US: IRS issues guidance on APA submission review
The US Internal Revenue Service (IRS) Large Business and International (LB&I) division released memorandum LB&I-04-0425-0005 on 22 April 2025, which reissues interim guidance LB&I-04-0423-0006 on 25 April 2023. This
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US: Oregon, 11 States file lawsuit against Trump Administration over tariffs
The Oregon Attorney General has announced a multi-state lawsuit filed on 23 April 2025, challenging the Trump Administration's executive orders to raise tariffs globally without congressional approval. The case is led by Oregon Attorney General
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Brazil: Senate approves tax treaty protocol with Sweden
Brazil’s Senate approved the ratification of the amending protocol to the 1975 income tax treaty with Sweden on 23 April 2025. Signed on 19 March 2019, the protocol updates the treaty to meet minimum BEPS standards and introduces other changes.
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US: Trump warns Canada auto tariff could rise above 25%
The US 25% tariffs imposed on cars imported from Canada could be further increased, said President Donald Trump yesterday, 23 April 2025. "When I put tariffs on Canada - they're paying 25% - but that could go up, in terms of cars. All we're doing
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US: IRS, Treasury to scrap basis shifting transaction of interest rules
The US Department of the Treasury and Internal Revenue Service (IRS) issued Notice 2025-23 on 17 April 2025, announcing plans to propose removing the basis shifting transactions of interest regulations (T.D. 10028) originally issued on 14 January
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Argentina sets rules for using reconstruction bonds to pay taxes and customs debts
Argentina’s tax authority (ARCA) has announced the regulations for companies and individuals to use Bonds for the Reconstruction of a Free Argentina (BOPREAL) to settle tax and customs debts through General Resolution 5675/2025 on 16 April
See MoreUS: Indiana approves 10% property tax credit
Indiana’s Governor Mike Braun (R) signed Senate Bill SB 1 into law on 15 April 2025, introducing significant tax relief measures for Indiana residents and businesses. The legislation provides homeowners with a property tax credit while raising
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Chile halts corporate tax cut, advances support for small businesses and tourism
Chile's Ministry of Finance released a statement on the first meeting of the High-Level Council for Strategic International Economic and Financial Policy, led by President Gabriel Boric. The release noted that income tax reform plans, including a
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Guatemala raises small taxpayer tax threshold
Guatemala has raised the annual income threshold for the simplified small taxpayer regime. This regime applies a flat 5% tax on gross income, replacing income tax and VAT. Starting 9 April 2025, the threshold will be updated from GTQ 150,000 to
See MoreUS: IRS updates guidelines for IRC 263A accounting method changes
The US Internal Revenue Service ( IRS) has published an updated International Practice Unit titled IRC 481(a) Adjustments for IRC 263A Accounting Method Changes. This practice unit was updated to remove references to resources that are no longer
See MoreUS: White House denies targeting climate-focused non-profit organisations’ tax-exempt status
The White House confirmed on Tuesday, 22 April 2025, that there is no draft or consideration of any executive order targeting the tax-exempt status of climate-focused non-profit organisations. This development follows after speculations arose
See MoreUS: Republican lawmakers tackle clean energy dilemma as significant investments clash with Trump’s skepticism
Republican lawmakers planning to extend US President Donald Trump's 2017 tax cuts, also known as the “Tax Cuts and Jobs Act (TCJA),” are facing a clean-energy dilemma as significant investments in their districts clash with Trump's skepticism of
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US: VP Vance lands in India to negotiate trade deal amid Trump’s tariff tensions
US Vice President JD Vance arrived in New Delhi, India, on Monday, 21 April 2025, for a four-day visit. During the visit, Vance met Indian Prime Minister Narendra Modi, where the two leaders planned to build on the framework for stronger
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Italy, US call for non-discriminatory digital services tax
The Trump Administration has released the United States–Italy Joint Leaders Statement on 18 April 2025, marking the conclusion of the first official meeting between US President Donald Trump and Italy’s Prime Minister Giorgia Meloni. The
See MoreBrazil approves protocol amending tax treaty with Chile
Brazil's Lower House (Chamber of Deputies) approved the protocol amending the 2001 Brazil–Chile income tax treaty on 16 April 2025. The protocol was signed on 3 March 2022 and adopted through Draft Legislative Decree No. 722/2024. A tax
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Bangladesh to seek duty-free access for exports to US
Bangladesh plans to ask the US for duty-free access for its key exports during meetings in Washington from 21-25 April 2025, held alongside the World Bank and IMF Spring gatherings. Although the US offers zero tariffs on many products, most
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Canada: PM Carney promises tax cuts in election bid
Canadian Prime Minister Mark Carney has pledged tax cuts, infrastructure spending, and defence investments during an election campaign platform on Saturday, 20 April 2025. Carney highlighted that his government is working towards policies to
See MoreUS: IRS to waive penalties for some micro-captive disclosures
The U.S. Internal Revenue Service (IRS) has released Notice 2025-24 on 11 April 2025, announcing that it will waive penalties for participants and material advisors of reportable micro-captive insurance transactions if disclosure statements are
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