On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual and corporate tax rates have been lowered from 4.65% to 4.55%, while the minimum tax remains at USD 100.
Related Posts

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
Read More
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
Read 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
Read 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
Read 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
Read 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
Read More