US: Court of International Trade rules Trump tariffs unconstitutional, Court of Appeals issues administrative stay while it reviews appeal
Court of International Trade cited Congress's exclusive authority over taxes and commerce on 28 May 2025. On 29 May 2025, the US Court of Appeals for the Federal Circuit issued an administrative stay while it reviews an appeal from the Trump
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US: Trump pledges to negotiate ‘big, beautiful’ tax bill for Senate approval
Trump’s remarks came after Elon Musk said in a CBS interview that he was ‘disappointed’ with the bill’s massive spending, which undermines the Department of Government Efficiency (DOGE) efforts to reduce the US budget deficit US
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US: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
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US: Trump postpones 50% tariff on EU goods
President Trump announced on 26 May 2025 that the effective date for his new 50% tariffs, in addition to the previously announced 20% tariffs on EU goods, has been pushed to 9 July 2025 after a call with European Commission President Ursula von der
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US tariffs are reshaping transfer pricing strategies for multinationals
The Trump Administration’s latest tariffs are reshaping global trade policies and pushing multinational corporations (MNCs) to revise their transfer pricing policies. US President Donald Trump’s latest tariffs, including a 104% levy on
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Vietnam, US conclude second round of tariff negotiations
Vietnamese Trade Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer led the talks, identifying areas of near consensus and others requiring further discussion. The US and Vietnam concluded their second round of tariff
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US: Trump revives trade tensions with new tariff threats on EU, Apple
Trump announced that he plans to impose a 50% tariff on EU goods, on top of the existing 20%, starting 1 June 2025. He also plans a 25% tax on imported iPhones that US consumers purchase. US President Donald Trump threatened, on Friday 23 May
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US: House of Representatives approve ‘One, Big, Beautiful Bill’
The bill makes the 2017 Trump tax cuts permanent, provide tax relief for families and small businesses, and encourage investment and manufacturing in the US. The US House Ways and Means Committee passed the One, Big, Beautiful Bill (Act) by the
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US: Taxpayers living, working abroad must file 2024 tax return by June
The IRS is reminding US taxpayers living abroad to file their 2024 federal income tax returns and pay any owed taxes by 16 June 2025. The US Internal Revenue Service has issued IR-2025-61 on 22 May 2025, encouraging US taxpayers living and
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US: Texas introduces new tax incentives for businesses, seeks to ban transactions and occupation taxes
Texas Governor Greg Abbott signed three bills into law on 14 May 2025, introducing tax incentives for businesses and securities market operators. Texas Governor Greg Abbott signed three bills into law on 14 May 2025, offering tax incentives for
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US: House of Representatives advance Trump’s major tax and spending bill
The Republican-controlled House advanced President Trump's tax and spending bill on 21 May 2025, clearing a key procedural hurdle and setting it up for a floor vote. US President Donald Trump's massive tax and spending bill passed a key
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Japan: Tokyo will not finalise any trade agreement with US that can compromise national interests
Japan’s chief trade negotiator, Ryosei Akazawa, said on Monday, 20 May 2025, that Japan continues to negotiate to remove US tariffs in ongoing bilateral trade discussions. He emphasised that Tokyo will not finalise any agreement that could
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US: Alabama opts out of federal R&D tax deduction rules, reduces grocery sales tax
Alabama Governor Kay Ivey signed the bill (HB 163) on 14 May 2025, which decoupled Alabama from the federal Tax Cuts and Jobs Act (TCJA) treatment of research and experimental (R&E) expenditures. On the same day, the governor also signed a bill
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Bangladesh, US begin negotiations for FTA
Bangladesh and the US have begun discussions on a potential Free Trade Agreement (FTA), with a focus on enhancing trade and investment. A Bangladeshi delegation recently met with officials from the Office of the US Trade Representative (USTR) to
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US: IRS announces 2025 inflation adjustment for carbon sequestration credit
The US Internal Revenue Service (IRS) has released the inflation adjustment factor for the carbon oxide sequestration credit under IRC section 45Q for 2025 (Notice 2025-25, IRB 2025-20). The inflation adjustment factor for calendar year 2025 is
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US, Vietnam negotiate amending protocol to income tax treaty
Vietnam's Ministry of Finance announced that the US and Vietnamese officials discussed various updates to the 2015 tax treaty between the two countries, including amending protocols to the agreement on 13 May 2025. The proposed protocol would
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US lowers “de minimis” tariff on small Chinese parcels, China lowers tariffs on US imports for 90 days
The White House released a joint statement, on 12 May 2025, announcing that the US will lower the "de minimis" tariff on low-value shipments from China to 30%, easing tensions in the trade war between the two largest economies. The order relieves
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US: House Ways and Means Committee releases tax provision summary for budget reconciliation, amends earlier recommendations
The US House Ways and Means Committee released a Description of Tax Provisions related to budget reconciliation recommendations, including proposals to extend key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and other reforms on 12 May
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