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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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,
See More
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
See More
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
See More
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
See More
EU postpones response to US tariffs until mid-April 2025
EU Commissioner-Designate Maros Sefcovic announced, on 20 March 2025, to the Committee on International Trade that the EU's countermeasures against the US, in response to President Donald Trump's metals tariffs, will be postponed. The
See More
US: FinCEN drops beneficial ownership reporting rules, updates foreign company deadlines
The US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) announced, on 21 March 2025, that it is removing beneficial ownership reporting requirements for US companies and US persons to report beneficial ownership information
See More
US: South Carolina consults income sourcing method guidance
The South Carolina Department of Revenue (DOR) is seeking public comments on draft guidance about sourcing gross receipts from services and including them in the state's gross receipts factor. Comments are requested by 8 April 2025. To apportion
See More
US: IRS announces tax relief for West Virginia taxpayers impacted by adverse weather
The US Internal Revenue Service (IRS), in a release – IR-2025-34 on 14 March 2025, announced tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, flooding, landslides and mudslides
See More
US: CRS issues report on tax reform and itemised deductions
The US Congressional Research Services (CRS) published a new report on Selected Issues in Tax Reform: Itemized Deductions on 4 March 2025. The report analyses changes to itemised deductions under the Tax Cuts and Jobs Act (TCJA) through 2025 and
See More
European Commission responds to US steel, aluminium tariffs
The United States imposed tariffs of up to 25% on imports of steel, aluminium, and certain products containing steel and aluminium from the European Union and other trading partners On 12 March 2025. In response, the Commission is launching a series
See More
US: IRS confirms US-Bulgaria CbC exchange agreement
The IRS updated its Country-by-Country Reporting (CbCR) Jurisdiction Status Table on 11 March 2025, confirming that the competent authority arrangement between the US and Bulgaria became operative on 9 September 2024. Country-by-Country
See More
US: Connecticut extends 2024 filing deadline for composite and pass-through entity taxes
The Connecticut Department of Revenue Services (DRS) has extended the 2024 filing and payment deadline for state composite income tax and pass-through entity tax (PTET) returns to 15 April 2025. The extension comes as DRS works with software
See More