US: Senate bill proposes higher tax credit for CO2 use in oil production
The panel proposed equalizing the tax credit for using captured carbon in oil recovery with the USD 85/metric ton credit for permanently storing carbon. A US Senate panel released a bill proposing to match the tax credit for capturing carbon
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US: Senate Republicans propose ending EV tax credits
Senate Republicans push to eliminate key EV tax credits, proposing immediate reductions for leased imports and a complete phase-out within 180 days. US Senate Republicans introduced a tax and budget bill that would eliminate several electric
See MoreUS: Maryland clarifies expanded sales tax on data and IT services
The 3% sales and use tax goes into effect on 1 July 2025. The Comptroller of Maryland clarified the 3% sales and use tax on certain data, IT, and software publishing services in Technical Bulletin No. 56, released on 10 June 2025. The expanded
See MoreUS: Senate Finance Committee Chairman releases finance committee reconciliation text
Senate Finance Chair Mike Crapo released draft legislation to make 2017 tax cuts permanent and cut green new deal spending in the GOP budget bill. US Senate Finance Committee Chairman Mike Crapo (R-Idaho) released legislative text within the
See MoreUS: Senate proposes phasing out solar, wind tax credits
The proposal accelerates the expiration of renewable energy subsidies under the 2022 Inflation Reduction Act. A US Senate committee proposed phasing out tax credits for solar and wind energy by 2028 while extending incentives for nuclear,
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Venezuela grants tax exemption on central bank securities
Venezuela exempts income tax on Central Bank securities for one year from 8 May 2025. Venezuela has enacted Decree No. 5,127, published in the Official Gazette Extraordinary No. 6,905 on 8 May 2025. The decree grants a one-year income tax
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Brazil revises financial transaction tax rates again
Brazil issued Decree No. 12.499 on 11 June 2025, repealing Decrees 12.466 and 12.467, raising financial transaction tax (IOF) rates on select insurance, credit, and forex transactions. Brazil has published Decree No. 12.499 on 11 June 2025, which
See MoreBrazil, China protocol to tax treaty entered into force
The amended Brazil-China tax treaty (effective 14 June 2025) sets withholding tax rates for dividends, interest, and royalties. The amending protocol to the 1991 income tax treaty between Brazil and China took effect on 14 June 2025. Signed on
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Bolivia announces extension of filing deadlines for May 2025
The last digits of one’s tax ID corresponds to a specific new deadline for submission. Bolivia’s tax authority (SIN) has extended the deadline for filing tax returns for the May 2025 fiscal period through Resolution No. 102500000026 on 3
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Czech Republic: Government endorses tax treaty signing with Argentina
The Czech Republic approved signing a tax treaty with Argentina on 11 June 2025. The Czech Republic government has approved signing an income and capital tax treaty with Argentina on 11 June 2025. This follows after officials from both
See MoreBrazil: Government to raise tax on interest on equity in fiscal package
Brazil's Finance Ministry plans to increase the income tax on interest on equity (JCP) payments from 15% to 20% as part of a new fiscal package. Brazil's Finance Minister, Fernando Haddad, announced on 10 June 2025 that the government is
See MoreUS: Treasury releases list of boycott-participating countries with no changes
The U.S. Treasury released a list of countries on 10 June 2025 that may require participation in an international boycott. These countries include Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Treasury issued a
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Ecuador extends transfer pricing filing deadlines for 2024
Ecuador has extended the 2024 transfer pricing filing deadlines to September 2025 for qualifying taxpayers. Ecuador’s Internal Revenue Service (SRI) published Resolution No. NAC-DGERCGC25-00000012 in the Official Gazette on 7 June 2025,
See MoreUS: CRS publishes report on enforcing remedies for unfair foreign tax practices
The US House of Representatives passed the One Big Beautiful Bill Act on 22 May 2025, now with the Senate. A key tax measure includes adding section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," to the Code. The US Congressional
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Peru deposits instrument of ratification of the multilateral BEPS
Peru ratifies the OECD BEPS Convention, effective 1 October 2025, strengthening efforts to combat tax avoidance. Peru deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent
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Canada extends tariff exemptions on Ukraine imports for one year
Canada has extended its tariff-free policy for Ukrainian imports for another year, keeping Ukrainian goods free from customs duties until 9 June 2026. Canada’s Department of Finance announced on 6 June 2025 that it will continue to support
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US: IRS offers tax relief to Mississippi flood and storm victims
The IRS announced tax relief for individuals and businesses in parts of Mississippi affected by storms, floods, and straight-line winds starting on 14 March 2025. Impacted taxpayers have until 3 November 2025 to file federal tax returns and make
See MoreUS Appeals Court upholds stay on ruling on Trump tariffs
The US federal appeals court has upheld President Donald Trump's tariffs while reviewing a lower court's decision that claimed Trump exceeded his authority in imposing them. The US federal appeals court on Tuesday, 10 June 2025, upheld the
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