for the revisions, but also express concern that the proposed revisions lay out unrealistic expectations for the substantiation of intragroup service expenses that may prevent taxpayers from deducting such expenses. Read TaxNewsFlash

United States

  • Rev. Proc. 2026-28: Exemption from Form 990 filing for FIFA foreign participating member associations
  • U.S. Tax Court: Valuation of taxable gifts resulting from trust termination is not reduced by reason of testamentary limited power of appointment

Read TaxNewsFlash-United States

Legislative Updates

  • House Ways and Means Committee approves four bills concerning tax-exempt organizations

Read TaxNewsFlash-Legislative Updates

Transfer Pricing

  • Hong Kong: Guidance on GloBE information return (GIR) filing
  • Japan: Guidance on GloBE information return (GIR) system
  • KPMG comments on Proposed Revisions to Chapter VII of the OECD Transfer Pricing Guidelines
  • Luxembourg: Draft legislation introducing OECD side-by-side package
  • Mauritius: Extension of deadline for submission of DMTT return
  • OECD: Corporate tax statistics 2026
  • Singapore: Guidance on deductibility of payments for related-party services
  • UK: Draft legislation for Finance Bill 2026-2027 includes implementation of Pillar Two side-by-side package

Read TaxNewsFlash-Transfer Pricing

FATCA / CRS / CARF

  • Anguilla: Regulations amended to implement CRS 2.0
  • Singapore: Updated XML schema user guide for CRS return
  • Switzerland: Model 1 FATCA IGA transition delayed again until 2029

Read TaxNewsFlash-FATCA / CRS / CARF

Exempt Organizations

  • Rev. Proc. 2026-28: Exemption from Form 990 filing for FIFA foreign participating member associations
  • House Ways and Means Committee approves four bills concerning tax-exempt organizations

Read TaxNewsFlash-Exempt Organizations

Trade & Customs

  • United States imposes Section 301 tariffs on 60 economies failing to address forced labor
  • U.S. interim final rules: Transfer of firearm suppressors to Commerce (EAR/CCL) jurisdiction and related export control changes
  • United States imposes 50% tariffs on selected Canadian imports
  • United States agrees to trade deal with Jordan
  • U.S. incentive program to offer reduced tariff rates on primary aluminum imports for companies investing in domestic smelting
  • U.S. executive order restricts critical material waivers from covered nations and mandates supply chain mapping

Read TradeNewsFlash-Trade & Customs

Americas

  • Bermuda: Primary corporate income tax return schedules and instructions
  • Canada: Provincial sales tax on professional services expanded to additional accounting services (British Columbia)
  • Chile: Guidance on determination of foreign tax credit with respect to dividends; other tax developments
  • Mexico: Updates to digital platform and digital services rules
  • Trinidad and Tobago: Tax measures in Finance Act 2026

Read TaxNewsFlash-Americas

Asia Pacific

  • Hong Kong: Guidance on GloBE information return (GIR) filing
  • Hong Kong: Income tax treaty with Cyprus signed
  • India: Salary costs attributable to PE not treated as head office expenditure subject to domestic deductibility restriction (tribunal decision)
  • India: Taxpayer’s refund claim allowed, even though made under statute allowing for foreign tax credits (High Court decision)
  • Indonesia: New rules governing placement of natural resource export proceeds
  • Japan: Guidance on consumption tax treatment of cross-border e-commerce
  • Japan: Guidance on GloBE information return (GIR) system
  • Kazakhstan: Consultation on proposed amendments to new Tax Code
  • Kazakhstan: New rules for VAT-free pilot project
  • New Zealand: GST treatment of goods and services acquired before registration
  • Qatar: Implementation of excise tax on sugar-sweetened beverages
  • Qatar: Ratification of income tax treaty with UAE
  • Singapore: Guidance on deductibility of payments for related-party services
  • Singapore: Guidance on grants to encourage GST InvoiceNow adoption
  • Singapore: Income tax treaty with Tanzania signed
  • UAE: Adjustments following registrant's exit from VAT Group
  • UAE: Phased implementation of e-invoicing beginning January 1, 2027
  • UAE: Updated e-invoicing guidelines

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Proposal to introduce e-reporting of invoicing data from 2028
  • France: E-reporting requirements for foreign companies without PE
  • Luxembourg: Draft legislation introducing OECD side-by-side package
  • Luxembourg: Proposed energy-related temporary tax credits; guidance regarding VAT treatment of photovoltaic solar installations
  • Montenegro: Income tax treaty with Spain signed
  • Netherlands: Clarifications regarding tax classifications for Barbados, French, and Saudi entities
  • Netherlands: Income tax treaty with Benin signed
  • Poland: Proposed amendments to excise duty regime; draft regulations for windfall tax reporting; other tax developments
  • Serbia: Income tax treaty with Angola signed
  • UK: Draft legislation for Finance Bill 2026-2027 includes implementation of Pillar Two side-by-side package
  • UK: Final carbon border adjustment mechanism (CBAM) guidance

Read TaxNewsFlash-Europe

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