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KPMG Week in Tax: October 26 – 30, 2026

Recent tax developments from around the globe for the week of October 26 – 30, 2026

November 2, 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).

  • Australia: Tax reform legislation passed the lower house of Parliament that would introduce a minimum tax regime for discretionary trusts and other tax changes, as well as measures supporting innovation, R&D, and investment. The bills now move to the Senate for consideration. Read TaxNewsFlash
  • UK: The Autumn Budget 2026 includes a broad package of proposed business tax measures affecting areas including capital allowances, withholding tax, VAT, e-invoicing, banking, energy, and customs. Read TaxNewsFlash
  • United States: The IRS acquiesced in federal appellate court decisions holding that legal expenses incurred defending “Hatch-Waxman” litigation are deductible as ordinary and necessary business expenses under section 162 rather than capitalized. Read TaxNewsFlash

United States

  • IRS acquiesces to result in Third and Federal Circuit decisions that “Hatch-Waxman” litigation expenses are deductible under section 162
  • IRS provides tax relief for taxpayers affected by severe storms in Texas
  • Rev. Rul. 2026-22: Pension plan’s section 401(h) account assets can fund medical benefits for active participants eligible for in-service distributions

Read TaxNewsFlash-United States

Exempt Organizations

  • IRS announces mobile-friendly format of Form 15644, Supplemental Group Ruling Information

Read TaxNewsFlash-Exempt Organizations

Transfer Pricing

  • KPMG article: African firms struggle to find good transfer pricing comparables
  • Kuwait: Approval of MCAA on country-by-country (CbC) reporting
  • Poland: Package of tax legislation passed by lower house of Parliament; other tax developments

Read TaxNewsFlash-Transfer Pricing

FATCA / CRS / CARF

  • Luxembourg: Cryptoasset reporting framework (CARF) reporting user manual and XSD schema
  • Spain: Temporary suspension of CRS reporting for XSD schema transition

Read TaxNewsFlash-FATCA / CRS / CARF

Trade & Customs

  • EC publishes 2027 version of Combined Nomenclature
  • EU: NCTS Phase 6 deployed for customs transit procedures
  • President Trump directs Commerce, USTR to negotiate over imports of robotics, industrial machinery and parts
  • U.S. BIS renews temporary denial of export privileges for Iran-based airline and other parties
  • U.S. OFAC amends guidance on blocking and rejecting transactions, filing reports
  • U.S. Treasury proposes to implement outbound investment security program under COINS Act

Read TradeNewsFlash-Trade & Customs

Africa

  • Africa: Overview of recent tax developments (October 2026)
  • KPMG article: African firms struggle to find good transfer pricing comparables
  • Togo: VAT obligations for nonresident providers of digital services and platforms

Read TaxNewsFlash-Africa

Asia Pacific

  • Australia: Legislation aimed at supporting businesses and start-ups introduced to Parliament
  • Australia: Tax reform bills covering trusts, R&D, and investment pass lower house of Parliament
  • India: Management and consultancy services provided virtually from China not taxable as fees for technical services under treaty (tribunal decision); other direct and indirect tax developments
  • KPMG report: Shipping and offshore tax update (November 2026)
  • Kuwait: Approval of MCAA on country-by-country (CbC) reporting
  • Oman: Guidance on special economic zones and free zones
  • Philippines: Application of creditable withholding tax (CWT) on invoices and transition rules for invoicing systems

Read TaxNewsFlash-Asia Pacific

Europe

  • Belgium: Guidance on withholding tax under new capital gains tax regime
  • Belgium: Tax compliance deadlines extended following cyberattack
  • EU: CJEU Advocate General opinion confirming validity of 2022 EU solidarity contribution on surplus profits of energy companies
  • EU: NCTS Phase 6 deployed for customs transit procedures
  • Ireland: Proposed mandatory e-invoicing and real-time VAT reporting from November 2028
  • Italy: Consolidated VAT Act includes no substantive changes, but simplifies consultation
  • KPMG report: Shipping and offshore tax update (November 2026)
  • Luxembourg: Cryptoasset reporting framework (CARF) reporting user manual and XSD schema
  • Malta: Tax measures in 2027 budget
  • Poland: Package of tax legislation passed by lower house of Parliament; other tax developments
  • Portugal: Tax measures in draft 2027 state budget law
  • Slovakia: Guidance on establishment of “classic” permanent establishment (PE)
  • UK: Budget includes proposed tax on foreign sovereign investors
  • UK: HMRC publishes B2B e-invoicing implementation roadmap from April 2029
  • UK: Tax measures in Autumn Budget 2026
  • Ukraine: New VAT framework for e-commerce signed into law by president

Read TaxNewsFlash-Europe

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