Author: News Desk

Workers, seniors, and families set to benefit from sweeping updates beginning tax year 2025 The IRS has released detailed guidance on a series of major tax deductions set to take effect under President Donald Trump’s newly signed tax reform bill. The sweeping extension and expansion of the 2017 Tax Cuts and Jobs Act (TCJA) includes temporary deductions for tips, overtime pay, senior citizens, and car loan interest, among other provisions. While the legislation locks in many Trump-era tax cuts and enhances deductions for individuals and families, it also has a significant budget impact. According to the Tax Foundation, the extended…

Brazilian trade and tax policy advisers are cautiously optimistic that a breakthrough may soon be reached in ongoing negotiations with the United States over long-standing tariffs imposed during the Trump administration. The potential return of 50% tariffs on key Brazilian exports—initially implemented under Section 232 of the U.S. Trade Expansion Act—has reignited economic tensions between the two countries. These tariffs, originally justified on national security grounds, have impacted Brazilian steel, aluminum, and certain agricultural goods. However, recent developments in Brazil’s domestic legal framework have changed the calculus. Local legal experts tell International Tax Review (ITR) that Brazil now has broader…

The United Arab Emirates Federal Tax Authority (FTA) has announced a significant reform to its excise tax regime: beginning in 2026, the UAE will implement a tiered excise tax system for sugar-sweetened beverages (SSBs), with tax rates directly linked to sugar content per 100ml. This move replaces the current flat 50% tax applied to all sweetened beverages, marking a strategic shift in the country’s public health and fiscal policy. The new policy is part of a broader national initiative to reduce sugar consumption, promote healthier lifestyles, and encourage food and beverage manufacturers to reformulate products with lower sugar content. From…

A growing number of small traders and shopkeepers in Bengaluru have begun refusing Unified Payments Interface (UPI) transactions, citing concerns over increased scrutiny from the Goods and Services Tax (GST) Department. Signs reading “No UPI, Only Cash” have become commonplace across markets and roadside stalls in India’s tech capital, as vendors seek to avoid potential tax liabilities and notices. This trend reflects a deeper anxiety among micro and small enterprises about the visibility that digital payments provide to tax authorities, particularly in the wake of recent GST enforcement actions based on UPI transaction data. What’s Prompting This Shift? According to…

President Kassym-Jomart Tokayev has officially signed the new Tax Code of the Republic of Kazakhstan, along with the accompanying law on amendments to tax-related legislation, marking the most comprehensive overhaul of the country’s tax system in over a decade. The reforms, which aim to streamline tax administration and enhance economic efficiency, were announced by the Akorda presidential press service and represent a major step forward in Kazakhstan’s fiscal modernization agenda. Key Changes: Simpler Tax System, Fewer Taxes, Clearer Rules The revised Tax Code introduces a 30% reduction in the volume of tax reporting, while also decreasing the number of taxes…

The UAE has unveiled key updates to its tax residency framework, marking a milestone in the country’s broader effort to modernize its tax system and align with international standards on transparency and compliance. For expatriates and foreign investors, these changes provide clarity while also introducing important compliance expectations. At the center of these regulatory changes are two key decisions: Who Qualifies as a UAE Tax Resident? The new rules apply to both individuals and legal entities, with clearly defined criteria: For Legal Persons: For Natural Persons (Individuals): There are three main pathways to qualify: Why These Changes Matter The updated…

Three months after President Donald Trump reintroduced sweeping across-the-board tariffs on nearly all imported goods, including those from long-standing trade partners, the financial impact is starting to ripple through supply chains, retailers, and U.S. households. Although originally framed as a move to revitalize domestic industry, the administration’s latest tariff policies function effectively as a tax on imports. Rates now sit at 10 percent or higher on most goods entering the United States. This resurgence of broad tariffs follows a pattern of escalation, renegotiation, and sector-specific targeting. Notable examples include elevated duties on Chinese imports, automobiles, and key industrial inputs such…

The Federal Public Service Finance (FPS Finance) has officially published the new Circular 2025/C/39 concerning approved and designated locations for the customs presentation of goods. This updated guidance replaces Circular 2019/C/12, which has now been formally repealed. The new circular, made available via FISCONETplus, clarifies the legal and procedural framework governing how and where goods must be presented to customs authorities upon import or export, particularly under simplified customs and transit procedures. Key Updates in Circular 2025/C/39 The updated Circular 2025/C/39 introduces more detailed rules and reflects current legislation and practice under the Union Customs Code (UCC) and Belgian customs…

The Government of Panama has presented a long-term fiscal strategy aimed at gradually reducing public debt and narrowing the fiscal deficit, with the goal of reinforcing macroeconomic stability and investor confidence. The plan was outlined by Acting Minister of Economy and Finance, Fausto Fernández, during his presentation at the 10th International Financial Summit, titled “Panama’s Economic and Fiscal Outlook: Challenges and Opportunities.” Fernández emphasized that the administration is committed to fiscal discipline, transparency, and the efficient allocation of public resources, noting that the new roadmap will play a critical role in restoring credibility and sustainability to public finances. Debt Reduction…

In a significant move to modernize the U.S. tax treatment of cryptocurrencies, Rep. Max Miller (R-OH) announced Wednesday that he will soon introduce draft legislation establishing a comprehensive federal tax framework for digital assets. The announcement came during a House Ways and Means Subcommittee on Oversight hearing focused on the taxation of crypto-related activities. Miller, a freshman lawmaker and member of the tax-writing committee, stated that his proposal will address a range of longstanding ambiguities in the tax code affecting crypto users, developers, and investors. “We need a tax code that keeps up with innovation, not one that chases it…