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KPMG Week in Tax: October 19 – 23, 2026

Recent tax developments from around the globe for the week of October 19 – 23, 2026

October 26, 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 acquiesced in the result of the Tax Court’s Siemens decision, which invalidated the extraordinary disposition rules under section 245A, and said it will follow that result in other cases regardless of whether the temporary or final regulations apply. However, the IRS continues to disagree with the court’s reasoning and will enforce other unaffected rules and scrutinize relevant transactions under other applicable tax rules. Read TaxNewsFlash
  • Belgium: Parliament adopted legislation implementing DAC9 and extending the statutory domestic top-up tax return filing deadline from 11 to 15 months after the end of the fiscal year. The law also provides transitional relief that may further extend the deadline for certain groups. Read TaxNewsFlash
  • Kenya: Final regulations provide guidance on Kenya’s significant economic presence tax, which applies to nonresident service providers deriving income from Kenya through the internet or electronic networks. The regulations address the scope of taxable services, user location, registration, filing, and enforcement. Read TaxNewsFlash

United States

  • IRS acquiesces to result in Tax Court decision finding extraordinary disposition rules under section 245A temporary regulations to be invalid
  • IRS provides temporary reporting, recordkeeping relief for dyed diesel fuel excise tax
  • Proposed regulations partially withdrawn: Guidance under section 355 concerning device and active trade or business
  • Rev. Procs. 2026-33 and 2026-34: Updated retirement plan correction program, creation of correction program for individual retirement accounts (IRAs)
  • KPMG article: New guidance reshapes section 45Z clean fuel credit

Read TaxNewsFlash-United States

Exempt Organizations

  • KPMG report: New law allows certain clergy to reenter Social Security and Medicare

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • Belgium: Law implementing DAC9, extending statutory DTT return filing deadline adopted by Parliament
  • EU: EC launches public consultation on DAC recast proposal
  • Greece: Draft bill proposing changes to rules for filing GloBE information return (GIR)
  • KPMG report: Do proposed tax measures in Mexico’s 2027 Economic Package function as Pillar Two rules?
  • Netherlands: Policy decree on application of Pillar Two Minimum Tax Act
  • OECD: Ninth peer review on country-by-country (CbC) reporting
  • OECD: Revised GloBE Information Return (Pillar Two) XML schema user guide
  • Poland: Proposed changes to transfer pricing regulations; other tax developments
  • Singapore: Administrative concession for prior transfer pricing treatment of share-based compensation costs

Read TaxNewsFlash-Transfer Pricing

FATCA / CRS / CARF

  • Australia: Updated guidance on CRS XML schema v3.0 implementation
  • Channel Islands: Draft guidance notes on CRS 2.0 (Guernsey)
  • Germany: Updated FATCA guidance

Read TaxNewsFlash-FATCA / CRS / CARF

Trade & Customs

  • President Trump directs Commerce, USTR to negotiate over imports of wind turbines and components
  • President Trump implements, waives new Russia-related tariffs and sanctions
  • U.S. CBP extends compliance date for certain international mail entries, modifies informal mail entry test
  • USTR proposes further two-month suspension of Section 301 action on China’s maritime, logistics, and shipbuilding sectors

Read TradeNewsFlash-Trade & Customs

Africa

  • Ghana: Real-time VAT collection on cross-border digital services
  • Kenya: Final regulations on application of significant economic presence (SEP) tax
  • Kenya: New income tax exemption rules for collective investment schemes
  • Kenya: New withholding tax rules

Read TaxNewsFlash-Africa

Americas

  • Colombia: New district tax reform (Bogotá)
  • Costa Rica: Requirement to register in the Unified Tax Registry phone numbers linked to bank accounts used to receive payments
  • KPMG report: Do proposed tax measures in Mexico’s 2027 Economic Package function as Pillar Two rules?

Read TaxNewsFlash-Americas

Asia Pacific

  • Australia: Draft legislation introducing minimum tax on discretionary trusts
  • Australia: Market valuation requirements under new capital gains tax rules
  • India: GAAR could not be invoked merely because taxpayer’s losses offset gains (High Court decision)
  • Kazakhstan: Enforcement measures applied to tax non-compliant foreign digital platforms
  • Maldives: Bill would reverse GST on offshore tour operators and booking platforms
  • Philippines: Recent tax procedure guidance
  • Singapore: Administrative concession for prior transfer pricing treatment of share-based compensation costs

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Law implementing DAC9, extending statutory DTT return filing deadline adopted by Parliament
  • Cyprus: Reduced VAT rate for photovoltaic systems
  • Cyprus: Zero VAT rate applies to specified essential goods through May 31, 2027
  • Czech Republic, Denmark, Finland and Italy: Positions on omnibus proposal to simplify EU direct taxation rules
  • EU: CJEU Advocate General opinion on compatibility of Austrian private foundation regime with free movement of capital
  • EU: EC launches public consultation on DAC recast proposal
  • EU: EC sends letters of formal notice to Hungary, Ireland, Italy and Romania concerning discriminatory taxation of income from bonds
  • EU: ECOFIN discusses calls for EU-wide windfall tax on energy companies
  • EU: European Parliament adopts resolution on corporate tax policy
  • Germany: Proposed offsetting model for import VAT; other VAT developments
  • Greece: Draft bill proposing changes to rules for filing GloBE information return (GIR)
  • Netherlands: Policy decree on application of Pillar Two Minimum Tax Act
  • Poland: Proposed changes to transfer pricing regulations; other tax developments
  • Poland: Recent tax developments affecting the energy sector
  • UK: Package of practical tools to help importers assess carbon border adjustment mechanism (CBAM) liabilities

Read TaxNewsFlash-Europe

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