Author: News Desk

As the urgency of tax season fades, many Americans assume that opportunities to address outstanding IRS debts have vanished alongside the April 15 deadline. Yet June is not a dead end for individuals still burdened by unpaid federal taxes. It may be a strategic moment to act. According to IRS guidelines, several forms of tax relief remain accessible well beyond the traditional filing deadline. Whether you’ve filed but haven’t paid or you’re still navigating complex financial hardship, proactive engagement can prevent penalties from escalating and, in many cases, open the door to structured solutions. Relief Options Still on the Table…

11% GST applies to nonresident B2B and B2C digital transactions exceeding IDR 600 million Indonesia is ramping up enforcement of its digital economy taxation regime, with the reaffirmed application of an 11% Goods and Services Tax (GST) on foreign companies selling digital goods and services to Indonesian customers whether business-to-business (B2B) or business-to-consumer (B2C). The nonresident GST registration threshold remains at IDR 600 million (approximately USD 40,000) in annual taxable sales, and applies across the board for both direct consumer and enterprise sales. Businesses that cross this threshold must register, collect, and remit the 11% GST to the Indonesian tax…

President Luiz Inácio Lula da Silva has formally signed a historic overhaul of Brazil’s notoriously complex tax system, cementing a new dual-VAT structure to modernize the country’s fiscal framework. However, a last-minute twist could complicate the rollout: the consolidated rate will likely rise to 28%, above the 27.5% initially approved by Brazil’s lower house of Congress. The reform replaces four longstanding federal, state, and municipal consumption taxes, PIS, Cofins, ICMS, and ISS, with two new levies: According to the Ministry of Finance, the combined effective rate will reach 28%, though observers warn this could climb further as final exemptions and…

A federal trade court delivered a sharp rebuke to former President Donald Trump’s sweeping tariff policy, ruling that his administration lacked legal authority to impose duties on all imported goods. This was a core feature of his trade war strategy during and after his presidency. In a decision handed down Wednesday, the U.S. Court of International Trade vacated Trump’s broad-based tariffs. It permanently enjoined their enforcement, clouding one of his signature economic initiatives. “The challenged Tariff Orders will be vacated and their operation permanently enjoined,” the three-judge panel wrote strongly, suggesting the former president’s actions violated statutory limits on executive…

Japan may soon close the door on one of its most popular perks for international travelers: tax-free shopping. A group of ruling Liberal Democratic Party (LDP) lawmakers has endorsed a proposal to review and potentially abolish the consumption tax exemption for foreign visitors. The move, led by LDP heavyweight and former Deputy Prime Minister Taro Aso, signals a broader reevaluation of Japan’s tourism strategy. The group is expected to present its recommendations to LDP tax panel chief Yoichi Miyazawa in the coming weeks, setting the stage for a possible overhaul in the 2026 fiscal reform discussions. The proposal explicitly targets…

House Republicans have moved forward with sweeping tax legislation that delivers substantial benefits to the nation’s highest earners while shelving proposals for a so-called “millionaire tax,” highlighting a persistent tension within the GOP between traditional economic orthodoxy and emerging populist pressures. The House-passed bill extends key 2017 Trump tax law provisions, including cuts to top income brackets and expanded deductions for pass-through businesses. Left on the cutting room floor: proposals championed by former White House strategist Steve Bannon and backed, at times, by President Donald Trump himself, to raise taxes on millionaires and private equity firms. “There was a moment…

The Trump administration escalated tensions with Beijing on Wednesday night by launching a twin offensive targeting Chinese students and the country’s semiconductor ambitions moves that risk fracturing the recent 90-day truce in the ongoing U.S.-China trade conflict. U.S. Secretary of State Marco Rubio announced aggressive new visa policies in a press statement. Chinese students, especially those with ties to the Chinese Communist Party or studying in sensitive technological fields, will face increased scrutiny and revocation of visas. The Department of Homeland Security will coordinate with the State Department to carry out these revocations and revise future criteria. “These policies put…

Kyrgyz President Sadyr Zhaparov has signed into law the ratification of a key tax protocol with South Korea, strengthening the fiscal framework for cross-border investment and reinforcing economic cooperation between the two nations. The ratified protocol updates the bilateral Agreement on the Avoidance of Double Taxation and the Prevention of Tax Evasion, originally signed on December 11, 2012. The amended accord initially agreed upon during a ministerial session in Seoul on December 3, 2024, targets enhanced tax transparency and a more equitable allocation of taxing rights on income and capital. “This ratification eliminates major tax-related barriers for investors and institutions…

The U.S. dollar surged Tuesday, buoyed by investor optimism over improving domestic data and sharply lower Japanese bond yields that weakened the yen. The greenback also gained against the euro, which was dragged down by weaker-than-expected inflation data out of France. The dollar rose 1% to ¥144.28, marking one of its most significant single-day gains against the yen this quarter. The move followed a drop in yields on Japan’s super-long government bonds, triggering a selloff in the yen as expectations of tighter monetary policy receded. “Global bond markets are driving FX sentiment,” said Eric Theoret, a foreign exchange strategist at…

The Singapore Ministry of Finance has finalized its legal and regulatory framework for implementing the OECD Global Minimum Tax, effective for fiscal years beginning on or after January 1, 2025. The framework includes: Singapore’s adoption of these rules underscores its commitment to international tax cooperation under the OECD/G20 BEPS Pillar Two framework, while providing legal certainty and administrative clarity for multinational enterprises operating within its jurisdiction. For further details, clarification, contributions, or any concerns regarding this article, please get in touch with us at editorial@tax.news. We value your feedback and are committed to providing accurate and timely information. Please note…