US to impose 25% tariffs on Japan, Korea (Rep.) from August 2025
Trump announced new tariffs on Japan and Korea (Rep.), urging trade negotiations before 1 August. US President Donald Trump announced a 25% tariff on all imports from Japan and Korea (Rep.) on 8 July 2025, due to take effect on 1 August. The
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Costa Rica updates interest rates on tax arrears and refunds for July 2025
The revised interest rate for late tax payments, refunds, customs issues, and fines has been set at 8.35%, replacing the previous rate of 8.43% Costa Rica's Ministry of Finance has issued Resolution MH-DGH-RES-0042-2025/MH-DGA-RES-0862-2025,
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US: Reciprocal tariffs on imports from 14 countries set to take effect starting August ’25
The US plans to impose ad valorem tariffs of 25%-40%. US President Donald Trump announced yesterday, 7 July 2025, that new tariffs on imports from 14 countries are set to take effect on 1 August 2025. The ad valorem rates vary by country:
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US: Maryland clarifies 3% sales tax rules for multi-state it services
The 3% sales and use tax takes effect on 1 July 2025. The Comptroller of Maryland has released Technical Bulletin (TB) 54, offering comprehensive guidance for buyers and vendors on complying with the expanded 3% sales tax on data, IT, and
See MoreUS: Connecticut enacts 2026–27 budget with corporate tax changes, digital media incentive expansion
The H.B. 7287 and H.B. 7166 establish the 2026-2027 state budget and expand the tax credits for digital media and film infrastructure. Connecticut Governor Ned Lamont (D) signed H.B. 7287 and H.B. 7166, which set the 2026-2027 state budget and
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Indonesia proposes tariff cuts, USD 500m wheat purchase in talks with US
Indonesia has proposed reducing import duties on US goods to nearly zero and committing to purchasing USD 500 million worth of US wheat in ongoing tariff negotiations. Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto,
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US: Trump signs ‘One Big Beautiful Bill’ into law
Trump signed the “One Big Beautiful Bill” into law on 4 July 2025, which makes his 2017 tax cuts permanent and introduces new tax breaks promised during his 2024 campaign. US President Donald Trump signed a major tax and spending bill dubbed
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US, Dominican Republic CbC reporting agreement now in force
The US–Dominican Republic competent authority arrangement for automatic exchange of Country-by-Country reports became operative on 5 May 2025, with exchanges to begin by 5 August 2025. The competent authority arrangement between the US and the
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Bolivia further extends deadline for 2024 corporate tax statements and beneficial ownership reports
The corporate income tax (IUE) filing deadline for certain statements and reports has been extended to 21 July 2025. Bolivia’s National Tax Service (SIN) issued Resolution No. 102500000031 on 30 June 2025, further extending the deadline for
See MoreUS to end electric vehicle tax credits on 30 September
The newly passed legislation will terminate the USD 7,500 tax credits for new EVs and USD 4,000 credits for used EVs by 30 September 2025. The US Congress approved the ‘One Big Beautiful Bill’ on 3 July 2024, which ends the USD $7,500 tax
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Canada announces legislation to ensure carbon rebates for small businesses are tax-free
The draft legislation ensures that all Canada Carbon Rebates for Small Businesses are provided tax-free. Canada's Department of Finance announced on 30 June 2025 that Carbon Rebates for small businesses will be tax-exempt, enabling eligible
See MoreUS: House Republicans pass ‘One Big Beautiful Bill’ through Congress
President Donald Trump's tax-cut legislation, dubbed "One Big Beautiful Bill," was narrowly approved by the House on 3 July, and is set to be signed into law on 4 July 2025. President Donald Trump's tax-cut legislation passed its final hurdle in
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US to impose 20% tariff on Vietnamese exports
The US will impose a 20% tariff on many Vietnamese exports, with trans-shipped goods facing 40%. President Donald Trump announced on 2 July 2025 that the US will apply a 20% tariff on many Vietnamese exports instead of the previously proposed
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Argentina amends VAT receipt rules, defers fuel tax hike partially
General Resolution (RG) 5716/2025 modifies the VAT tax receipt issuance regime, while Decree 441/2025 defers scheduled tax increases on liquid fuels and carbon dioxide for 2024 and early 2025. Argentina has published the General Resolution (RG)
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Paraguay, Chile negotiating to revise income tax treaty
The technical negotiations aim to update the 2005 Paraguay-Chile tax treaty, incorporating it with updated OECD and UN standards. According to the Paraguay Information Agency, on 30 June 2025, Paraguay and Chile are nearing the conclusion of
See MoreUS: California enacts single-factor apportionment for financial institutions
SB 132 mandates that financial institutions use a single sales factor formula for apportioning business income for California franchise/income tax purposes starting 1 January 2025. California Governor Gavin Newsom signed SB 132 on 27 June 2025, a
See MoreArgentina: Lowered interest rates on late tax payments and refunds effective from July
Argentina is lowering compensatory interest to 2.75% and punitive interest to 3.5% per month for peso-denominated debts. Argentina has reduced the interest rates applicable to late tax payments and tax refunds through Resolution 823/2025 on 23
See MoreUS: Florida aligns with federal IRC, ends business rent tax
Governor Ron DeSantis signed a bill that enacts a USD 1.3 billion tax relief package that updates Florida’s tax code conformity to January 2025 and repeals the business rent tax from October 2025. Florida Governor Ron DeSantis signed House Bill
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