Chile halts corporate tax cut, advances support for small businesses and tourism
Chile's Ministry of Finance released a statement on the first meeting of the High-Level Council for Strategic International Economic and Financial Policy, led by President Gabriel Boric. The release noted that income tax reform plans, including a
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Guatemala raises small taxpayer tax threshold
Guatemala has raised the annual income threshold for the simplified small taxpayer regime. This regime applies a flat 5% tax on gross income, replacing income tax and VAT. Starting 9 April 2025, the threshold will be updated from GTQ 150,000 to
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US: IRS updates guidelines for IRC 263A accounting method changes
The US Internal Revenue Service ( IRS) has published an updated International Practice Unit titled IRC 481(a) Adjustments for IRC 263A Accounting Method Changes. This practice unit was updated to remove references to resources that are no longer
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US: White House denies targeting climate-focused non-profit organisations’ tax-exempt status
The White House confirmed on Tuesday, 22 April 2025, that there is no draft or consideration of any executive order targeting the tax-exempt status of climate-focused non-profit organisations. This development follows after speculations arose
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US: Republican lawmakers tackle clean energy dilemma as significant investments clash with Trump’s skepticism
Republican lawmakers planning to extend US President Donald Trump's 2017 tax cuts, also known as the “Tax Cuts and Jobs Act (TCJA),” are facing a clean-energy dilemma as significant investments in their districts clash with Trump's skepticism of
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US: VP Vance lands in India to negotiate trade deal amid Trump’s tariff tensions
US Vice President JD Vance arrived in New Delhi, India, on Monday, 21 April 2025, for a four-day visit. During the visit, Vance met Indian Prime Minister Narendra Modi, where the two leaders planned to build on the framework for stronger
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Italy, US call for non-discriminatory digital services tax
The Trump Administration has released the United States–Italy Joint Leaders Statement on 18 April 2025, marking the conclusion of the first official meeting between US President Donald Trump and Italy’s Prime Minister Giorgia Meloni. The
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Brazil approves protocol amending tax treaty with Chile
Brazil's Lower House (Chamber of Deputies) approved the protocol amending the 2001 Brazil–Chile income tax treaty on 16 April 2025. The protocol was signed on 3 March 2022 and adopted through Draft Legislative Decree No. 722/2024. A tax
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Bangladesh to seek duty-free access for exports to US
Bangladesh plans to ask the US for duty-free access for its key exports during meetings in Washington from 21-25 April 2025, held alongside the World Bank and IMF Spring gatherings. Although the US offers zero tariffs on many products, most
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Canada: PM Carney promises tax cuts in election bid
Canadian Prime Minister Mark Carney has pledged tax cuts, infrastructure spending, and defence investments during an election campaign platform on Saturday, 20 April 2025. Carney highlighted that his government is working towards policies to
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US: IRS to waive penalties for some micro-captive disclosures
The U.S. Internal Revenue Service (IRS) has released Notice 2025-24 on 11 April 2025, announcing that it will waive penalties for participants and material advisors of reportable micro-captive insurance transactions if disclosure statements are
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Bolivia: Tax authority extends corporate income tax filing deadline
Bolivia’s tax authority issued Resolution No. 102500000015 on 16 April 2025, which extends the corporate income tax (IUE) filing deadline for tax years ending 31 December 2024. The new extended deadline is set for 30 May 2025. The extended
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Canada introduces relief for businesses hit by US tariffs
Canada’s Department of Finance has unveiled new support measures on 15 April 2025 aimed at assisting Canadian businesses impacted by tariffs imposed by both the US and Canada. The measures were announced by Minister of Finance, François-Philippe
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Chile sets new invoice rules for high-value goods sales to non-VAT taxpayers
Chile's Internal Revenue Service (SII) has issued Resolution No. 44 of 7 April 2025, setting new invoice rules for sales of goods to non-VAT taxpayers when the transaction amount exceeds 135 UF. The Unidad de Fomento (UF) is an index-linked unit
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Peru and Switzerland conclude tax treaty protocol negotiations
Peru and Switzerland initialled a protocol to amend their 2012 tax treaty on 16 April 2025. The protocol, aimed at aligning the agreement with OECD BEPS standards, marks the first modification to the treaty. It will require formal signing and
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US: IRS extends tax deadlines to 25 September for North Carolina storm victims
The US Internal Revenue Service (IRS) issued NC-2025-01 on 17 April 2025, in which it announced an extended deadline for taxpayers in North Carolina impacted by Hurricane Helene. The new deadline, now set for 25 September 2025, replaces the
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US: IRS urges taxpayers to review withholding for next year
The US Internal Revenue Service (IRS) issued IR-2025-52 on 17 April 2025, in which it reminded taxpayers that proper tax withholding now is key to avoiding surprises when they file their tax return next year. Making any needed adjustments earlier in
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Brazil retaliates with economic reciprocity law against US tariffs
Brazil’s government has published and enacted Law No. 15.122 of 11 April 2025 in the Official Gazette on 14 April 2025. This legislation, also known as the “Economic Reciprocity Law, enables Brazil to impose import duties and suspend trade
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