Author: News Desk

New regulations set to transform cross-border digital commerce, compliance, and platform liability Chile has intensified its digital tax enforcement strategy by releasing two key regulatory circulars, Circulars 38/2025 and 39/2025 9, which clarified new VAT obligations for online marketplace operators and foreign sellers. The measures, part of the country’s broader 2024 tax reform, are set to come into force in stages beginning October 2025. The rules aim to bring digital commerce, particularly foreign e-commerce, and marketplace transactions, more squarely within the national VAT regime by introducing clear liability frameworks for platforms and streamlined compliance for low-value goods entering the country.…

Senior officials from the United States and China convened in Geneva for the first face-to-face trade negotiations since the escalation of tariffs earlier this year. The U.S. delegation, led by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, met with Chinese Vice Premier He Lifeng at the Swiss ambassador’s residence, aiming to de-escalate tensions that have disrupted global markets and strained bilateral relations. The talks come after President Donald Trump’s administration imposed a 145% tariff on Chinese imports, citing concerns over trade imbalances and national security. China retaliated with a 125% tariff on U.S. goods, leading to a significant…

As Minnesota’s lawmakers near the end of this legislative session, the final shape of the state’s tax bill is anything but settled. A blend of progressive reforms and bold experiments, the proposals range from a baby bonus and free tax filing to a first-of-its-kind tax on social media platforms and a quiet resurrection of sports betting. Both chambers, the House and Senate, have passed tax bills with dramatically different provisions, making final negotiations contentious and unpredictable. “I can’t make promises,” said Rep. Greg Davids (R-Preston), the House GOP taxes chair. “We’ll see what the joint targets are.” Baby Bonus: A…

In a rare but urgent appeal, billionaire philanthropist Bill Gates has met with U.S. lawmakers and national security officials to warn that his foundation cannot absorb the financial vacuum created by steep U.S. government cuts to global health programs. The founder of Microsoft and co-chair of the Bill & Melinda Gates Foundation is pushing for continued U.S. commitment to key international health initiatives that safeguard vulnerable populations abroad and American health security at home. Gates’ behind-the-scenes campaign follows drastic measures the Trump administration took, including an over 80% slash in USAID contracts and the freezing of billions in foreign assistance…

In a milestone move toward greater tax transparency, the African Tax Administration Forum (ATAF) has partnered with the World Bank Group and the Zambia Revenue Authority (ZRA) to launch the first regional IT initiative supporting Automatic Exchange of Information (AEOI) in Africa. The initiative aims to empower tax authorities across the continent to share financial information effectively, curb illicit financial flows, and boost domestic revenue mobilization. With only six African countries operating AEOI-compatible systems, the project addresses a pressing need for affordable, secure, and regionally adapted digital tax infrastructure. “Our vision is clear: African countries must be equipped not only…

When Rahul Mehta, a fintech consultant from Mumbai, received a generous relocation bonus for moving to Singapore, he assumed the payout would be tax-free, a common belief among new expats charmed by the island city’s low-tax reputation. But when his Notice of Assessment arrived, the line between “income” and “net income” had blurred. The Inland Revenue Authority of Singapore (IRAS) had a different take. Singapore’s tax structure is lauded for simplicity, but it doesn’t mean obvious. As the city-state tightens oversight over foreign income and adapts to emerging income streams like crypto and gig work, the distinction between taxable and…

Former President Donald Trump’s proposal to eliminate the federal income tax in favor of universal tariffs on imported goods is stirring both economic and political intrigue. The idea represents a seismic shift in how the federal government would be funded, which could radically alter who bears the most significant financial burden, particularly among the so-called “rich.” Though “rich” is subjective, one standard measure pegs it at roughly double the median household income. Based on recent state-level income data, that threshold ranges widely, from around $188,000 in some Southern states to over $370,000 in affluent coastal regions. This variability reflects the…

Japanese Prime Minister Shigeru Ishiba has decided against cutting the consumption tax rate despite growing pressure from opposition parties, coalition partners, and even members of his own ruling Liberal Democratic Party (LDP), sources confirmed Friday. Facing stubborn inflation and economic uncertainty heightened by U.S. tariffs under President Donald Trump, calls for tax, particularly on food items, intensified ahead of this summer’s House of Councillors election. However, Ishiba remains firm. According to officials familiar with his thinking, the prime minister has already informed senior government leaders that a tax cut is off the table, citing the need to preserve fiscal space…

Former President Donald Trump has signaled openness to raising taxes on America’s wealthiest earners. This stance adds new complexity to ongoing Republican efforts to extend the 2017 tax cuts before they expire later this year. In a post on his social media platform Friday, Trump wrote: “Republicans should probably not do it, but I’m OK if they do!!!” The statement followed reports that Trump privately encouraged House Speaker Mike Johnson to raise the top tax rate. Sources told Reuters that Trump had floated the idea of increasing the top individual tax rate from 37% to 39.6% for individuals earning over…

A broad coalition of more than 100 stakeholders from across the U.S. nuclear energy sector is urging Congress to preserve four critical tax credits established under the Inflation Reduction Act (IRA), warning that repealing them could jeopardize energy reliability, economic growth, and national security. In a letter dated April 30 and organized by the Nuclear Energy Institute (NEI), utilities, power producers, nuclear technology developers, supply chain companies, and trade groups called for the protection of Sections 45U, 45Y, 48C, and 48E of the U.S. tax code. These provisions incentivize maintaining existing nuclear plants, spur new developments, and support domestic supply…