US: IRS resumes normal operations following 2025 appropriations lapse
The US Internal Revenue Service (IRS) has announced the resumption of regular operations following the 2025 government funding lapse on 19 November 2025. As full operations recommenced, it is important for taxpayers and tax professionals to be aware
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US: Treasury releases final guidance governing the 1% tax on corporate share repurchases
The US Treasury Department and IRS have issued final regulations (T.D. 10037) that clarify how the 1% excise tax on corporate stock repurchases applies to transactions occurring after December 31, 2022. This tax was initially introduced in the
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US: Trump postpones tariffs on Brazil beef, coffee
US President Donald Trump lifted the 40% tariffs on Brazilian food products, including beef, coffee, cocoa, and fruits, on 20 November 2025, which were imposed in July in response to Brazil’s legal actions against former President Jair Bolsonaro,
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US: Treasury, IRS issue interim guidance on tax benefit for lenders on farm and rural property loans under the One Big Beautiful Bill, initiates public consultations for final draft
The US Department of the Treasury and the Internal Revenue Service issued guidance on 20 November 2025 for a new tax benefit for certain lenders that make loans secured by rural or agricultural real property. Notice 2025-71 provides interim
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US: Trump semiconductor tariff policy plan most likely deferred, sources say
Several Trump administration officials are reconsidering the timing of the long-promised semiconductor tariffs, with people familiar with internal discussions indicating that officials have recently begun signalling a slower, more cautious rollout,
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US removes tariffs on New Zealand agricultural products
The US has removed tariffs on more than USD 2 billion of New Zealand exports, including beef and kiwifruit, Trade Minister Todd McClay said. The move follows an executive order by President Donald Trump reversing previous import duties. Rising US
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Trump administration lifts tariffs on Peruvian agricultural products
Peru’s Foreign Trade and Tourism Minister, Teresa Mera, announced that the US has exempted more than 100 Peruvian agricultural products from tariffs. The move is part of a broader rollback under President Donald Trump, which removed tariffs on
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EU Commission clarifies VAT rules for platforms offering free access in exchange for data
The European Commission released EU VAT Committee Working Paper No. 1118 on 17 November 2025. This European Commission working paper addresses a question from Italian authorities concerning the Value Added Tax (VAT) treatment of IT services
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US: IRS extends tax relief for Missouri taxpayers impacted by storms, floods
The US Internal Revenue Service (IRS), in a release (MO-2025-03) on 17 November 2025, announced tax relief for individuals and businesses in parts of Missouri affected by severe storms, straight-line winds, tornadoes, and flooding that began on 30
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US: Trade deals with several countries pledge to avoid discriminatory treatment of US digital goods, services
The Trump Administration's trade framework agreements, announced this week by the White House, include commitments from Argentina (signed 13 November 2025), Ecuador (signed 13 November 2025), El Salvador (signed 13 November 2025), Guatemala (signed
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US: Trump Administration reduces tariffs on Switzerland imports
The US and Switzerland, joined by Liechtenstein, have released a joint statement on 14 November 2025 regarding a major trade framework aimed at boosting investment and reducing tariffs. Under the deal, US tariffs on Swiss goods will drop from 39%
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US exempts Indian farm exports from tariffs
Indian agricultural exporters will benefit after US President Donald Trump exempted dozens of food items from tariffs. Products such as tea, coffee, spices, and cashew nuts, previously hit with duties of up to 50%, are included in the
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Thailand, US to continue trade talks despite border clashes with Cambodia
Thailand will continue trade talks with the US independently of its border dispute with Cambodia, the government said after Prime Minister Anutin Charnvirakul spoke with President Trump on Friday, 14 November 2025. The decision came after
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US hopes to finalise rare earths agreement with China by Thanksgiving
US Treasury Secretary Scott Bessent expressed optimism on 16 November 2025 that a trade deal on rare earths between the US and China could be finalised by Thanksgiving. Bessent’s remarks came after a framework agreement reached last month,
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US, South Korea (Rep.) release fact sheet of trade deal
US President Donald Trump and Korea (Rep.) President Lee Jae Myung released a joint fact sheet regarding the signed trade and investment agreement between the two countries on 13 November 2025. The US and Korea (Rep.) signed a major trade
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Australia welcomes US beef tariff rollback, calls for full trade reciprocity
Australia welcomed US President Donald Trump’s removal of tariffs on beef and other food products, while urging the US to eliminate all tariffs on Australian goods. However, Australian Prime Minister Anthony Albanese emphasised the
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US: New York weighs corporate tax hike as budget gaps deepen
New York Governor Kathy Hochul is considering whether to raise corporate taxes as the state confronts a sizable budget gap intensified by expected federal funding cuts, a source reported on 14 November 2025. While no proposal has been finalised,
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US: Interest rates remain the same for the first quarter of 2026
The US Internal Revenue Service (IRS) announced, on 13 November 2025, that interest rates will remain the same for the calendar quarter beginning 1 January 2026. For individuals, the rate for overpayments and underpayments will be 7% per year,
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