Colombia updates withholding and self-withholding tax rates
Colombia updates income tax withholding rates and thresholds, effective 1 June 2025. Colombia’s National Government released Decree 0572 of 2025 on 28 May 2025, which updated the income tax self-withholding rates and revised minimum withholding
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US: IRS issues interim guidance on simplified option for CAMT calculation
The guidance offers a simplified method to determine "applicable corporation" status under IRC Sec. 59(k), increasing minimum thresholds and waiving some estimated tax penalties. The US Internal Revenue Service (IRS) issued Notice 2025-27,
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US: Trump imposes 50% tariffs on steel and aluminium imports
The Trump Administration has increased tariffs on US imports of steel, aluminium, and derivatives from 25% to 50%, effective June 4, 2024. Tariffs on UK imports remain at 25%. The Trump Administration has doubled the tariffs on US imports of
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Luxembourg: Council of State approves tax treaty protocol with Argentina
Luxembourg's Council of State approved the ratification of the 2019 tax treaty protocol with Argentina on 3 June 2025. Luxembourg's Council of State approved the ratification of the amending protocol to the 2019 income and capital tax treaty
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Chile confirms end date for Costa Rica’s preferential tax regime status
Chile’s tax Administration (SII) confirmed that Costa Rica is not considered a preferential tax regime under the Income Tax Law. Chile’s tax authority (SII) issued Letter Ruling No. 1007 on 22 May 2025 regarding when Costa Rica ceased to be
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Mexico objects US tax on cross-border remittancesÂ
The One, Big, Beautiful Bill (Act), which is now under Senate review, proposes a 3.5% tax on all remittances sent by non-US citizens to foreign countries, regardless of the transfer amount. The US House of Representatives passed the One,
See MoreColombia issues tax refund certificates for exporters’ indirect taxes
Colombia provides tax refund certificates (CERT) to exporters for indirect taxes paid on goods and services, effective 30 May 2025. Colombia’s Ministry of Finance and Commerce, Industry, and Tourism introduced Decree 0566 on 28 May 2025,
See MoreUS: Hawaii introduces lodging tax for climate-change mitigation
The law adds a 0.75% "Green Fee" to the existing transient-accommodations tax of 10.25% and imposes a levy on cruise-ship passengers docking in the islands. Hawaii Governor Josh Green has signed SB 1396 into law, making Hawaii the first US
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Peru ratifies MLI, paving way for tax treaty updates
Peru has ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) through Supreme Decree No. 013-2025-RE, published in the Official Gazette on 27 May 2025. Following this
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Ecuador: SRI implements new remittance tax filing rules for card transactions
Ecuador’s tax authority now requires annual filings for taxpayers exceeding the foreign currency outflows tax (ISD) exemption on card transactions, including retroactive payments from 2022 to 2024. Ecuador’s Internal Revenue Service (SRI)
See MoreUS: Trump administration weighs 15% tariffs for 150 days
The Trump administration is reportedly considering using an existing law to impose 15% tariffs for 150 days on parts of the global economy. A final decision is yet to be announced. According to a Wall Street Journal report, President Donald
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Argentina ratifies BEPS multilateral instrument (MLI)
Argentina's President ratified the Multilateral Convention to Prevent BEPS (MLI) on 28 May 2025. Argentina’s President has signed Decree No. 361/2025, ratifying Law No. 27.788 and the Multilateral Convention to Implement Tax Treaty Measures to
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Panama extends tax filing deadline for select colon free trade zone taxpayers
The deadline extension only applies to taxpayers who had requested an extension. Panama’s tax administration (DGI) published Resolution 201-3727 in the Official Gazette on 29 April 2025, extending the deadline for Colon Free Trade Zone
See MoreColombia: DIAN extends tax information filing deadlines for TY 2024
This extension has been granted due to technical difficulties experienced on the Tax Authority's website. The Colombian Tax Authority (DIAN) has extended the deadline for submitting specific tax information for the taxable year (TY)Â 2024,
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OECD report reveals decline in tax revenue relative to GDP in Latin America and the Caribbean
The OECD’s 2025 report on Latin America and the Caribbean reveals a slight drop in tax revenue as a share of GDP in 2023. The OECD has published its 2025 report on Revenue Statistics in Latin America and the Caribbean, revealing a recovery in
See MoreUS: Trump to double steel and aluminium tariffs to 50%
President Trump announced plans to double tariffs on imported steel and aluminum to 50% on 30 May 2025. US President Donald Trump announced on 30 May 2025 that his administration plans to raise tariffs on imported steel and aluminium from 25%
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Bolivia further extends corporate tax filing deadline
The corporate income tax filing deadline has been extended to 20 June 2025. Bolivia’s tax authorities (SIN) issued Resolution No. 102500000024 on 27 May 2025, announcing that the corporate income tax (IUE) filing deadline for the fiscal year
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Brazil, Sweden: Amending protocol enters into force
The amending protocol to the 1975 Brazil-Sweden Income Tax Treaty will take effect on 13 June 2025. The amending protocol to the Brazil-Sweden Income Tax Treaty (1975) will take effect on 13 June 2025, however withholding and other taxes will
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