Argentina submits Initial Memorandum for OECD accession
The OECD announced, on 11 November 2025, that Argentina has officially submitted its Initial Memorandum for OECD accession to Secretary-General Mathias Cormann on the occasion of OECD Secretary-General Mathias Cormann’s visit to Buenos Aires,
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US: Government shutdown ends, IRS to be fully operational
The US House of Representatives passed H.R. 5371 on 10 November 2025, to fund the federal government through 30 January 2026, ending the longest government shutdown in history and allowing furloughed IRS employees, as of 8 October 2025, to return to
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Brazil: RFB extends deadline for tax settlement programs
Brazil’s Federal Revenue Service (RFB) has extended the deadline for taxpayers to join tax settlement programs under Public Notices RFB No. 4/2025 and 5/2025 on 10 November 2025. The extension was formalised by Ordinance RFB No. 600/2025,
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Brazil to make electronic tax domicile mandatory for all companies from 2026
As part of the Consumption Tax Reform (RTC), Brazil’s Federal Revenue Service announced that all legal entities will be required to use the Electronic Tax Domicile (DTE) as their official communication channel beginning 1 January 2026. Under
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US: Treasury Department discontinues direct file option for individual tax returns
The US Department of the Treasury issued a report to Congress in October 2025 regarding the replacement of the Direct File program for individual income tax returns. Initially launched during the 2024 tax filing season in 12 states, the program
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US: Trump administration working on reducing tariffs on Swiss imports
The US is in discussions with Switzerland to reduce the 39% tariff imposed on Swiss exports, President Donald Trump announced on 10 November 2025, although no final agreement has been reached. The high tariffs, introduced in August as part of
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Argentina: ARCA revises tax, customs payment terms
The Argentine Tax Authority (ARCA) has revised the conditions of the payment facility for outstanding tax and customs obligations, established initially under General Resolution No. 5711/2025 in June 2025. This announcement was made on 22 October
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Peru: Congress approved the tax treaty with the UK
Peru’s Congress approved the tax treaty with the UK on 6 November 2025. The agreement aims to mitigate tax base erosion and profit shifting by reducing withholding tax rates on cross-border income. It caps dividend withholding tax at 10%, with
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China eases export controls on select materials to US
China’s Ministry of Commerce (MOFCOM) announced on Sunday, 9 November 2025, that it will temporarily suspend part of its 2024 export-control rules on certain dual-use materials shipped to the US. The change, effective from 9 November 2025 to 27
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Canada: Ontario unveils 2025 tax measures, maintains unchanged corporate tax rates
Ontario's Finance Minister released the 2025 Fall Economic Statement, also known as the “2025 Ontario Economic Outlook and Fiscal Review,” on 6 November 2025. It maintains corporate tax and personal income tax unchanged while introducing several
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Mexico: Central bank cuts interest rate to 7.25%
Mexico’s central bank, Bank of Mexico, has cut its benchmark interest rate by 25 basis points to 7.25%, continuing its cycle of rate reductions. This is the lowest level since May 2022. Deputy Governor Jonathan Heath has opposed a rate cut due
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US: Minnesota revises tax forms due to One Big Beautiful Bill Act (OBBBA) nonconformity
The US State of Minnesota has updated its draft tax forms and instructions for 2024 and 2025 to reflect federal tax changes from the One Big Beautiful Bill Act (OBBBA) passed in July 2025. However, as of 1 May 2023, Minnesota's tax code conforms
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US: IRS services remain limited as US government shutdown hits record length
The ongoing US federal government shutdown, which began on 1 October 2025, has become the longest in history, lasting 37 days as of 6 November 2025. The IRS is heavily impacted, with most staff furloughed and limited capacity to process returns,
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Uzbekistan agree on trade deal with the US
The US and Uzbekistan agreed on a trade and economic deal on 7 November 2025. President Donald Trump announced on Truth Social that Uzbekistan intends to invest and purchase approximately USD 35 billion from U.S. sectors over the next three
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US: New York City consults on proposed business corporation tax regulations
The New York State Department of Finance (DOF) is in the process of developing regulations for the business corporation tax, which was enacted in 2015. On 27 December 2023, the New York State Department of Taxation and Finance published a new set
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Brazil to apply 10% dividend withholding tax
Brazil’s Federal Senate has approved Bill 1.087/2025, introducing a 10% withholding tax on dividends paid to foreign entities, effective for fiscal years starting after 1 January 2026. Exemptions include profits calculated until 2025 and
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Canada: DoF releases 2025 budget, includes corporate tax and transfer pricing measures
Canada’s Department of Finance released the details of the Budget 2025 on 4 November 2025. The main tax measures of the budget are as follows: Business Income Tax Measures Immediate Expensing for Manufacturing and Processing
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Chile joins crypto-asset reporting framework (CARF-MCAA)
Chile joined the Multilateral Competent Authority Agreement on Automatic Exchange of Information Pursuant to the Crypto-Asset Reporting Framework (CARF MCAA) on 21 October 2025. This framework standardises the reporting of crypto-asset
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