Brazil revises financial transaction tax rates again
Brazil issued Decree No. 12.499 on 11 June 2025, repealing Decrees 12.466 and 12.467, raising financial transaction tax (IOF) rates on select insurance, credit, and forex transactions. Brazil has published Decree No. 12.499 on 11 June 2025, which
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Brazil, China protocol to tax treaty entered into force
The amended Brazil-China tax treaty (effective 14 June 2025) sets withholding tax rates for dividends, interest, and royalties. The amending protocol to the 1991 income tax treaty between Brazil and China took effect on 14 June 2025. Signed on
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Bolivia announces extension of filing deadlines for May 2025
The last digits of one’s tax ID corresponds to a specific new deadline for submission. Bolivia’s tax authority (SIN) has extended the deadline for filing tax returns for the May 2025 fiscal period through Resolution No. 102500000026 on 3
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Czech Republic: Government endorses tax treaty signing with Argentina
The Czech Republic approved signing a tax treaty with Argentina on 11 June 2025. The Czech Republic government has approved signing an income and capital tax treaty with Argentina on 11 June 2025. This follows after officials from both
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Brazil: Government to raise tax on interest on equity in fiscal package
Brazil's Finance Ministry plans to increase the income tax on interest on equity (JCP) payments from 15% to 20% as part of a new fiscal package. Brazil's Finance Minister, Fernando Haddad, announced on 10 June 2025 that the government is
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US: Treasury releases list of boycott-participating countries with no changes
The U.S. Treasury released a list of countries on 10 June 2025 that may require participation in an international boycott. These countries include Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Treasury issued a
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Ecuador extends transfer pricing filing deadlines for 2024
Ecuador has extended the 2024 transfer pricing filing deadlines to September 2025 for qualifying taxpayers. Ecuador’s Internal Revenue Service (SRI) published Resolution No. NAC-DGERCGC25-00000012 in the Official Gazette on 7 June 2025,
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US: CRS publishes report on enforcing remedies for unfair foreign tax practices
The US House of Representatives passed the One Big Beautiful Bill Act on 22 May 2025, now with the Senate. A key tax measure includes adding section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," to the Code. The US Congressional
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Peru deposits instrument of ratification of the multilateral BEPS
Peru ratifies the OECD BEPS Convention, effective 1 October 2025, strengthening efforts to combat tax avoidance. Peru deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent
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Canada extends tariff exemptions on Ukraine imports for one year
Canada has extended its tariff-free policy for Ukrainian imports for another year, keeping Ukrainian goods free from customs duties until 9 June 2026. Canada’s Department of Finance announced on 6 June 2025 that it will continue to support
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US: IRS offers tax relief to Mississippi flood and storm victims
The IRS announced tax relief for individuals and businesses in parts of Mississippi affected by storms, floods, and straight-line winds starting on 14 March 2025. Impacted taxpayers have until 3 November 2025 to file federal tax returns and make
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US Appeals Court upholds stay on ruling on Trump tariffs
The US federal appeals court has upheld President Donald Trump's tariffs while reviewing a lower court's decision that claimed Trump exceeded his authority in imposing them. The US federal appeals court on Tuesday, 10 June 2025, upheld the
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Ecuador: SRI issues new special taxpayer list with stricter rules
Ecuador's SRI updates special taxpayer list with stricter e-invoicing rules effective June 1 under new resolution. The Ecuadorian Tax Administration (SRI) has issued an update to its list of special taxpayers. This update was made under
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US: IRS offers tax relief to Oklahoma wildfire and storm victims
The IRS announced tax relief for individuals and businesses in parts of Oklahoma affected by wildfires and straight-line winds starting on 14 March 2025. Impacted taxpayers have until 3 November 2025 to file federal tax returns and make
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US: IRS offers tax relief to Missouri wildfire and storm victims
The IRS announced tax relief for Missouri residents and businesses affected by severe storms, tornadoes, and wildfires starting on 14 March 2025. Impacted taxpayers have until November 3, 2025, to file federal tax returns and make payments. The
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US: IRS offers tax relief to Texas storm victims
The IRS has announced tax relief for individuals and businesses in parts of Texas impacted by severe storms and flooding starting on 26 March 2025. Affected taxpayers have until 3 November 2025 to file tax returns and make payments. The US
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Argentina launches streamlined pre-filled VAT return system
ARCA introduced a simplified VAT return system, IVA Simple, on 2 June 2025 to streamline VAT filing. Argentina’s tax authority (ARCA) introduced a new simplified VAT return system (IVA Simple) on 2 June 2025
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Brazil: Government poised to support 10% reduction in tax breaks
Brazil's government is expected to back a bill proposing a 10% reduction in federal tax breaks, with a 5% cut in 2025 and another 5% in 2026. Brazil's government is likely to support a bill for a 10% cut to federal tax breaks, multiple sources
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