US: Wyoming raises exemption for business personal property tax
Wyoming’s Governor Mark Gordon has signed the bill (S.F. 48) on 24 February 2025, which increased the property tax exemption for personal business property from USD 2,400 to USD 75,000 in fair market value per county. The new threshold takes
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Ecuador establishes new mining annex reporting rule
Ecuador's Internal Revenue Service (SRI) has issued Resolution No. NAC-DGERCGC25-00000004 of 20 February 2025, outlining the rules for the new Mining Annex (Anexo Minero). The Annex collects data on metallic and non-metallic mineral exploration,
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US: IRS releases 2025 dirty dozen tax scams list
The US Internal Revenue Service (IRS), in a release IR-2025-26 on 27 February 2025, announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that
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Brazil initiates pilot program for rewarding compliant taxpayers
Brazil has introduced the Receita Sintonia pilot program, established by RFB Ordinance No 511 of 19 February 2025, to encourage corporations and nonprofits to improve their tax compliance, reduce disputes, and improve transparency. The program
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Brazil and Portugal push to finalise tax treaty revision
Brazil’s Ministry of Foreign Affairs has released a joint statement reaffirming Brazil and Portugal's commitment to revising the 2000 Brazil-Portugal Income Tax Treaty on 19 February 2025. This declaration was made during the XIV Brazil-Portugal
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Chile clarifies foreign tax credit not covered by tax treaty
Chile’s tax authority (SII) has published Letter Ruling No. 369 on 14 February 2025 regarding foreign tax credits for taxes not covered by a treaty. The letter addresses whether a credit applies to US state taxes on income from technical
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US: IRS announces tax relief for Kentucky taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release - KY-2025-02 on 24 February 2025, announced tax relief for individuals and businesses in the entire state of Kentucky affected by severe storms, straight-line winds, flooding, and landslides that
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Canada consults on EV supply chain investment tax credit
Canada's Department of Finance has announced a consultation on draft legislative proposals on 21 February 2025 to implement Budget 2024's Electric Vehicle Supply Chain Investment Tax Credit (EVSC-ITC). Canada’s 2024 Budget announced a
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Brazil approves protocol to tax treaty with Singapore
Brazil’s Chamber of Deputies approved the ratification of a protocol amending the 2018 income tax treaty with Singapore on 13 February 2025. Signed on 17 April 2023, this is the first update to the treaty. key changes include revisions to the
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Brazil releases guidance on extended tax benefits for industrialised goods
Brazil’s Federal Revenue Service has issued guidance on extended tax benefits for the tax on industrialised/manufactured products (IPI) on 25 November 2024. The extension is applicable to companies investing in R&D in the north, northeast,
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Brazil: Chamber of Deputies approves tax treaty with Poland
Brazil’s Chamber of Deputies has approved the 2022 Brazil-Poland Income Tax Treaty through Draft Legislative Decree No. 261/2024 on 13 February 2025. The treaty, signed on 20 September 2022, is the first of its kind between the two nations. Its
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US: Maine District Court upholds beneficial ownership reporting rule
The US District Court of Maine issued an order on 14 February 2025 on whether the beneficial ownership reporting rule under the Corporate Transparency Act (CTA) is constitutional. This case concerns the constitutionality of the Corporate
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Colombia unveils new temporary taxes to address internal crisis
The Colombian National Government issued Decree 175, introducing three new taxes to raise over COP 1 trillion to address the crisis in Catatumbo and other areas affected by public order disturbances on 14 February 2025. A 19% VAT will be applied
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US may suspend tax treaty with China under America First Policy
The US President Donald Trump has signed a memorandum on the "America First Investment Policy" on 21 February 2025. The policy seeks to boost foreign investment in the US to create jobs and grow the economy, especially from allies, while
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Chile releases 9th edition of tax schemes catalogue
Chile's tax authority (SII) has released the ninth version of the Catalogue of Tax Schemes on 22 January 2025. The Catalogue aims to provide clarity to taxpayers on tax compliance for various issues and business models that may impact the Chilean
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US: Beneficial ownership reporting resumes with extended deadline
The US Treasury's FinCEN issued an alert on its BOI webpage with an update on beneficial ownership reporting requirements on 19 February 2025, announcing the reinstatement of BOI reporting requirements following an 18 February decision by the US
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Jamaica: Tax administration announces arrears settlement plan
Jamaica’s Tax Administration has announced the Special Arrears Settlement Programme on 29 January 2025, designed to waive/remit Interest, Penalty and Surcharge (IPS) accrued once outstanding principal taxes are paid by 31 March 2025. This
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Canada: Nova Scotia announces 2025-26 budget
Nova Scotia's Minister of Finance and Treasury Board, John Lohr, presented the province's fiscal budget for 2025-26 on 18 February 2025. The government’s Capital Plan 2025-26 will invest more than CAD 2.35 billion in healthcare facilities,
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