US: IRS announces 2025 inflation adjustment for carbon sequestration credit
The US Internal Revenue Service (IRS) has released the inflation adjustment factor for the carbon oxide sequestration credit under IRC section 45Q for 2025 (Notice 2025-25, IRB 2025-20). The inflation adjustment factor for calendar year 2025 is
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Costa Rica extends beneficial ownership filing deadline for non-profit entities
Costa Rica's Tax Administration (DGT) and Drug Institute (ICD) published Joint Resolution No. MH-DGT-RES-0006-2025/icd-DG-0032-2025 in the Official Gazette on 9 May 2025 whicht establishes a transitional provision for specific non-profit
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Brazil introduces consumption tax, selective tax as part of VAT reforms
Brazil’s President, Luis Inácio Lula da Silva, signed Complementary Law No. 214/2025 into law on 16 January 2025. It introduces and defines new taxation frameworks in Brazil: Tax on Goods and Services (IBS), the Contribution on Goods and Services
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US, Vietnam negotiate amending protocol to income tax treaty
Vietnam's Ministry of Finance announced that the US and Vietnamese officials discussed various updates to the 2015 tax treaty between the two countries, including amending protocols to the agreement on 13 May 2025. The proposed protocol would
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Canada: Alberta halts industrial carbon pricing at the current rate
The Canadian Province of Alberta announced on 12 May 2025 that it is freezing the industrial carbon price at the current rate of CAD 95 per tonne of emissions. The announcement was made by Alberta’s Premier, Danielle Smith. Previously, the
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US lowers “de minimis” tariff on small Chinese parcels, China lowers tariffs on US imports for 90 days
The White House released a joint statement, on 12 May 2025, announcing that the US will lower the "de minimis" tariff on low-value shipments from China to 30%, easing tensions in the trade war between the two largest economies. The order relieves
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Slovak Republic: President signs law ratifying tax treaty protocol with Brazil
The President of the Slovak Republic signed the law ratifying the amending protocol to the 1986 tax treaty with Brazil on 9 May 2025. The treaty prevents double taxation and fiscal evasion on income between Slovakia and Brazil. This is the
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Peru: SUNAT revises digital services definition, excludes human-driven support from withholding tax rules
Peru’s tax authority (SUNAT) updated its guidance on digital services in Report No.46-2025 issued on 29 April 2025. The updated report was made publicly available on 8 May 2025. It reversed its earlier 2024 position that classified online
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Brazil delists UAE and Austrian holding regime from low-tax jurisdiction and privileged tax regime
Brazil’s Federal Revenue Service (RFB) has published the Normative Instruction No. 2,265/2025 in the Official Gazette on 13 May 2025, in which it removed the UAE from the list of low-tax jurisdictions and the Austrian holding company regime (for
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Argentina postpones tax hike on liquid fuel, carbon dioxide
Argentina’s government has postponed the scheduled tax increases on liquid fuels and carbon dioxide through Decree 296/2025, which was published in the Official Gazette on 30 April 2025. This decree delays the hiked tax rates until 1 June
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Chile announces new VAT guidance for marketplaces and low-value goods
Chile’s tax authority (SII) has issued Circular No. 38/2025 and Circular No. 39/2025 on 30 April 2025, which implemented last year’s tax reform, including VAT marketplace rules, low-value goods rules, and marketplace compliance
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China commits to signing tax treaty with Peru
China's Ministry of Foreign Affairs announced that China and Peru officials convened on 12 May 2025 to discuss bilateral cooperation, including plans to negotiate and sign an income tax treaty. This treaty seeks to prevent double taxation and tax
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Jamaica: Cabinet approves 20% expanded duty concession for agricultural vehicles
Jamaica’s Cabinet has approved the expansion of the 20% duty concession for agricultural vehicles on 9 April 2025. Minister of Agriculture, Fisheries and Mining, Floyd Green, announced this during the post-cabinet press briefing at Jamaica
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US: House Ways and Means Committee releases tax provision summary for budget reconciliation, amends earlier recommendations
The US House Ways and Means Committee released a Description of Tax Provisions related to budget reconciliation recommendations, including proposals to extend key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and other reforms on 12 May
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Chile: Tax authority confirms UAE is not considered a preferential tax jurisdiction
Chile’s tax authority (SII) issued Resolution No. 61 on 8 May 2025 in response to a request submitted on 31 December 2024 regarding whether the UAE qualifies as having a preferential tax regime. The resolution confirms that the UAE is not
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Brazil: Chamber of Deputies approve amending protocol to tax treaty with India
Brazil’s Chamber of Deputies have endorsed the amending protocol to the Brazil-India Income Tax Treaty (1988) through Draft Legislative Decree No. 391/2024 on 8 May 2025. The protocol has now been submitted to the Senate for further
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US: Treasury reports USD 258 billion budget surplus in April 2025
The US Department of the Treasury reported a USD 258 billion budget surplus in April on 12 May 2025. The surplus is up 23% (USD 49 billion) compared to the same period last year. The Treasury said the increased surplus was driven by strong tax
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US: IRS announces unchanged interest rates, tax underpayments and overpayments for Q3 2025
The US Internal Revenue Service (IRS) released IR-2025-59, on 12 May 2025, announcing that the interest rates will remain the same for the calendar quarter beginning 1 July 2025. For individuals, the rate for overpayments and underpayments
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