US: Treasury reports USD 258 billion budget surplus in April 2025
The US Department of the Treasury reported a USD 258 billion budget surplus in April on 12 May 2025. The surplus is up 23% (USD 49 billion) compared to the same period last year. The Treasury said the increased surplus was driven by strong tax
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US: IRS announces unchanged interest rates, tax underpayments and overpayments for Q3 2025
The US Internal Revenue Service (IRS) released IR-2025-59, on 12 May 2025, announcing that the interest rates will remain the same for the calendar quarter beginning 1 July 2025. For individuals, the rate for overpayments and underpayments
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US: Budget plan 2026 seeks to expand deductions for families, select multinational corporations, unincorporated businesses
Republican Congress members have proposed new tax breaks on income from tips, overtime pay, senior citizens, private school tuition, and state and local taxes for the 2026 federal budget on 12 May 2025. The package also proposes tax reductions
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US: IRS reminds taxpayers and small businesses to look out for scams
The US IRS issued a notice urging taxpayers and small businesses to remain alert to potential scams on 8 May 2025. The Internal Revenue Service joins in celebrating National Small Business Week by reminding taxpayers and small businesses that,
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US, China agree to lower tariffs, 90-day tariff pause
The US and China have agreed to temporarily cut tariffs in order to work to end a trade war that has fueled recession fears and unsettled financial markets. Following discussions with Chinese officials in Geneva, US Treasury Secretary Scott
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US, UK announces trade deal, expands agricultural access
US President Donald Trump announced a "full and comprehensive" trade agreement between the US and the UK on Thursday, 8 May 2025. “The agreement with the UK is a full and comprehensive one that will cement the relationship between the US and
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US: House Ways and Means Republicans unveil initial detailed tax plan, seeks to extend advantages for multinational corporations
The US House Ways and Means Committee Republicans revealed the first part of a tax package under budget reconciliation, focused on extending key elements of the 2017 Tax Cuts and Jobs Act (TCJA) on 9 May 2025. Alongside the committee print
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US: Trump to lower US tariffs on China from 145% if trade talks go well
US President Donald Trump said on Thursday, 8 May 2025, that he expects the US 145% tariffs on China to be reduced if trade negotiations between the two nations this weekend goes well. The Trump administration stated that the US has been working
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EU considers EUR 95 billion in tariffs on US if negotiations fail, targets industrial goods
The European Union is considering imposing EUR 95 billion (USD 108 billion) in tariffs on US exports if no progress is made during trade talks with the Trump administration. The proposed retaliatory measures mainly target industrial goods like
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US: Montana cuts PIT rate and expands EITC in major tax overhaul
Montana Governor Greg Gianforte has signed a bill (HB 337) on 28 April 2025 that cuts the top income tax rate and expands relief for working families. Personal income tax (PIT) Starting in 2026, Montana's top income tax rate will drop from
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US: New Jersey launches mediation pilot program for corporate sales and tax disputes
The New Jersey Division of Taxation is launching a two-year pilot mediation program on 1 October 2025. The Pilot is set to run for 24 months from 1 October 2025 to 30 September 2027. The program is open to all business entities involved in
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US: Trump administration ends duty-free access for low-value imports from China, Hong Kong
The Trump administration ended duty-free access for low-value shipments from China and Hong Kong entering the US on Friday, 2 May 2025. This followed after President Donald Trump signed an executive order on 2 May 2025, which ended “de
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US: IRS offers tax relief to Virginia storm victims
The US Internal Revenue Service (IRS) in a release VA-2025-03 on 30 April 2025 announced today tax relief for individuals and businesses in parts of Virginia affected by severe winter storms and flooding that began on 10 February 2025. These
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US: Trump proposes USD 163 billion in federal budget cuts for 2026
The Trump administration has proposed USD 163 billion budgetary cuts for the 2026 federal budget on Friday, 2 May 2025. The federal budget drastically reduces spending on education, housing, and medical research while increasing funding for
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China reportedly exempts select US imports from tariffs, discretely communicates policy to companies
China reportedly has drafted a list of US imports that is exempted from its 125% tariffs. It’s unclear how many, or which, products are on the list because authorities have not publicly shared this information. The sources state that the
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US: Trump to reveal 2026 federal budget plan later today
US President Donald Trump is set to unveil his 2026 fiscal year budget proposal today, 2 May 2025, which will then be submitted to Congress. The federal budget release follows after Republicans in Congress’ attempt to resolve divisions over
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China exempts tariffs on US ethane imports
China has exempted the 125% tariff on US ethane imports imposed earlier this month, alleviating pressure on Chinese companies that rely on ethane imported from the US for petrochemical production, reports Reuters . China has increased tariffs on
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US: Trump’s latest executive order eases tariff impact on auto industry
US President Donald Trump signed an executive order yesterday, 29 April 2025, to ease the impact of auto tariffs, days before 25% import taxes on auto parts were set to take effect. Under the new executive order, which he signed aboard Air Force
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