US, Canada agrees to finalise trade deal within 30 days
The US and Canada agreed to finalise a trade deal within 30 days to resolve issues caused by tariffs and countermeasures. The US President Donald Trump and Canada's Prime Minister Mark Carney agreed this week to finalise a trade deal within 30
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US: IRS enhances pre-filing agreement programme for large and multinational businesses
The IRS has improved its Pre-Filing Agreement programme to offer large businesses and international taxpayers greater tax certainty, emphasising cooperative strategies to prevent disputes early. The US Internal Revenue Service (IRS) issued
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US: Trump Administration finalises US-UK economic prosperity deal
The fact sheet details the executive order signed the previous day to implement the US-UK Economic Prosperity Deal. The Trump Administration released a Fact Sheet on 17 June 2025, detailing the executive order signed the previous day titled
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US: Senate bill proposes higher tax credit for CO2 use in oil production
The panel proposed equalizing the tax credit for using captured carbon in oil recovery with the USD 85/metric ton credit for permanently storing carbon. A US Senate panel released a bill proposing to match the tax credit for capturing carbon
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US: Senate Republicans propose ending EV tax credits
Senate Republicans push to eliminate key EV tax credits, proposing immediate reductions for leased imports and a complete phase-out within 180 days. US Senate Republicans introduced a tax and budget bill that would eliminate several electric
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US: Maryland clarifies expanded sales tax on data and IT services
The 3% sales and use tax goes into effect on 1 July 2025. The Comptroller of Maryland clarified the 3% sales and use tax on certain data, IT, and software publishing services in Technical Bulletin No. 56, released on 10 June 2025. The expanded
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US: Senate Finance Committee Chairman releases finance committee reconciliation text
Senate Finance Chair Mike Crapo released draft legislation to make 2017 tax cuts permanent and cut green new deal spending in the GOP budget bill. US Senate Finance Committee Chairman Mike Crapo (R-Idaho) released legislative text within the
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US: Senate proposes phasing out solar, wind tax credits
The proposal accelerates the expiration of renewable energy subsidies under the 2022 Inflation Reduction Act. A US Senate committee proposed phasing out tax credits for solar and wind energy by 2028 while extending incentives for nuclear,
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US: Treasury releases list of boycott-participating countries with no changes
The U.S. Treasury released a list of countries on 10 June 2025 that may require participation in an international boycott. These countries include Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Treasury issued a
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US: CRS publishes report on enforcing remedies for unfair foreign tax practices
The US House of Representatives passed the One Big Beautiful Bill Act on 22 May 2025, now with the Senate. A key tax measure includes adding section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," to the Code. The US Congressional
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J5 Australia, Canada, Netherlands, UK, and US publish report on fintech use in tax evasion and money laundering
The J5 group—Australia, Canada, Netherlands, UK, and US—has released a report examining how fintech is used to facilitate tax evasion and money laundering. The Joint Chiefs of Global Tax Enforcement (J5) released three reports today –
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US: IRS offers tax relief to Mississippi flood and storm victims
The IRS announced tax relief for individuals and businesses in parts of Mississippi affected by storms, floods, and straight-line winds starting on 14 March 2025. Impacted taxpayers have until 3 November 2025 to file federal tax returns and make
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US Appeals Court upholds stay on ruling on Trump tariffs
The US federal appeals court has upheld President Donald Trump's tariffs while reviewing a lower court's decision that claimed Trump exceeded his authority in imposing them. The US federal appeals court on Tuesday, 10 June 2025, upheld the
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US: IRS offers tax relief to Oklahoma wildfire and storm victims
The IRS announced tax relief for individuals and businesses in parts of Oklahoma affected by wildfires and straight-line winds starting on 14 March 2025. Impacted taxpayers have until 3 November 2025 to file federal tax returns and make
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US: IRS offers tax relief to Missouri wildfire and storm victims
The IRS announced tax relief for Missouri residents and businesses affected by severe storms, tornadoes, and wildfires starting on 14 March 2025. Impacted taxpayers have until November 3, 2025, to file federal tax returns and make payments. The
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US: IRS offers tax relief to Texas storm victims
The IRS has announced tax relief for individuals and businesses in parts of Texas impacted by severe storms and flooding starting on 26 March 2025. Affected taxpayers have until 3 November 2025 to file tax returns and make payments. The US
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US extends Section 301 tariff exemptions on Chinese imports through August 2025
The USTR has extended certain product exclusions from Section 301 tariffs on Chinese imports until 31 August 2025. The Office of the US Trade Representative (USTR) has announced an extension of specific product exclusions from Section 301 tariffs
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US: IRS offers assistance for taxpayers missing the filing deadline
The IRS announced resources for taxpayers who missed the 15 April tax filing deadline, offering guidance for handling owed taxes, interest, and penalties. The US Internal Revenue Service (IRS) released IR-2025-66 on 9 June 2025, highlighting
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