US: Michigan, Texas offer state tax relief after disasters
In response to recent natural disasters that have heavily impacted communities, Michigan and Texas have announced tax filing and payment relief for individuals and businesses. Michigan: Relief for people and businesses hit by severe winter
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US: IRS extends 2024 tax deadline for disaster victims in 12 states
The US Internal Revenue Service (IRS) issued IR-2025-41 on 4 April 2025, in which it reminded individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are
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Canada announces new countermeasures to US tariffs
Canada’s Government has published a statement on 3 April 2025 outlining new countermeasures in response to the tariffs introduced by the US President Donald Trump on 2 April 2025. The statement claims that the United States administration
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China responds with additional tariffs on imports from US
China's Ministry of Finance announced the implementation of additional tariffs as a direct response to the reciprocal tariffs previously imposed by the Trump Administration on 4 April 2025. “This practice of the US is not in line with
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US: Taxpayers living and working abroad have until 16 June to file their 2024 federal income tax return
The US Internal Revenue Service (IRS) issued IR-2025-39 on 2 April 2025, in which it reminded taxpayers living and working abroad that they have until Monday, 16 June 2025, to file their 2024 federal income tax return and pay any tax due. This
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US: Utah reduces corporate franchise tax rates
The Governor of Utah, Spencer Cox, signed House Bill (HB) 106 on 26 March 2025, cutting corporate franchise tax rates to 4.50% from 4.55% for taxable years starting on or after 1 January 2025. The USD 100 minimum tax remains
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US: USTR details reciprocal tariff calculation formula
The Office of the United States Trade Representative (USTR) has released a detailed explanation outlining the methodology behind the reciprocal tariff calculations announced by President Donald Trump on 2 April 2024. This includes a 10% baseline
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US: Trump introduces ‘reciprocal tariffs’, rattles global trade relations
Appearing in the White House Rose Garden, where large US flags were draped along the colonnades, President Trump signed an executive order implementing a 10% baseline tariff on imports from all countries on Wednesday, 2 April 2025. The move is
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US: USTR releases 2025 national trade estimate report
The Office of the United States Trade Representative (USTR) submitted the 2025 National Trade Estimate (NTE) to President Trump and Congress on 31 March 2025. The NTE is an annual report detailing foreign trade barriers faced by U.S. exporters
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US: Trump directs Treasury to issue tax refunds electronically
US President Donald Trump issued an executive order on 25 March 2025 to modernise the Department of Treasury’s payment systems. In the executive order “Modernizing Payments To and From America’s Bank Account,” Trump instructed the
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US: IRS report shows decline in APA executions and completion times in 2024
The US Internal Revenue Service (IRS) released Announcement 2025-13 - Announcement and Report Concerning Advance Pricing Agreements on 27 March 2025. The report outlines the experience, structure, and activities of the Advance Pricing and Mutual
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Ukraine issues guidance on CbC reporting for US parent multinationals
The State Tax Service of Ukraine issued a guidance letter (No. 1308/IPK/99-00-21-02-03 IPK) on 12 March 2025 regarding the requirement for Ukrainian entities to submit a Country-by-Country (CbC) report on behalf of their US-based parent
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US: House of Representatives reintroduces Unfair Tax Prevention Act bill to block extraterritorial taxes
Representative Ron Estes (R-Kansas) reintroduced the Unfair Tax Prevention Act in the US House of Representatives on 27 March 2025. Rep. Ron Estes (R-Kansas), joined by every Ways and Means Republican, reintroduced the Unfair Tax Prevention Act
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US: Senator Ron Wyden exposes Pfizer’s tax dodging
US Senate Finance Committee Ranking Member Ron Wyden (D-OR) released the findings from his investigation into Pfizer's tax practices on 27 March 2025. The findings revealed that Pfizer declared zero taxable profits in the US on USD 20 billion in
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US: Trump imposes tariffs on Venezuelan oil buyers, foreign auto imports
President Donald Trump has announced plans to impose a 25% tariff on any country purchasing oil from Venezuela on 31 March 2025. The latest tariffs follow the Trump administration's implementation of tariffs under the America First Trade Policy,
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US outlines CAA with Switzerland
The US Internal Revenue Service (IRS) has released Announcement 2025-08, which outlines a competent authority arrangement (CAA) established with Switzerland in December 2024. The Competent Authority Arrangement entered into by the competent
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US: Arkansas offers tax relief for storm affected residents
Arkansas Governor Sarah Huckabee Sanders (R) signed an executive order on 20 March 2025 announcing tax filing and payment relief for individuals and businesses impacted by the severe thunderstorms and tornadoes that swept through the state on 14
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US: Arkansas increases property tax credit, raises homestead property tax credit by USD 100
The Arkansas Senate has approved a property tax cut to save Arkansas homeowners USD 56 million annually. The tax reduction is in Senate Bill 263, which will take effect for assessment years beginning on or after 1 January 2025. It raises the
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