European Commission responds to US steel, aluminium tariffs
The United States imposed tariffs of up to 25% on imports of steel, aluminium, and certain products containing steel and aluminium from the European Union and other trading partners On 12 March 2025. In response, the Commission is launching a series
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Canada, Uruguay to negotiate updated investment agreement
Canada and Uruguay have agreed to begin negotiations on updating their Foreign Investment Promotion and Protection Agreement (FIPA), originally signed in 1999. The revised agreement aims to strengthen trade and investment ties between the two
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US: IRS confirms US-Bulgaria CbC exchange agreement
The IRS updated its Country-by-Country Reporting (CbCR) Jurisdiction Status Table on 11 March 2025, confirming that the competent authority arrangement between the US and Bulgaria became operative on 9 September 2024. Country-by-Country
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Jamaica outlines new tax measures in 2025-26 budget
Jamaica’s Finance Minister Fayval Williams announced a JMD 1.26 trillion budget for 2025-26 on Tuesday, 11 March 2025. The Minister explained that the 2025/26 budget will be funded by JMD 949.5 billion in tax revenues, JMD 139.8 billion in
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Chile introduces new advance pricing agreement process
Chile’s Internal Revenue Service (SII) has issued Resolution No. 28 of 6 March 2025 on 6 March 2025, introducing a new approach for taxpayers to request advance pricing agreements (APAs). This new resolution replaces previous resolutions from
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US: Connecticut extends 2024 filing deadline for composite and pass-through entity taxes
The Connecticut Department of Revenue Services (DRS) has extended the 2024 filing and payment deadline for state composite income tax and pass-through entity tax (PTET) returns to 15 April 2025. The extension comes as DRS works with software
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US: Idaho offers tax relief for South California taxpayers affected by wildfires
The Idaho State Tax Commission announced on 6 March 2025 that it is extending the deadlines to file and pay taxes for victims of the southern California wildfires and straight-line winds. Affected taxpayers in Los Angeles County will have until
See MoreOECD: Report on Simplified Peer Review of Peru under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Peru under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
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Costa Rica launches public consultation on capital income registration
Costa Rica’s tax administration (DGT) has released a draft resolution for public consultation related to the registration to pay capital income tax for real estate and movable assets. The draft resolution was published in the Official Gazette
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US: Wyoming offers 25% property tax cut for homeowners
Wyoming Governor Mark Gordon signed a legislation on 3 March 2025 that offers a property tax exemption of up to 25% for single-family homes. A single-family home is a structure intended for human habitation, including a house, modular home,
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Hong Kong, Peru commence first IPA talks
Peru’s government announced on 23 February 2025, that the first round of negotiations for an investment protection agreement (IPA) with Hong Kong will take place in Hong Kong from 10 to 12 March
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Chile updates list of preferential tax regimes
Chile's Internal Revenue Service (SII) has issued Resolution No. 30 of 6 March 2025 with an updated list of territories and jurisdictions with preferential tax regimes. The list reflects the new rules introduced by the Law on Compliance with Tax
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Costa Rica: Draft resolution on CRS reporting criteria open for public consultation
Costa Rica’s tax administration (DGT) has published a draft resolution for public consultation on 4 March 2025. The resolution outlines selection criteria and risk factors for reviewing financial account reports under the Common Reporting Standard
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US: Idaho lowers corporate, individual tax rates
Idaho Governor Brad Little has signed House Bill 40 into law on 6 March 2025, lowering corporate and individual income tax rates from 5.695% to 5.3%. The legislation also allows veterans to keep more of their military pensions. “Idaho
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Bolivia delays e-invoicing deadline for some taxpayers
Bolivia’s Tax Authority (SIN) has announced an extension for taxpayers in groups 9 to 12 to begin issuing e-invoices. This extension is outlined in three resolutions—RND 102500000008, RND 102500000009, and RND 102500000010. The new
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Switzerland opens consultation on new FATCA agreement to exchange tax data with US
The Swish Federal Council opened a consultation on 7 March 2025 regarding a new FATCA agreement. In the future, Switzerland will no longer only provide financial account information to the US but will also receive information from the US as part of
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Canada extends mineral tax credit to March 2027
Canada's Ministry of Finance and Intergovernmental Affairs issued a release on 3 March 2025 proposing to extend the 15% Mineral Exploration Tax Credit for investors in flow-through shares for an additional two years, until 31 March 2027. The
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US: Trump orders lumber import probe and boost domestic production, raising concerns on potential tariffs
US President Donald Trump has issued two executive orders concerning the timber industry on 1 March 2025. The first executive order aims to boost domestic production, and the second investigates the impact of imported timber on US security and
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