Luxembourg: Chamber of Deputies approves tax treaty protocol with Argentina
The protocol signed on 25 October 2024 marks the first amendment to the treaty, which has yet to enter into force. Luxembourg's Chamber of Deputies has approved the 2024 protocol amending the 2019 Argentina-Luxembourg Income and Capital Tax
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US: ETAAC 2025 Report presents recommendations to Congress and IRS
ETAAC advised the IRS to enhance security and combat fraud by updating tax return forms, reviewing e-File reject codes, promoting information sharing, and advancing digital taxpayer interactions. The US Internal Revenue Service (IRS) issued
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US to drop ‘Unfair Foreign Taxes’ from budget bill, G7 to exempt US companies from Pillar Two
The US Treasury and G7 nations agreed to exempt US companies from Pillar Two taxes in exchange for removing section 899 from the "One Big Beautiful Bill". US Treasury Secretary Scott Bessent announced, on 27 June 2025, that the US has reached
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Vietnam nears US trade deal ahead of tariff deadline
 Vietnam seeks to finalise a US trade deal by 9 July 2025 to avoid tariffs while balancing relations with the US and China. Vietnamese Prime Minister Pham Minh Chinh said on 26 June 2025 that Vietnam is close to finalising a trade deal with
See MoreUS: Maine to broaden sales tax to include digital content
Maine's new budget law will impose a 5.5% sales tax on streaming platforms and digital services starting 1 January 2026. Maine Governor Janet Mills signed a new budget law (LD 210) on 23 June 2025, which expands the state’s sales tax to include
See MoreUS: Supreme Court declines to expedite trump tariffs caseÂ
The US Supreme Court declined to fast-track the case challenging Trump's use of tariff powers under the IEEPA. The US Supreme Court has declined a request on 20 June 2025, to fast-track the case challenging President Donald Trump's extensive use
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US: IRS offers tax relief to Missouri flood and storm victims
The tax filing and payment deadline has been extended to 3 November 2025 for Missouri taxpayers. The US Internal Revenue Service (IRS) issued MO-2025-01 on 25 June 2025, announcing tax relief for individuals and businesses in parts of Missouri
See MoreUS: Washington expands B&O tax disclosure to cover investment income
Washington expands B&O Tax Voluntary Disclosure from July 2025 to cover unreported investment income with penalty relief. Washington State will expand its Business & Occupation (B&O) Tax Voluntary Disclosure Program to cover
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Ecuador removes Andorra from tax haven list
Ecuador's SRI removes Andorra from tax haven list effective 16 June 2025 under new resolution. The Ecuador Internal Revenue Service (SRI) has issued Resolution No. NAC-DGECCGC25-00000013, amending its list of tax havens and preferential tax
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Bolivia extends deadlines for 2024 financial statement, beneficiary reporting
The 2024 tax report deadline has been extended to 30 June 2025. Bolivia's National Tax Service (SIN) issued Resolution No. 102500000028 on 12 June 2025, extending the deadline for submitting 2024 fiscal year reports to 30 June 2025. The
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Canada revises aluminium and steel tariffs, introduces steel quotas amid US trade pressure
Canada will adjust counter-tariffs on US aluminium and steel imports from 21 July 2025 to protect its industry. Tariff-rate quotas on non-FTA steel imports, set at 2024 levels, will be applied retroactively and reviewed after 30 days to prevent
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Chile: SII consults on appointment of business group representatives for Chilean entities
The SII is considering whether business groups with a single Chilean subsidiary or multiple Chilean entities under a foreign parent must appoint a common representative. Chile’s tax authority (SII) launched a consultation on whether business
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Strait of Hormuz in spotlight: Oil prices surge five-month highs after US bombs Iran
Iran is the world's ninth-largest oil producer. The escalation of conflict now threatens vital supply routes, particularly the Strait of Hormuz through which roughly 20% of the world’s oil and gas passes. Markets are bracing for further
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Argentina: ARCA introduces new facility for tax, customs, social security payments
Individuals and businesses can access the new payment facility with a 50% interest rate reduction. Argentina’s tax authority (ARCA) has announced a new payment facility on 12 June 2025 for outstanding tax and customs due up to 30 April 2025,
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Thailand proposes trade plan to avert US tariffs
It is expected that both countries might agree on tariffs as low as 10%. Thailand held trade talks with the US on 18 June 2025 and will submit a proposal on Friday, 20 June 2025, because possible tariffs on its exports to the US have lowered
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Canada: Carney considers imposing more duties on US steel, aluminium
 This follows after US President Trump announced on 30 May 2025, that tariffs on Canadian steel and aluminium imports will increase from 25% to 50%. Canada’s Prime Minister Mark Carney, on 19 June 2025, cautioned that his government may impose
See MoreCanada: British Columbia to raise speculation and vacancy tax rates in 2026
The speculation and vacancy tax rates will increase for foreign owners from 2% to 3% and for Canadian residents from 0.5% to 1% from 2026. The Government of British Columbia announced on 12 June 2025 that speculation and vacancy tax rates will
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Uruguay to implement Pillar Two global minimum tax
Uruguay plans to include the Pillar Two global minimum tax in its upcoming budget, which aims to generate USD 350 million in revenue. Uruguay's Undersecretary of the Ministry of Economy and Finance, MartÃn Vallcorba, announced plans to include
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