US: Trump pauses tariffs for 90 days for all countries, hits China harder with 125%
US President Donald Trump announced a three-month suspension of all “reciprocal” tariffs that took effect on 9 April 2025, excluding those applied to China. The sweeping tariffs will remain for China, the world’s second largest economy and
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Ecuador extends 0% remittance tax on essential imports amid energy crisis
The Ecuadorian government issued Executive Decree No. 589 on 29 March 2025 to extend the 0% tax rate on foreign currency outflows (ISD) for essential imports. The measure continues the temporary relief first introduced for January to March 2025
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Chile updates fair market value of assets subject to luxury tax
Chile's tax administration Internal Revenue Service (SII) has published Resolution No. 39 in the Official Gazette on 27 March 2025, introducing updated asset lists along with their fair market values for the implementation of the luxury
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US: IRS updates guidance on branch-level interest tax
The US Internal Revenue Service (IRS) has released an updated practice unit on Branch-Level Interest Tax Concepts. Below is a general overview of the key points covered in this publication: Note: This Practice Unit was updated to remove
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Chile announces new VAT liability estimate process
Chile’s tax administration (SII) published Resolution Ex. SII No. 38-2025 in the Official Gazette on 27 March 2025. This Resolution allows taxpayers with maximum sales revenue up to 2,400 tax units (around USD 97,000) from the previous year to
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US: Michigan, Texas offer state tax relief after disasters
In response to recent natural disasters that have heavily impacted communities, Michigan and Texas have announced tax filing and payment relief for individuals and businesses. Michigan: Relief for people and businesses hit by severe winter
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Brazil updates rules on social contribution top-up tax for Pillar 2
Brazil has issued Normative Instruction RFB No. 2.259 of 24 March 2025, which amends the regulations for the Additional Social Contribution on Net Profit (CSLL) contained in Normative Instruction RFB No. 2,228 of 3 October 2024. The Additional
See MoreChile waives penalties for late filings due to IT glitch
Chile’s tax administration (SII) has waived the fine for the late filing of tax return No. 1948 (DJ 1948) through Resolution Ex. SII 34-2025 was published in the Official Gazette on 19 March 2025. This return reports dividend distribution by
See MoreUS: IRS extends 2024 tax deadline for disaster victims in 12 states
The US Internal Revenue Service (IRS) issued IR-2025-41 on 4 April 2025, in which it reminded individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are
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Canada: Northwest Territories abolishes consumer carbon tax
The Government of the Northwest Territories (GNWT) will remove the Northwest Territories' carbon tax for all consumers except large emitters on 1 April 2025. The GNWT has taken this step to align with the Government of Canada’s carbon pricing
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Brazil ends COVID-19 era support for events sector
Brazil has announced the conclusion of the Emergency Program for the Resumption of the Events Sector (PERSE) through RFB Executive Declaratory Act No. 2 of 21 March 2025, which was published in the Official Gazette. The PERSE program, established
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Canada: Quebec announces tax measures in 2025-26 budget
The Canadian province Quebec's finance minister, Eric Girard, delivered the province’s 2025-26 budget on 25 March 2025. The minister unveiled a budget projecting a CAD 13.6 billion deficit, with CAD 2.2 billion allocated for debt repayment and
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Cayman Islands updates CRS jurisdiction lists
The Cayman Islands updated its lists of participating and reportable jurisdictions in the Official Gazette on 31 March 2025 for automatic financial account information exchange under the Common Reporting Standard (CRS). The list of participating
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Canada announces new countermeasures to US tariffs
Canada’s Government has published a statement on 3 April 2025 outlining new countermeasures in response to the tariffs introduced by the US President Donald Trump on 2 April 2025. The statement claims that the United States administration
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China responds with additional tariffs on imports from US
China's Ministry of Finance announced the implementation of additional tariffs as a direct response to the reciprocal tariffs previously imposed by the Trump Administration on 4 April 2025. “This practice of the US is not in line with
See MoreUS: Taxpayers living and working abroad have until 16 June to file their 2024 federal income tax return
The US Internal Revenue Service (IRS) issued IR-2025-39 on 2 April 2025, in which it reminded taxpayers living and working abroad that they have until Monday, 16 June 2025, to file their 2024 federal income tax return and pay any tax due. This
See MoreUS: Utah reduces corporate franchise tax rates
The Governor of Utah, Spencer Cox, signed House Bill (HB) 106 on 26 March 2025, cutting corporate franchise tax rates to 4.50% from 4.55% for taxable years starting on or after 1 January 2025. The USD 100 minimum tax remains
See MoreBrazil: Chamber of Deputies consider detox tax on digital platforms
Brazil's Chamber of Deputies is reviewing a draft bill on 18 March 2025 to introduce a digital detox contribution (CIDE-Detox Digital). As per the legislation, a 1% contribution tax would apply to companies with digital platforms earning over BRL
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