US: IRS withdraws final rule on digital asset reporting
The final rule stated that it became effective on 28 February 2025. The US Internal Revenue Service (IRS) has issued a final rule revoking its December 2024 rule on "Gross Proceeds Reporting by Brokers that Regularly Provide Services
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US: IRS updates 2025 inflation adjustment and reference price for renewable energy credit
The IRS set the inflation adjustment factor for the Renewable Electricity Production Credit (REPC) at 1.9971 and the reference price for wind-generated electricity at USD 0.031 per kilowatt hour for the 2025 tax year. The US Internal Revenue
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US: Trump imposes 50% tariffs on copper imports starting August
The decision follows a Section 232 investigation, which concluded that protecting domestic copper production is crucial for industries such as defence, electronics, and automobiles. US President Donald Trump announced a 50% tariff on US copper
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Bangladesh begins second-round of negotiations with US to avert 35% tariff on exports
The second-round talks are being held at Washington from 9–11 July 2025. Bangladesh has started the second round of negotiations with the US in Washington, DC, from 9 to 11 July 2025, in an effort to stop the implementation of a proposed 35%
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US: Trump ends clean energy tax credits for wind, solar facilities
Federal agencies must report their actions to the White House within 45 days. US President Donald Trump signed an executive order directing the Interior Department to review and adjust policies that currently favour renewable energy over other
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US: IRS repeals 83 outdated tax regulations
The tax regulations are deemed outdated due to repealed statutes, expired emergency provisions, or matters now resolved by new legislation. The US Internal Revenue Service (IRS), under President Donald Trump's Executive Order 14219 (19 February
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US: Trump considering imposing 50% tariff on copper imports
The tariffs are expected to take effect by late July or 1 August 2025, with Chile, Canada, and Mexico being impacted the most by the increases. US President Donald Trump announced plans for a 50% tariff on copper imports during a White House
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US to impose 35% tariff on Bangladeshi exports from August
US to apply 35% tariff on Bangladeshi exports from 1 August, raising concerns for the country’s key garment sector. The US will impose a 35% tariff on imports from Bangladesh starting 1 August 2025, following an announcement by President Donald
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US to impose 25% tariffs on Japan, Korea (Rep.) from August 2025
Trump announced new tariffs on Japan and Korea (Rep.), urging trade negotiations before 1 August. US President Donald Trump announced a 25% tariff on all imports from Japan and Korea (Rep.) on 8 July 2025, due to take effect on 1 August. The
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US: Reciprocal tariffs on imports from 14 countries set to take effect starting August ’25
The US plans to impose ad valorem tariffs of 25%-40%. US President Donald Trump announced yesterday, 7 July 2025, that new tariffs on imports from 14 countries are set to take effect on 1 August 2025. The ad valorem rates vary by country:
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US: Maryland clarifies 3% sales tax rules for multi-state it services
The 3% sales and use tax takes effect on 1 July 2025. The Comptroller of Maryland has released Technical Bulletin (TB) 54, offering comprehensive guidance for buyers and vendors on complying with the expanded 3% sales tax on data, IT, and
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US: Connecticut enacts 2026–27 budget with corporate tax changes, digital media incentive expansion
The H.B. 7287 and H.B. 7166 establish the 2026-2027 state budget and expand the tax credits for digital media and film infrastructure. Connecticut Governor Ned Lamont (D) signed H.B. 7287 and H.B. 7166, which set the 2026-2027 state budget and
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Indonesia proposes tariff cuts, USD 500m wheat purchase in talks with US
Indonesia has proposed reducing import duties on US goods to nearly zero and committing to purchasing USD 500 million worth of US wheat in ongoing tariff negotiations. Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto,
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US: Trump signs ‘One Big Beautiful Bill’ into law
Trump signed the “One Big Beautiful Bill” into law on 4 July 2025, which makes his 2017 tax cuts permanent and introduces new tax breaks promised during his 2024 campaign. US President Donald Trump signed a major tax and spending bill dubbed
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US, Dominican Republic CbC reporting agreement now in force
The US–Dominican Republic competent authority arrangement for automatic exchange of Country-by-Country reports became operative on 5 May 2025, with exchanges to begin by 5 August 2025. The competent authority arrangement between the US and the
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US to end electric vehicle tax credits on 30 September
The newly passed legislation will terminate the USD 7,500 tax credits for new EVs and USD 4,000 credits for used EVs by 30 September 2025. The US Congress approved the ‘One Big Beautiful Bill’ on 3 July 2024, which ends the USD $7,500 tax
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US: House Republicans pass ‘One Big Beautiful Bill’ through Congress
President Donald Trump's tax-cut legislation, dubbed "One Big Beautiful Bill," was narrowly approved by the House on 3 July, and is set to be signed into law on 4 July 2025. President Donald Trump's tax-cut legislation passed its final hurdle in
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US to impose 20% tariff on Vietnamese exports
The US will impose a 20% tariff on many Vietnamese exports, with trans-shipped goods facing 40%. President Donald Trump announced on 2 July 2025 that the US will apply a 20% tariff on many Vietnamese exports instead of the previously proposed
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