Author: News Desk

DHAKA – Bangladesh’s ready-made garment (RMG) industry—the second-largest apparel exporter globally—is facing what insiders call a critical threat after the United States imposed a sweeping 37% tariff on imports from the South Asian nation. Industry leaders warn that the move could cause severe disruptions in trade flow, pricing, and competitiveness. Lead & Context Former BGMEA Vice President Rakibul Alam Chowdhury sounded the alarm on April 3, stating that the new tariff structure under President Donald Trump’s administration places Bangladesh at a sharp disadvantage compared to regional rivals like India and China, who face lower duties on textile exports to the…

MAJURO – The Republic of the Marshall Islands is gearing up for a transformative overhaul of its tax system, following a February 2025 IMF Technical Assistance Report that outlines a comprehensive roadmap for modernizing both consumption and income tax structures. The key recommendation: scrap the existing patchwork of import tariffs, turnover taxes, and local sales taxes in favor of a more efficient, transparent, and revenue-stable system grounded in international best practices. What the IMF Proposes Why It Matters The Marshall Islands currently relies heavily on import duties and a turnover tax, which are distortionary and regressive. The tax base is…

YAOUNDÉ – Cameroon’s digital income tax filing platform, launched in 2023, now processes over 425,000 declarations per month, according to Finance Minister Louis Paul Motaze. However, the platform has underperformed in terms of revenue collection, generating CFA 15 billion in 2024—CFA 10 billion less than projected, equating to a 60% collection rate. Context & Background The launch of the digital tax platform is part of Cameroon’s broader fiscal reform introduced in the 2021 finance law. This reform mandates that individuals earning income from salaries, pensions, annuities, or investments file their personal income taxes by June 30 each year. To accommodate…

Qatar’s General Tax Authority, led by President Mr. Khalifa bin Jassim Al-Jaham Al-Kuwari, participated in the 17th Annual Meeting of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), held from April 7 to 10, 2025, in Cape Town, South Africa. Qatar’s delegation, among representatives of BEPS member countries and international stakeholders, actively engaged in discussions on advancing global tax policies and enhancing tax compliance. Context & Background The meeting, organized by the Organisation for Economic Co-operation and Development (OECD), gathered policymakers, tax experts, and academics to assess the progress of the BEPS initiative. This ongoing project aims to…

CAIRO – On April 6, 2025, Egypt’s Minister of Finance, Ahmed Kouchouk, unveiled a series of new tax incentives designed to support small businesses, entrepreneurs, and startups. The incentives, which include simplified tax registration and financial benefits, are aimed at boosting economic growth and expanding Egypt’s tax base. Context & Background In a meeting with the heads of investors’ associations at the Small Enterprises Union, Kouchouk revealed that the government is considering providing additional support for the first 50,000 taxpayers who register for the newly introduced simplified tax system. This system is part of a broader effort to make tax…

NEW LONDON – In a landmark vote on Tuesday, residents of New London, Missouri, approved a new 3% sales tax on adult-use marijuana. The decision is expected to generate substantial revenue to fund local infrastructure and community projects, marking a pivotal moment for the city’s evolving approach to marijuana legalization. Context & Background The move to implement a marijuana sales tax comes after Missouri legalized adult-use cannabis in 2023. Since then, various cities in the state have been exploring ways to capture tax revenue from this growing market. New London’s decision to impose a 3% sales tax follows a broader…

The Internal Revenue Service (IRS) has agreed to share tax information with U.S. Immigration and Customs Enforcement (ICE) to assist in deportation efforts, marking a significant shift in the agency’s approach to migrant data. The deal, which is being closely scrutinized by advocacy groups, allows ICE to request taxpayer information on individuals facing deportation orders or under investigation. This agreement comes despite the IRS’s long-standing policy of tightly guarding taxpayer details, including earnings, addresses, and family information. The change is part of a broader strategy by the Trump administration to use IRS data for immigration enforcement, raising concerns among immigration…

The IRS has issued a reminder to U.S. citizens living and working abroad: the deadline to file 2024 tax returns is June 16. Expats are granted an automatic extension for filing, but failure to meet this deadline could result in penalties and interest. The extension applies to all U.S. taxpayers living overseas, but they must still file on time to avoid issues. The IRS also advises expats to stay up to date with foreign income reporting requirements, as failure to report global income may lead to audits or fines. What Expats Need to Know The IRS recommends early filing to…

BANGKOK – In response to the hefty 36% tariff imposed by the Trump administration on Thai goods, Thailand is making strategic adjustments to counteract the financial blow. The country is set to increase U.S. imports, lower taxes on American products, and address non-tariff barriers in a bid to negotiate better terms for its trade relationship with the United States. The significant tariff, which exceeds what Thai officials had initially expected, is one of the highest rates on Southeast Asia’s second-largest economy. Finance Minister Pichai Chunhavajira, who will lead the Thai delegation in upcoming talks, indicated that while discussions are on…

WASHINGTON – In a recent statement, White House trade adviser Peter Navarro emphasized that the European Union must address its non-tariff barriers, such as value-added tax (VAT), to pave the way for a more significant trade agreement with the United States. Navarro’s comments, made on CNBC, come after European Commission President Ursula von der Leyen signaled readiness for a “zero-for-zero” tariff pact on industrial goods. However, Navarro stressed that lowering tariffs alone would not be enough for meaningful trade progress; the EU must also address non-tariff barriers, which he believes play a far larger role in trade friction. According to…