EU: US framework GILTI, Net CFC Tested Income regimes to operate alongside Pillar 2
The EPRS "At a Glance" note (15 September 2025) reports that under the G7 Statement, US-parented groups will be excluded from Pillar 2’s IIR and UTPR, with US GILTI and Net CFC Tested Income rules applying alongside the global minimum tax
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Brazil: National Congress ratifies tax treaty protocol with India
This protocol is the second modification to the 1988 Brazil-India tax treaty. Brazil’s National Congress has ratified the amending protocol to its 1988 tax treaty with India through Legislative Decree No. 200, which was issued on 11 September
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US: New Mexico extends tax deadlines for Mora County flood victims
On 29 August 2025, Governor Michelle Lujan Grisham declared a state of emergency in Mora County after heavy rainfall caused widespread flooding. New Mexico’s Taxation and Revenue Department is allowing an extension for individuals and
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Peru, Spain advance negotiations for tax treaty
Peru and Spain to advance negotiations on a double taxation agreement. The Peruvian Ministry of Foreign Affairs announced that government officials from Peru and Spain met in Madrid on 10 September 2025 to discuss bilateral cooperation. During
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Peru introduces new income tax regime for agricultural sector
The new law aims to encourage investment, enhance competitiveness, and support small producers in Peru’s agricultural sector Peru published Law No. 32434 on 10 September 2025, establishing a legal framework to support the productive,
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Brazil: National Congress approves tax treaty protocol with Chile
Signed 3 March 2022, this is the first amendment to the 2001 Brazil–Chile income tax treaty. Brazil has published Legislative Decree No. 196 in the Official Gazette No. 172 of 10 September 2025, marking the National Congress's approval of the
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Canada: CRA outlines updates to voluntary disclosures program
CRA will implement changes to its Voluntary Disclosures Program, which covers disclosures related to various taxes and charges, including income tax, GST/HST, excise duties, luxury tax, digital services tax, effective 1 October 2025. The Canada
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Mexico: Federal Executive Branch presents 2026 Economic Package to Congress, includes indirect tax reforms
Mexico’s Federal Executive Branch submitted the 2026 Economic Package to Congress, proposing major changes to VAT, excise, and income taxes, as well as the federal tax code, which are under review until 31 October 2025. Mexico’s Federal
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Chile: SII clarifies eligibility timing for special capital gains on listed shares
Ruling 1750 clarifies that capital gains from selling shares in public companies or mutual funds qualify for the Article 107 special regime only if the shares meet the stock market presence requirement at the time of sale. Chile’s tax
See MoreBrazil: Senate approves tax treaty protocol with India
This protocol is the second modification to the 1988 Brazil-India tax treaty. Brazil’s Senate (the Upper House of the National Congress) gave its approval to ratify a protocol amending the 1988 tax treaty with India on 10 September
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US,Dominican Republic CbC reporting exchange agreement enters into force
Dominican Republic and US begin automatic CbC report exchange. The Dominican Republic’s Directorate General of Internal Revenue (DGII) announced through Notice 18-25 on 9 September 2025, that a competent authority arrangement with the US for
See MoreMexico: Government proposes raising tariffs on Asian automobiles, steel, textiles
Mexico plans tariff hikes on cars, steel, toys and textiles from China and other Asian countries. Mexico plans to raise import tariffs on cars imported from China and several Asian countries to 50%, the maximum allowed under global trade
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Paraguay unveils new tax incentives for local, foreign investors
Key incentives include exemptions on customs duties, VAT, nonresident income tax, and dividend/profit tax for substantial investments in capital goods, industrial or agricultural production, and large-scale tourism or entertainment projects, subject
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US: Supreme Court to fast-track Trump tariff case
The US Supreme Court will hear oral arguments in early November 2025 following the Court of Appeals’ upholding of a 28 May ruling that the Trump Administration exceeded its authority to impose broad tariffs under the International Emergency
See MoreChile: SII provides clarification on new VAT Rules for low-value products purchased via remote sellers, online platforms
Ruling No. 1688-2025 states that DPIs selling low-value goods in Chile are not VAT taxpayers, must include all charges in the total price, and can reclaim excess VAT on returned goods after refunding the customer. Chile’s Tax Administration
See MoreMexico to levy tariffs on automotive, manufacturing imports
Mexico may introduce import tariffs on the automotive and manufacturing sectors to address trade imbalances, potentially raising MXN 70 billion in state revenue. Mexico is considering proposing a bill that would impose import tariffs on sectors
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Costa Rica: DGT extends filing deadline for transfer pricing informative statements for 2024
Resolution MH-DGT-RES-0043-2025 extends the initial transitional deadline to 31 March 2026 for the 2024 fiscal year. Costa Rica’s Tax Administration (DGT) has published Resolution No. MH-DGT-RES-0043-2025 in the Official Gazette on 5
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US: Trump administration revises tariff exemptions, introduces trade incentives via executive order
Effective from 8 September 2025, the changes affect Annex II of the "Liberation Day" tariff policy. The US has revised its "Liberation Day" tariff exemptions under a new Executive Order signed by President Donald Trump on 5 September 2025. The
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