US: IRS withdraws final rule on digital asset reporting
The final rule stated that it became effective on 28 February 2025. The US Internal Revenue Service (IRS) has issued a final rule revoking its December 2024 rule on "Gross Proceeds Reporting by Brokers that Regularly Provide Services
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Chile sets rules for digital platforms to verify users’ tax registration and compliance
Chilean digital payment platforms must ensure users report business activity to the SII, starting 1 October 2025. Chile’s tax authority (SII) has published Resolution Ex. 79-2025 on the SII's website on 26 June 2025. This regulation
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Luxembourg ratifies tax treaty protocol with Argentina
Luxembourg ratifies 2024 protocol amending 2019 tax treaty with Argentina through Law of 4 July 2025, published on 9 July 2025. Luxembourg published the Law of 4 July 2025 in the Official Gazette on 9 July 2025, approving the ratification of the
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Ecuador, Panama negotiating potential tax treaty
Ecuador and Panama met to discuss trade cooperation and a potential income tax treaty. Ecuador and Panama held a bilateral meeting on 29 June 2025 to discuss cooperation on trade and measures against tax evasion, including the potential
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Ecuador clarifies tax exemption rules for share transfers
The Circular clarified income tax rules and filing obligations for share transfers and corporate restructurings. Ecuador’s Internal Revenue Service (SRI) issued Circular No. NAC-DGECCGC25-00000005 on 30 June 2025, clarifying income tax rules
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Brazil, Vietnam to resume tax treaty talks
The two countries agreed to advance income tax treaty negotiations initiated in 2015. Vietnamese Prime Minister Pham Minh Chinh met with Brazilian President Luiz Inacio Lula da Silva on 5 July 2025, to discuss bilateral relations. The two
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Brazil: AGU appeals suspension of financial transaction tax hike
The AGU argues that the Executive Branch has constitutional authority to adjust IOF rates and claims the National Congress violated the separation of powers by suspending presidential decrees. Brazil's Attorney General's Office (AGU) appealed to
See MoreUS: IRS updates 2025 inflation adjustment and reference price for renewable energy credit
The IRS set the inflation adjustment factor for the Renewable Electricity Production Credit (REPC) at 1.9971 and the reference price for wind-generated electricity at USD 0.031 per kilowatt hour for the 2025 tax year. The US Internal Revenue
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US: Trump imposes 50% tariffs on copper imports starting August
The decision follows a Section 232 investigation, which concluded that protecting domestic copper production is crucial for industries such as defence, electronics, and automobiles. US President Donald Trump announced a 50% tariff on US copper
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Bangladesh begins second-round of negotiations with US to avert 35% tariff on exports
The second-round talks are being held at Washington from 9–11 July 2025. Bangladesh has started the second round of negotiations with the US in Washington, DC, from 9 to 11 July 2025, in an effort to stop the implementation of a proposed 35%
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US: Trump ends clean energy tax credits for wind, solar facilities
Federal agencies must report their actions to the White House within 45 days. US President Donald Trump signed an executive order directing the Interior Department to review and adjust policies that currently favour renewable energy over other
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BRICS leaders endorse UN framework for international tax cooperation
The BRICS leaders' declaration from the 17th BRICS Summit in July 2025 highlights their support for the UN Framework Convention on International Tax Cooperation, as endorsed by BRICS Finance Ministers and Central Bank Governors. The BRICS leaders
See MoreUS: IRS repeals 83 outdated tax regulations
The tax regulations are deemed outdated due to repealed statutes, expired emergency provisions, or matters now resolved by new legislation. The US Internal Revenue Service (IRS), under President Donald Trump's Executive Order 14219 (19 February
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US to impose 35% tariff on Bangladeshi exports from August
US to apply 35% tariff on Bangladeshi exports from 1 August, raising concerns for the country’s key garment sector. The US will impose a 35% tariff on imports from Bangladesh starting 1 August 2025, following an announcement by President Donald
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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,
See MoreUS: 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
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