US: Treasury publishes list of countries requiring cooperation with an international boycott with no changes
The list includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Department of the Treasury published a notice in the Federal Register on 31 July 2025, listing countries that may require participation or
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US announces 25% tariff on India, cites trade barriers and Russian ties
The new tariffs will enter into force on 1 August 2025. The Trump Administration will impose 25% tariffs on Indian imports, citing India's high tariffs, trade barriers and ongoing defence and energy ties with Russia. US President Donald Trump
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US: Trump to set 15% tariff on South Korean imports under new trade deal
President Trump announced a reduced 15% tariff on South Korean imports, down from a planned 25%, as part of a new trade deal. US President Donald Trump announced a reduced 15% tariff on imports from South Korea on 30 July 2025, down from the
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US: Trump administration imposes 50% tariffs on Brazilian imports
The new tariffs will take effect on 6 August 2025. US President Donald Trump imposed 50% tariffs on most Brazilian imports on 30 July 2025. However, key sectors like aircraft, energy, orange juice, pig iron, and fertilisers will be
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US: IRS issues temporary CAMT guidance for partnerships, new rules expected
The IRS issued interim guidance on applying the Corporate Alternative Minimum Tax (CAMT) to partnerships and announced plans to revise and replace the September 2024 proposed regulations. The US Internal Revenue Service (IRS) issued Notice
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US, Philippines reach new trade agreement on export tariffs
The US and the Philippines have agreed on a trade deal with a 19% tariff on Philippine exports and zero tariffs on US goods. The US and the Philippines have concluded a trade agreement that lowers the planned US tariff on Philippine exports from
See MoreUS: IRS releases temporary guidelines to enhance LB&I audit procedures
The memo outlines plans to phase out the acknowledgement of facts process by 2026, expand accelerated issue resolution to large corporate cases, and strengthen review of fast track settlement denials. The US Internal Revenue Service (IRS)
See MoreUS: IRS clarifies BEAT exception rules; states services cost method not mandatory, documentation essential
The IRS clarified that under BEAT rules, taxpayers may exclude the cost portion of service payments to foreign related parties using the Section 59A(d)(5) exception, even without applying the specific transfer pricing method. The US Internal
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US, EU finalise trade agreement featuring 15% tariff on imports
The trade deal imposes a 15% tariff on most EU imports and zero tariffs on key strategic goods, including aircraft, certain chemicals, generic drugs, semiconductors, and raw materials. US President Donald Trump and European Commission President
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US reduces tariffs on Japanese auto imports to 15% in new trade deal
The US and Japan struck a trade deal, which lowers tariffs on Japanese auto imports to 15%. In return, Japan committed to a USD 550 billion investment in the US, including Boeing planes, defence spending, and increased agricultural and rice
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US to possibly settle for 15% tariffs on EU imports
The EU and the US are reportedly nearing a trade agreement to impose a 15% tariff on EU goods imported into the US. According to EU diplomats, the EU and the US are moving towards a trade agreement that would impose a 15% tariff on EU goods
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Indonesia to reduce tariffs, ease trade barriers in US trade deal
Indonesia and the US have reached a trade agreement that eliminates tariffs on over 99% of US goods and reduces non-tariff barriers. In return, the US lowered tariffs on Indonesian products to 19%, alongside significant purchases of US jets, energy,
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Bangladesh sends position paper to US, seeks tariff relief in final round of negotiationsÂ
Commerce ministry seeks to launch final round of tariff talks from 26 July; seeks 5–10-year transition period for labour and environmental reforms. Bangladesh formally submitted its position paper to the Office of the United States Trade
See MoreUS reduces reporting requirements for small businesses, freelancers, payment platforms
Recent tax law changes under President Trump's tax package reduce IRS reporting requirements for small businesses and freelancers, easing administrative burdens but potentially increasing income underreporting and widening the tax gap. Recent
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US: Trump administration considers eliminating capital gains tax on home sales
Under current law, US residents can exclude up to USD 250,000 in capital gains from taxable income when selling their primary residence. US President Donald Trump announced on 22 July 2025 that his administration is considering eliminating
See MoreIndonesia: Chief Economic Minister says 19% US tariff may take effect before 1 August
Trump imposed a 19% tariff on Indonesian goods as part of a new trade agreement, effective 1 August Indonesia's Chief Economic Minister, Airlangga Hartarto, announced on 21 July 2025 that the 19% tariff on Indonesian goods entering the US could
See MoreUS: IRS offers tax relief to New Mexico flood and storm victims
The tax filing and payment deadline has been extended to 2 February 2026 for New Mexico taxpayers. The US Internal Revenue Service (IRS) has issued NM-2025-03 on 16 July 2025, in which it announced tax relief for individuals and businesses in
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EU halts retaliatory tariffs on US imports until 6 August ‘25
This follows EU's warning on 14 July 2025 that it may implement countermeasures if ongoing trade negotiations with the US fail to prevent the imposition of 30% tariffs scheduled to begin on 1 August. The European Union has decided to halt the
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