US: Trump Administration postpones tariff hike on furniture, kitchen cabinets
The Trump Administration has postponed the planned 2026 tariff hikes on upholstered furniture and kitchen cabinets to 1 January 2027, according to a proclamation issued on 31 December 2025. This follows the Trump Administration’s earlier
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Chile: SII launches simplified registry for subsistence taxpayers
Chile’s tax authority (SII) has issued Resolution Ex. SII No. 193-2025 of 22 December 2025, which introduces the “Registry of Small Taxpayers Developing Subsistence Activities.” This initiative aimed to simplify tax obligations for
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Argentina: Congress approves 2026 budget, introduces no new taxes
Argentina’s Congress approved the 2026 budget bill on 26 December 2025, marking the first budget passed since President Javier Milei took office in late 2023. The measure, which passed with 46 votes in favour, 25 against, and one abstention,
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Argentina implements the BEPS MLI
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) entered into force for Argentina on 1 January 2026. Argentina signed the convention on 7 June 2017 and deposited its final MLI Position on 29 September
See MoreUS: IRS updates guidance on business interest deduction limits
The US Internal Revenue Service (IRS) updated the frequently asked questions in Fact Sheet 2025-09 on 23 December 2025, regarding changes to the limitation on the deduction for business interest expense (Section 163(j)) under the One, Big, Beautiful
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Chile: SII clarifies income tax treatment, VAT on services by foreign companies
Chile’s tax authority (SII) has issued Letter Ruling No. 2627 of 18 December 2025, clarifying the VAT and income tax treatment of services supplied by a foreign entity in Chile. SII has clarified the Value Added Tax (VAT) treatment for services
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Uruguay: DGI sets 2026 tax filing, payment schedule
Uruguay’s General Tax Directorate (Dirección General Impositiva – DGI) has issued Resolution No. 2284/025, establishing the official due date schedules for the filing of tax returns and payment of taxes administered by the DGI for the period
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US: Treasury, IRS issue final BEAT guidance on qualified derivative payments in securities lending transactions
The US Treasury Department and the Internal Revenue Service (IRS) issued final regulations in the Federal Register on 18 December 2025, outlining how qualified derivative payments (QDPs) are determined and reported in securities lending transactions
See MoreUS sets initial zero-rate tariffs on Chinese semiconductors
The Office of the United States Trade Representative (US Trade Representative) has issued a Notice of Action titled “China’s Acts, Policies, and Practices Related to the Targeting of the Semiconductor Industry for Dominance,” which was
See MoreChile: SII enlists foreign digital service providers subject to VAT withholding for 2026
Chile’s tax authority (SII) has issued Resolution No. 181 of 15 December 2025, which formalises the list of foreign digital service providers (DSPs) subject to value added tax (VAT) withholding for the upcoming calendar year. Chile has
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Brazil: RFB updates automatic information exchange rules to include digital currencies, crypto-assets
Brazil’s Federal Revenue Service (RFB) issued Normative Instruction RFB 2298 on 26 December 2025, updating the Common Reporting Standard (CRS) in line with the latest OECD version. Effective 1 January 2026, Key updates include the
See MoreUS: Whistleblower Office announces new digital Form 211
The US Internal Revenue Service (IRS) Whistleblower Office announced on 19 December 2025 that it is making it easier for whistleblowers to report tax noncompliance to the IRS with the launch of the new digital Form 211, Application for Award for
See MoreUS: Treasury, IRS offers safe harbour for taxpayers claiming carbon capture credit
The US Department of the Treasury and the Internal Revenue Service provided guidance on 19 December 2025 for taxpayers claiming the tax credit for carbon capture and sequestration, which was expanded and modified in the One, Big, Beautiful
See MoreArgentina: ARCA raises transfer pricing reporting thresholds
Argentina’s Federal Tax Administration (ARCA) has increased the revenue thresholds that trigger mandatory transfer pricing documentation, aiming to streamline reporting requirements for multinational and local taxpayers. The changes are set out
See MoreChile: Tax Authority updates Second Category Income Tax parameters for January 2026
Chile’s tax authority (Servicio de Impuestos Internos – SII) has issued Circular No. 67 of 10 December 2025, confirming the Second Category Income Tax values and calculation tables to be applied in January 2026. The guidance, which marks the
See MoreBrazil: Chamber of Deputies passes taxpayer defence code, targets habitual tax defaulters
Brazil’s Chamber of Deputies has approved Complementary Bill 125/2022, which creates the Taxpayer Defence Code. This framework sets out the general rights, guarantees, and responsibilities of taxpayers, as well as the procedures governing their
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Finland updates BEPS MLI stance on Brazil tax treaty, including corrections
Finland submitted an updated consolidated position for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI), as noted by the OECD on 11 December 2025. This update includes two specific corrections regarding
See MoreUS: IRS-CI releases 2025 annual report highlighting key investigations
The US IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on 11 December 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how
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