US to introduce gradual tariffs on Nicaragua following labour rights violations
The US will introduce new tariffs on selected Nicaraguan imports starting 1 January 2026, citing ongoing labour and human rights issues. According to the US Trade Representative (USTR), the duties will be phased in gradually, rising to 10% in
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US to reduce Swiss tariffs under new trade deal
The US will reduce tariffs on Swiss goods from 39% to 15% under a new trade framework, the Swiss government announced today. The agreement also includes a commitment by Swiss companies to invest USD 200 billion in the US by 2028. The framework
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Mexico: Senate approves tariffs of up to 50% on Asian imports
Mexico’s Senate has approved tariffs of up to 50% on more than 1,400 products from countries without free trade agreements, including China, India, South Korea, Thailand, and Indonesia. The increases, effective 1 January 2026, target goods such
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Argentina: ARCA updates VAT withholding rules for digital platforms
Argentina’s tax authority (ARCA) has issued General Resolution 5794/2025, which updates the special VAT withholding rules for transactions conducted through digital platforms, initially established under General Resolution 5319/2023. The core
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Peru: SUNAT updates fine reduction rules for late tax filings
Peru’s Tax Authority (SUNAT) has amended the gradual reduction of fines for taxpayers who fail to file certain income tax returns through Resolution No. 000355-2025/SUNAT, published in the Official Gazette on 29 November 2025 and effective from 30
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Colombia: Senate Committee rejects 2026 tax reform
Colombia’s Senate announced that its Fourth Commission voted down the government’s proposed 2026 tax reform during the third joint session of Congress’s Economic Commissions, with 4 votes in favour and 9 against. This announcement was made
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Chile: SII publishes circular on MFN clause activation in tax treaties with five countries
Chile’s tax authority (SII) issued Circular No. 65 on 3 December 2025, addressing the activation of Most-Favoured-Nation (MFN) clauses in Chile’s tax treaties with Belgium, New Zealand, Norway, Switzerland, and Uruguay. These clauses are
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Brazil: RFB launches compliance program focused on legal certainty
Brazil’s Federal Revenue Service (RFB) announced on 10 December 2025 the launch of Confia, its Cooperative and Tax Compliance program, marking a historic moment for the relationship between the tax authorities and taxpayers. Federal government
See MoreUS: IRS, Treasury issue guidance on enhanced health savings account tax benefits under the One, Big, Beautiful Bill
The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-05 on 9 December 2025, announcing new guidance on tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes
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Uruguay: Senate amends Budget Bill to amend QMDTT effective date
Uruguay’s Senate has confirmed the effective date for the qualified minimum domestic top-up tax (QMDTT) in the 2025–2029 Budget Bill amendments on 3 December 2025. The Senate-approved amendments establish that the tax will take effect from
See MoreChile: Congress grants tax incentive to boost green hydrogen, related industries
Chile’s Chamber of Deputies (the lower house of Congress) approved a bill on 3 December 2025 during session No. 98a/373, as noted in Bulletin No. 17777-05. The legislation, proposed by the Executive Branch, aims to introduce tax incentives to
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US: New Hampshire introduces one-time tax amnesty regime
New Hampshire’s Department of Revenue (DRA) announced that its one-time tax amnesty program, enacted under H.B. 2 in June, began on 1 December 2025 and will continue until 15 February 2026. Amnesty is available to any taxpayer who has a
See MoreBrazil: RFB aligns crypto reporting rules with CARF standards
Brazil’s Federal Revenue Service (RFB) has released Normative Instruction No. 2291 of 14 November 2025, which updates the country’s crypto-asset reporting rules to align with the OECD Crypto-Asset Reporting Framework (CARF). The Federal
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Japan, Paraguay sign investment protection agreement
Japan’s Ministry of Foreign Affairs announced, on 6 December 2025, that Japan and Paraguay signed the “Agreement for the Promotion and Protection of Investment” on 5 December 2025. The agreement is designed to strengthen investment
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Qatar, Uruguay sign income tax treaty
Qatar's General Tax Authority (GTA) announced, on 7 December 2025, that Qatar and Uruguay signed an income tax treaty. The agreement was signed by HE Ali bin Ahmed Al Kuwari, Minister of Finance of the State of Qatar, and HE Mario Lopetegui,
See MoreUS: Florida updates rules on corporate income tax conformity, addbacks
The Florida Department of Revenue has released TIP 25C01-01 on 1 December 2025, providing explanation on how Florida’s updated static conformity to the federal Internal Revenue Code, now effective from 1 January 2025, affects corporate income tax,
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US: New Jersey clarifies exclusion of OBBBA deductions
New Jersey’s Division of Taxation has clarified that it will not adopt the new federal deductions introduced by the "One Big Beautiful Bill Act" (OBBBA) for Gross Income Tax (GIT) purposes. The state also clarified that the OBBBA’s changes to
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Argentina: ARCA publishes FAQs on electronic tax address notifications
Argentina’s tax and customs agency (ARCA) has released frequently asked questions on electronic tax address notifications on 9 December 2025. The Electronic Tax Address is a secure and free virtual mailbox that replaces the physical address for
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