Author: News Desk

Starting July 1, 2025, Maryland will implement a reduced 3% sales tax on a broad range of digital services, including software, digital publishing, and data processing, under the Budget Reconciliation and Financing Act (HB 352). This marks a significant shift from Maryland’s attempts to apply the full 6% standard sales tax rate to digital services efforts blocked in court in 2022 for allegedly violating federal law. Background: A Legal Tug-of-War In 2022, a Maryland state court struck down the previously proposed 6% digital tax, ruling it violated the Internet Tax Freedom Act, the Commerce Clause, and even the First Amendment.…

In a move that sent shockwaves through global markets, U.S. President Donald Trump threatened a 50% tariff on all European Union imports and a 25% levy on imported iPhones and other smartphones not made in the United States. The warning marks a significant escalation in the U.S.–EU trade standoff and a new front in Trump’s push to onshore tech manufacturing. The president’s remarks, delivered via social media and later reiterated in the Oval Office, rattled investors and deepened fears of a prolonged global trade war. Stocks fell sharply in the U.S. and Europe, the dollar slid, and gold prices surged.…

The European Union has issued a pointed rebuke to U.S. President Donald Trump’s latest tariff threat, with EU Trade Commissioner Maroš Šefčovič calling for “mutual respect” and vowing to defend European economic interests if a 50% import tax is imposed on EU goods. The warning came hours after Trump declared that starting June 1, his administration would unilaterally impose a 50% tariff on all European goods entering the United States unless trade talks show immediate progress. “The EU is fully engaged, committed to securing a deal that works for both,” Šefčovič said after speaking with U.S. Trade Representative Jamieson Greer…

In its latest periodic review, Moody’s Ratings has reaffirmed Panama’s sovereign credit rating at Baa3, maintaining a negative outlook. The decision reflects a complex balance between Panama’s solid macroeconomic fundamentals and mounting fiscal vulnerabilities. While the rating remains investment-grade, Moody’s highlights several key dynamics shaping the outlook. Panama’s resilient economic performance, supported by the strategic importance of the Panama Canal and a consistent track record of investment, continues to underpin its creditworthiness. Despite the negative shock from the closure of the Cobre Panamá mining project, the country grew 2.9% in 2024, with forecasts projecting a rebound to 4% in 2025…

In a move poised to reshape bilateral economic relations and enhance investor confidence, the Sultanate of Oman and the Republic of Cyprus have signed an agreement to eliminate double taxation and curb fiscal evasion. The signing ceremony occurred in Muscat, underscoring a mutual commitment to fostering cross-border investment and regulatory clarity. His Excellency Nasser bin Khamis Al Jashmi, Chairman of the Omani Tax Authority, represented Oman, while H.E. Andreas Kakouris, Permanent Secretary at the Ministry of Foreign Affairs, represented Cyprus. The treaty, formally titled the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion Concerning Taxes…

U.S. citizens and resident aliens living and working abroad must file their 2024 federal income tax returns by Monday, June 17, 2025, the IRS has confirmed. This deadline, automatically extended from the standard April date, applies to Americans with a tax home and physical presence outside the U.S. on the regular due date. The extension aims to accommodate the unique circumstances of American expatriates working overseas in professional roles, remote assignments, diplomatic positions, or as part of the global gig economy. Despite the automatic extension, expats must still pay interest on any taxes due after April 15. Failing to file…

As of May 1, 2025, Germany’s Federal Central Tax Office (BZSt) has activated the production environment for submitting FATCA (Foreign Account Tax Compliance Act) data for the 2024 reporting period. Financial institutions and relevant reporting entities must transmit their data by the statutory deadline of July 31, 2025, by § 8 Abs. 3 of the FATCA-USA-Umsatzuerverordnung (FATCA-USA-UmsV). Data transmission can be performed through: Key FATCA Compliance Points for 2024: This move underscores the growing emphasis on cross-border tax transparency and digital tax infrastructure’s proactive role in enabling real-time compliance. FATCA remains a cornerstone of global information exchange, and Germany’s tax…

The Department of Revenue has officially opened the door for pass-through entities to file electronically under the newly enacted Pass-Through Entity Tax (PTET), a significant tax development introduced by the 2023 General Assembly. This innovative tax mechanism allows eligible partnerships, S corporations, and other pass-through entities to elect to pay state taxes at the entity level, potentially providing substantial tax benefits to their owners. To facilitate this process, the Department has released Form 740-PTET, which serves multiple purposes: it allows entities to elect to pay the tax at the entity level, file their annual return, and remit the tax payment.…

In a notable move to support domestic manufacturing and provide financial relief to consumers, the U.S. House of Representatives has approved a tax provision that allows taxpayers to deduct up to $10,000 of auto loan interest annually but only for vehicles assembled in the United States. This provision is part of a larger, sweeping taxation and funding bill passed recently, signaling a significant shift in federal tax policy to promote U.S. automotive manufacturing while easing the financial burden on American car buyers. The tax deduction targets auto loan interest paid on qualified vehicles, including traditional passenger cars and recreational vehicles…

New York State is home to some of the highest income tax rates in the United States. For the 2024 tax year (returns filed in 2025), the state continues its progressive structure with nine tax brackets ranging from 4% to 10.9%. The amount of tax you owe is influenced not just by income but also by your filing status, residency classification, and eligibility for deductions or credits. New York City and Yonkers residents should also account for local income taxes. Key Takeaways New York State Income Tax Brackets (2024) Here are the state income tax brackets for 2024. These apply…