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).
- Canada: New Canadian counter-tariffs ranging from 15% to 50% will apply to CA$27.6 billion of U.S. imports beginning September 8, 2026, in response to recently imposed U.S. tariffs on Canadian products. The measures affect a broad range of sectors, including steel, aluminum, dairy, appliances, agricultural equipment, electronics, furniture, and apparel. Read TradeNewsFlash
- Chile: The Chilean tax authority reported that 125 transfer pricing audits completed in 2025 generated nearly USD 103 million in additional tax collections, highlighting the use of advanced data analytics and risk assessment methodologies in taxpayer selection. The authority also published aggregated statistics on related-party transactions and country-by-country (CbC) reporting for the first time as part of its tax risk management and transparency strategy. Read TaxNewsFlash
- United States: Proposed regulations implementing OBBBA changes to the controlled foreign corporation (CFC) inclusion rules under sections 951 and 951A include new rules for determining a U.S. shareholder’s pro rata share of subpart F income, tested income, and tested loss. The proposed regulations generally adopt a daily proration approach for ownership changes, provide guidance on CFC tax-year closings and transition rules, and are proposed to apply to tax years beginning after December 31, 2025. Read TaxNewsFlash
- United States: The U.S. Court of Federal Claims held that a Canadian charity was not entitled to a refund of U.S. withholding tax on dividend income earned through a Canadian unit trust, finding that the U.S.-Canada income tax treaty limits reciprocal tax treatment for tax-exempt charities to certain specified pooled investment vehicles that do not include unit trusts. Read TaxNewsFlash