Author: News Desk

QUITO – Ecuador’s President Daniel Noboa announced a series of bold policy shifts, including a 27% tariff on Mexican imports and a temporary closure of the country’s borders, following increasing instability attributed to armed groups. These actions, which mirror the hardline stances of U.S. President Donald Trump, come just days before Ecuador’s upcoming re-election. With his re-election campaign heating up, President Daniel Noboa has taken a firm stance on national security and economic protectionism, policies that have resonated with his conservative base. By imposing a 27% tariff on goods from Mexico, Noboa aims to safeguard Ecuador’s local industries and curb…

HONG KONG – In a bold fiscal move, Hong Kong’s government is set to raise the air passenger departure tax by 67%, from HK$120 to HK$200, effective October 1, 2025. However, in response to growing concerns that the hike could hurt tourism, lawmakers are urging the city to introduce more exemptions for transit passengers. The push for expanded exemptions could be a crucial strategy to maintain Hong Kong’s competitive edge as a regional aviation hub. The Hong Kong government, grappling with a significant budget deficit of HK$87.2 billion for the 2024-2025 fiscal year, has proposed increasing the air passenger departure…

KINGSTON – Tax Administration Jamaica (TAJ) has announced that it will discontinue its Electronic Funds Transfer (EFT) service via its online platform, effective Friday, July 5, 2024. The move, which impacts individuals and businesses currently using the EFT option for direct bank-to-tax authority payments, will require taxpayers to explore alternative payment methods. TAJ’s decision to halt the EFT service comes as part of a broader shift in its payment system. As of July 5, taxpayers will no longer be able to use the EFT option, which allowed them to transfer funds directly from their bank accounts into TAJ’s account. The…

TOKYO – In response to widespread fraud involving the resale of tax-free goods, Japan is set to overhaul its Consumption Tax exemption system for foreign visitors. Starting in November 2026, the reforms will simplify refund procedures, end spending limits, and tighten control over reselling, aligning Japan’s system with global tax refund practices for tourists. Japan’s current Consumption Tax exemption system, which allows foreign tourists to buy tax-free goods, has been increasingly exploited by fraudsters reselling the tax-free items domestically. A 2022 investigation revealed that most visitors who made large tax-free purchases failed to take the items out of the country,…

ALGIERS – At Djazagro 2025, Ingredion unveiled innovative, cost-effective formulations aimed at helping bakery manufacturers navigate Algeria’s new sugar tax, which is part of the country’s broader push for healthier food options. These solutions are designed to maintain flavor while meeting new regulatory requirements, offering producers a path to success in a competitive market. Algeria’s recent implementation of a sugar tax has created a significant shift in the food and beverage landscape, particularly affecting the bakery sector. As consumer health concerns rise, the demand for healthier food products, including those with reduced sugar content, is growing. Djazagro 2025, one of…

WASHINGTON – President Donald Trump has announced a significant shift in U.S. tariff policy, pausing duties on imports from dozens of countries just hours after they went into effect. However, the decision to freeze these tariffs comes with a notable escalation in the trade war with China, as Trump increases tariffs on Chinese imports to 125%. This move has sparked a market rally while raising concerns about the long-term effects on global trade. The Tariff Strategy Shift On April 9, 2025, U.S. President Donald Trump declared a freeze on tariffs that had been scheduled to affect imports from over 75…

KIGALI – Rwanda’s Parliament has approved the implementation of a 1.5% Digital Services Tax (DST) on revenues derived from digital and electronic transactions. The bill, part of the country’s broader National Strategy for Transformation, now awaits the President’s signature before it becomes law. The new DST targets digital economy giants, irrespective of their country of residence, aligning Rwanda with global trends in taxing the digital economy. Rwanda’s Digital Tax Strategy On March 27, 2025, Rwanda moved closer to implementing a 1.5% Digital Services Tax (DST), which has already garnered significant attention from both local and international tax experts. The bill,…

BEIJING – In a move aimed at enhancing the consumer experience for international visitors, China has officially rolled out a nationwide “refund-upon-purchase” VAT tax policy for foreign tourists. The new system, replacing the previous “refund-upon-departure” model, allows tourists to instantly claim value-added tax (VAT) rebates at the point of purchase, streamlining the process and boosting tourism spending. Transforming Tax Refunds for Tourists On April 9, 2025, China’s State Taxation Administration (STA) announced the nationwide adoption of a new VAT refund policy for foreign tourists, shifting away from the traditional system in which tax rebates were only issued upon departure. Under…

Australia has officially implemented the OECD’s Pillar Two global minimum tax rules, marking a major shift in the country’s tax landscape. With retrospective application starting from January 2024, multinational enterprises (MNEs) must now prepare for comprehensive compliance and financial reporting obligations under the new law. Key Highlights – What You Need to Know Australia has completed the final step in implementing the Pillar Two global minimum tax rules, with legislation enacted on December 10, 2024, and the official registration of the rules on December 23, 2024. This aligns Australia with the global efforts led by the OECD to ensure that…

SANTIAGO – Evelyn Matthei, Chile’s center-right presidential contender, has unveiled a proposal to reduce the country’s corporate tax rate from 27% to 18% over the next decade. The tax cut, aimed at spurring economic growth and job creation, is central to her campaign ahead of the November presidential election. As Chile’s presidential election approaches, Evelyn Matthei is ramping up her campaign to challenge incumbent President Gabriel Boric’s economic policies. One of the most significant elements of her platform is the reduction of corporate taxes to encourage business investment and foster job growth. With the Chilean economy growing at a sluggish…