Brazil, China: Amending protocol to tax treaty enters into force
The amendment to the 1991 Brazil-China Income Tax Treaty takes effect on 14 June 2025.  The amending protocol to the Brazil-China Income Tax Treaty (1991) will take effect on 14 June 2025, however withholding and other taxes will take effect
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Brazil: Economic Team to propose final alternative plan for IOF tax increases
Brazil’s government will present an alternative plan for the IOF tax increase within 10 days.  Brazil’s Congress lower house speaker, Hugo Motta, said in an X post on 29 May 2025, that the government will present an alternative plan for
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Canada: Government proposes GST rebate for first-time home buyers, repeal of consumer carbon price, middle-class tax cuts
Canada’s Finance Minister proposed the measures on 27 May 2025. Canada’s Finance Minister, François-Philippe Champagne, has tabled a notice of Ways and Means Motion in Parliament on 27 May 2025, proposing GST relief for first-time
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Argentina: ARCA raises reporting threshold for financial institutions
ARCA has raised reporting thresholds for financial institutions and e-wallet providers under Decree 353. The changes were outlined in General Resolution 5699, which was published on 23 May 2025. Argentina’s federal tax authority (ARCA) has
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US: Court of International Trade rules Trump tariffs unconstitutional, Court of Appeals issues administrative stay while it reviews appeal
Court of International Trade cited Congress's exclusive authority over taxes and commerce on 28 May 2025. On 29 May 2025, the US Court of Appeals for the Federal Circuit issued an administrative stay while it reviews an appeal from the Trump
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Peru considers temporary reduction of standard VAT rate
The reduced VAT rates will apply to natural and legal persons engaged in business activities across any productive sector and subject to VAT. The Peruvian Congress is reviewing Bill No. 11228/2024-CR, introduced on 19 May 2025, which proposes a
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US: Trump pledges to negotiate ‘big, beautiful’ tax bill for Senate approval
Trump’s remarks came after Elon Musk said in a CBS interview that he was ‘disappointed’ with the bill’s massive spending, which undermines the Department of Government Efficiency (DOGE) efforts to reduce the US budget deficit US
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Mexico reports higher tax revenue from transfer pricing audits during FY 2019-24
SAT announced results from its audit strategies, highlighting increased tax collection from large taxpayers for the periods 2013-2018 and 2019-2024. Mexico’s Tax Administration Service (SAT), in a press release dated 26 May 2025, highlighted
See MoreBrazil raises financial transaction tax on select insurance, credit, forex transactions
The Tax on Financial Operations (IOF) is a financial levy applied to individuals and businesses in Brazil, covering a range of financial transactions. Brazil has issued Decree No. 12.466 of 22 May 2025, which increases the financial transactions
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Dominican Republic: DGII sets 2025 inflation multipliers, exchange rates
The tax authority issued new inflation and exchange rate adjustments for the fiscal year ending March 2025. The Dominican Republic’s Directorate General of Internal Revenue (DGII) has issued Resolution No. DDG-AR1-2025-00003, establishing
See MoreUS: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
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Mexico unveils tax incentives for new economic development zones
Mexico has introduced tax incentives for businesses operating in newly designated SEZs, including full deductions for fixed asset investments and additional relief for spending on training and innovation from 2025 to 2030. Mexico has issued a
See MoreUS: Trump postpones 50% tariff on EU goods
President Trump announced on 26 May 2025 that the effective date for his new 50% tariffs, in addition to the previously announced 20% tariffs on EU goods, has been pushed to 9 July 2025 after a call with European Commission President Ursula von der
See MoreUS tariffs are reshaping transfer pricing strategies for multinationals
The Trump Administration’s latest tariffs are reshaping global trade policies and pushing multinational corporations (MNCs) to revise their transfer pricing policies. US President Donald Trump’s latest tariffs, including a 104% levy on
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Vietnam, US conclude second round of tariff negotiations
Vietnamese Trade Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer led the talks, identifying areas of near consensus and others requiring further discussion. The US and Vietnam concluded their second round of tariff
See MoreUS: Trump revives trade tensions with new tariff threats on EU, Apple
Trump announced that he plans to impose a 50% tariff on EU goods, on top of the existing 20%, starting 1 June 2025. He also plans a 25% tax on imported iPhones that US consumers purchase. US President Donald Trump threatened, on Friday 23 May
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Brazil: Government announces spending cuts 2025 budget
The government announced plans to cut BRL 31.3 billion from the 2025 budget to meet fiscal rules and plans to raise the tax on financial transactions. Brazil's government announced that it will implement measures to slash BRL 31.3 billion (USD
See MoreBrazil: MoF scraps higher tax on investments made abroadÂ
Finance Ministry dropped plans for a higher tax on overseas investments on Friday, following criticism that it signalled a return to capital controls. Brazil's Finance Ministry dropped a higher transaction tax on overseas investments on Friday,
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