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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US: Trump warns of additional tariffs on nations imposing digital taxes
President Donald Trump warned that countries maintaining digital taxes on major US tech firms such as Google and Amazon would face additional tariffs. US President Donald Trump has threatened countries with additional tariffs if they do not
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Chile proposes bill to promote green hydrogen industry
The proposed tax incentives and special rules aim to boost Chile’s green hydrogen industry and strengthen its global leadership in clean fuel production. Chile’s Ministry of Finance has submitted a bill to the Chamber of Deputies to promote
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OECD endorses Brazil’s additional CSLL under Pillar Two as a QDMTT
The OECD has recognised Brazil’s additional social contribution on net profits (CSLL) as a qualified domestic minimum top-up tax (QDMTT) meeting the safe harbour criteria. The OECD officially recognised Brazil’s additional social
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US: Trump administration launches tariff review on furniture imports
This investigation mirrors previous probes into various industries like wind turbines, semiconductors, and critical minerals, all citing national security concerns under Section 232. President Donald Trump has announced, on Truth Social, a
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Canada to exempt retaliatory tariffs on US imports under CUSMA
Canada’s government decision to abolish all tariffs on US goods under CUSMA will take effect on 1 September 2025. Canada’s Prime Minister Mark Carney announced on 22 August 2025 that Canada will eliminate tariffs on US goods covered under the
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Barbados seeks tax and investment deals with India
Barbados plans its first income tax treaty and investment protection agreement with India. Barbados has expressed its interest in negotiating an income tax treaty and an investment protection agreement (IPA) with India. The announcement came
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US: IRS, Treasury release FAQs for the accelerated termination of select OBBBA energy provisions
These FAQs provide guidance on several energy credits and deductions that are expiring under OBBBA and their termination dates. The US Internal Revenue Service (IRS) has released a fact sheet with FAQs (FS-2025-05) on 21 August 2025 to clarify
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Chile: SII issues circular on overdue tax fines for September 2025
Chile’s SII issued Circular No. 52-2025 on 14 August 2025, setting September 2025 tax readjustments, fines, and a 0.0222222222% daily late payment interest rate. The Chile’s Internal Revenue Service (SII) has issued Circular No. 52-2025 on
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Uruguay clarifies tax deductibility of directors’ fees
The tax administration confirms directors’ fees are fully deductible for corporate income tax, including amounts exempt from social security contributions. Uruguay’s Tax Administration (DGI) issued a clarification on 31 July 2025 confirming
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US: Treasury, IRS propose new reporting rules for partnership interest sales
Public comments are open until 18 September 2025. The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed regulations modifying information reporting obligations with respect to sales or exchanges of certain
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US: IRS revises payment loss rules (DLP), extends transition relief for dual consolidated loss and GloBE model rules
Notice 2025-44 proposes the withdrawal of the disregarded payment loss (DPL) rules finalised in January 2025 and extending the transition relief for the interaction of dual consolidated loss (DCL) rules with the OECD/G20 BEPS GloBE model
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US: Commerce Department expands steel and aluminium tariffs to include 407 more products
The steel and aluminum used in these products will be subject to a 50% duty rate. The US Department of Commerce’s Bureau of Industry and Security has expanded the steel and aluminium tariffs to include 407 additional product categories covered
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Brazil: Chamber of Deputies considers introduction of digital social contribution
The CSD would apply to digital advertising services using user data and the sale or transfer of data generated by Brazilian users or collected in Brazil. The aim is to tax revenue derived from the use of Brazilian users’ data. Brazil’s
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Dominican Republic: DGII extends 2024 FATCA reporting deadline
This extension is intended to ensure full adherence to the Intergovernmental Agreement (IGA) signed between the US and the Dominican Republic in September 2016, which governs FATCA implementation in the country. The Dominican Republic tax
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US rejects IMO proposal for global shipping emissions tax
A joint statement criticises the proposal as a “global carbon tax on Americans” imposed by an unaccountable UN body, which warns of potential retaliation or remedies against supporting countries if US efforts to oppose the framework are
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US: IRS proposes rules on F reorganisations involving US real property transfers
Notice 2025-45 announces plans to propose regulations modifying the application of Sections 897(d) and (e) to certain inbound F reorganisations under Section 368(a)(1)(F) involving US real property interests. The US Internal Revenue Service (IRS)
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US: IRS updates reporting rules for research tax credit (Form 6765)
The updated Form 6765 now includes mandatory sections E and F for all taxpayers, while section G is optional for tax years before 2025 and mandatory starting in 2025. The US Internal Revenue Service (IRS) has introduced a revised Form 6765,
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