US: IRS issues guidance on elections, amended returns, accounting method changes for R&E costs under OBBBA
The guidance covers procedures for amortising domestic R&E costs, obtaining automatic consent for accounting changes, and extended deadlines for certain 2024 returns. The IRS released Revenue Procedure 2025-28, outlining rules for elections,
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US: Trump administration permanently ends low-value package tariff exemption
CBP guidance states parcels will incur fees of USD 80, USD 160, or USD 200 based on Trump-era duty rates: under 16% (e.g., UK, EU), 16-25% (e.g., Indonesia, Vietnam), and over 25% (e.g., China, Brazil, India, Canada), respectively. The Trump
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Brazil consults changes to net profit social contribution (Pillar Two QDMTT)
The consultation period will conclude on 14 September 2025. Brazil's Federal Revenue Service (RFB) has initiated a public consultation to discuss proposed amendments to Normative Instruction RFB No. 2.228 of 3 October 2024, which governs the
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Colombia clarifies tax rules on cross-border technical services with Ecuador
Colombia clarifies SIMPLE regime tax treatment of cross-border technical and consulting services with Ecuador under Andean Community rules. Colombia’s tax authority (DIAN) issued Ruling 8971 int 1044 on 10 July 2025, confirming how technical
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Mexico plans tariffs on Chinese imports
Mexico plans higher tariffs on Chinese imports to protect domestic industries and support a US-backed “Fortress North America” strategy. Mexico is planning to raise tariffs on Chinese imports as part of its 2026 budget proposal, aiming to
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Uruguay launches new investment incentives, prioritises R&D+i amongst others projects
Uruguay unveils investment promotion package with tax incentives, streamlined procedures, and support for SMEs, large projects, tech, and housing. The Ministry of Economy and Finance announced on Monday, 18 August 2025 a package of measures aimed
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Brazil: Senate approves tax treaty with Colombia
The tax treaty will take effect once the ratification instruments are exchanged and will apply from 1 January of the following year. Brazil’s Senate approved the ratification of the income tax treaty with Colombia on 26 August 2025. Signed
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US: 50% tariffs on Indian imports enters into force
US to impose extra 25% tariffs on Indian imports from 27 August 2025, raising total duties to 50%. The US’ tariffs on Indian imports under Executive Order 14329 is taking effect today, 27 August 2025, starting 12:01 AM EDT. Most Indian
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Panama: DGI extends deadline for taxpayer registry
The deadline for updating the taxpayer registry information has been extended due to technological disruptions. Panama’s tax authority (DGI) has published Resolution 201-6695 of 12 August 2025 in Official Gazette No. 30348 of 21 August 2025,
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Ecuador: SRI replaces Mining Annex with the Mining Activities Information Form, updates deadlines
The new Resolution modifies the reporting requirements for the Mining Annex (“Anexo Minero”) established by Resolution No. NAC-DGERCGC25-00000004 of 20 February 2025 and amended by Resolution No. NAC-DGERCGC25-00000007 of 28 March 2025. The
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US: Rhode Island to raise property transfer tax from October 2025
Rhode Island will increase its real estate conveyance tax rate from USD 2.30 to USD 3.75 per USD 500 for property sales exceeding USD 100, effective 1 October 2025. The Rhode Island Department of Revenue has published ADV 2025-13 on 21 August
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Argentina extends deadline for PAIS tax refund requests
This extension applies to the filing of affidavits for refunds of advance payments of the Impuesto Para una Argentina Inclusiva y Solidaria (PAIS), in the situations outlined in Resolution No. 5720. Argentina’s Customs Collection and Control
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US: Trump threatens China with 200% tariffs if rare-earth magnets remain on restricted export list
In response to US tariff hikes, China, which dominates 90% of global rare-earth magnet production, added magnets to its export restriction list in April. US President Donald Trump stated that China must supply the US with rare-earth magnets or
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Ecuador updates tax haven list, removes Panama
Ecuador’s SRI updates tax haven list, removing Panama effective 18 August 2025. The Ecuadorian Internal Revenue Service (SRI) has issued Resolution No.NAC-DGECCGC25-00000021, which updates the country’s list of tax havens and preferential tax
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Canada consults draft tax legislation, includes several previously announced measures including amendments to global minimum tax Act
The government invites all interested Canadians and stakeholders to provide feedback on these draft legislative proposals by emailing their comments to consultation-legislation@fin.gc.ca by 12 September 2025. Canada’s Department of Finance
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Chile: SII clarifies thin capitalisation exemption for financial entities
The tax administration clarified that to be exempt from thin capitalisation rules, an entity must engage solely in financial activities (with limited complementary activities), certain assets are excluded from the 90% threshold, and the commercial
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Chile: SII clarifies that tax treaty with US allows digital content creators to claim foreign tax credit
Ruling No. 1617-2025 permits digital content creators in Chile to claim a tax credit for US taxes paid, provided the US holds taxing rights over the income. Chile’s Tax Administration (SII) has published Ruling No. 1617-2025 of 14 August 2025
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US: IRS announces unchanged interest rates, tax underpayments and overpayments for Q4 2025
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. The US Internal Revenue Service (IRS) released IR-2025-87 on 25 August 2025, in which it announced that interest rates will remain the same for the calendar
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