Canada: Prince Edward Island announces 2025-26 budget, includes corporate tax cuts
The Canadian province of Prince Edward Island presented the 2025-26 Operating Budget to the legislative assembly on 10 April 2025. The province’s 2025-26 budget includes CAD 294.6 million in new spending, bringing total expenditure to over CAD
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US: Georgia speeds up corporate tax rate cuts
The US state of Georgia Governor Brian P. Kemp signed the House Bill (HB) 111 into law on 15 April 2025, expediting the planned reduction of the corporate and individual income tax. The individual income tax rate cut was established by HB 1437 in
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US: Trump administration plans to impose 245% tariff on China
The tariff wars between two of the world's largest economies, the US and China, show no signs of slowing down. In the latest move, the Trump Administration said that China could face tariffs as high as 245% in response to its retaliatory measures.
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Canada imposes 10% tax on foreign homebuyers in Toronto
The City of Toronto will introduce a 10% tax on residential property purchases by foreign buyers, including individuals and corporations, not residing in Canada, effective 1 January 2025. This newly introduced tax falls under the Municipal
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Ecuador: Tax Authority issues updated list of designated special taxpayers
Ecuador's Tax Authority (SRI) has published Resolution No. NAC-DGERCGC25-00000006, which introduces a list of ten companies classified as "special taxpayers." This designation involves stricter reporting requirements, enhanced audits, and the
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Ecuador: SRI revises mining annex reporting rules
Ecuador's Internal Revenue Service (SRI) has amended the Mining Annex reporting requirements through Resolution No. NAC-DGERCGC25-00000007, effective from 28 March 2025. The revised resolution updates criteria from the previous Mining Annex
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US: IRS announces over USD 1 billion in 2021 in unclaimed tax refunds, requests taxpayers to check their eligibility
The US Internal Revenue Service (IRS) issued IR-2025-46 on 11 April 2025, reminding the 1.1 million people who didn’t file their tax year 2021 federal tax returns that they may be eligible for a refund if they file by the 15 April 2025
See MoreUS: Trump overturns digital asset reporting regulations
US President Donald Trump signed into law H.J.Res.25 (Congressional Review Act Disapproval Resolution on Cryptocurrency Broker Reporting from the IRS) on 10 April 2025, a joint resolution of disapproval aimed at overturning the final regulations
See MoreUS: IRS offers tax relief for storm affected taxpayers in Arkansas and Tennessee
The US Internal Revenue Service (IRS) has issued IR-2025-49 (Arkansas) and IR-2025-47 (Tennessee) on 14 April 2025, announcing tax relief for individuals and businesses in Arkansas and Tennessee impacted by the severe storms, tornadoes, and flooding
See MoreUS: IRS updates practice unit on deductions and credits for late corporate tax returns
The US Internal Revenue Service (IRS) has released an updated practice unit on the Allowance of Deductions and Credits for 1120-F Delinquent Returns on 25 March 2025. Form 1120-F serves as the US income tax return specifically for foreign
See MoreUS: Trump administration grants reciprocal tariff exceptions for smartphones, computers, and electronics from China
The Trump Administration released a memorandum titled “Clarification of Exceptions Under Executive Order 14257 of April 2, 2025, as Amended” on 11 April 2025. The clarification broadens the reciprocal tariff exception for "semiconductors" to
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Luxembourg approves protocol to 2019 tax treaty with Argentina
Luxembourg’s Government Council has approved the ratification of the protocol to the 2019 tax treaty on income and capital with Argentina on 28 March 2025. The protocol will enter into force upon the exchange of ratification instruments and
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Paraguay announces extension for 2024 financial statement submissions
Paraguay's National Directorate of Tax Revenues (DNIT) has issued General Resolution DNIT No. 29/25, which extends the deadline for corporate taxpayers (IRE) to submit financial statements for the fiscal year ending 31 December 2024. The new
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Uruguay extends tax incentives for large construction projects to 2025
Uruguay has issued Decree No. 85/025 on 2 April 2025, extending the tax benefits for large investment projects in construction and urban development. These incentives were first introduced in 2020 under Decree No. 138/020 as part of measures to
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Chile sets tax rates for SMEs in the copper mining industry
Chile's Internal Revenue Service (SII) has issued Circular No. 24 of 28 March 2025, setting new tax rates for small artisan miners and SMEs involved in copper mining and sales. Small artisan miners tax rates For small artisan miners using the
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Brazil: Senate approves tax treaty protocol with China
Brazil’s Senate has approved the protocol amending the Brazil-China Income Tax Treaty (1991) through Draft Legislative Decree No. 343/2024 on 8 April 2025. Signed on 23 May 2022, this protocol is the first amendment to the treaty. It will come
See MoreCanada: Newfoundland and Labrador announces 2025 budget, introduces no changes to tax rates
Canada province Newfoundland and Labrador finance minister Siobhan Coady has presented the province’s 2025 budget on 9 April 2025. The minister mentioned the province’s deficit has decreased from CAD 1.5 billion in 2020-21 to CAD 372 million
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Panama updates CRS participating jurisdictions list
Panama published Resolution No. 201-3013 of 26 March 2025 in the Official Gazette on 1 April 2025 updating the list of participating jurisdictions for the automatic exchange of financial account information under the Common Reporting Standard
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