Tax News
Browse a selection of the latest news articles from IBFD’s Tax News Service
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IRS Math Error Letters to Show Calculations and 60-Day Abatement Deadline Under New Law
Taxpayers will now receive math error notices that include the IRS's calculations and a clear 60-day deadline to request an abatement, under the Internal Revenue Service Math and Taxpayer Help Act ( H.R. 998), which President Donald Trump signed into law on 1 December 2025. In a 1 December 2025 news
2 minutes
United States to Remove Tariffs on UK Pharmaceuticals, Suspend Section 301 Actions under New Trade Deal
The United States will exempt UK-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from section 232 tariffs and suspend future section 301 actions targeting UK pharmaceutical pricing practices for the duration of President Trump's term, under a new bilateral agreement in
2 minutes
Tariff Roundup: Switzerland, Liechtenstein, Argentina, El Salvador, Ecuador, and Guatemala
Our latest Tariff Roundup looks at recent developments in Switzerland, Liechtenstein, Argentina, El Salvador, Ecuador, and Guatemala. These updates highlight changes in tariff structures alongside broader trade
9 minutes
US Treasury Ends Direct File Among States, Restoring Prior Free File Option
The US Treasury has recently issued a report to the US Congress on the suspension of the Internal Revenue Service's (IRS) Direct File tool, intending to replace it with an improvement of its prior Free File Program ( see Note).
2 minutes
Caribbean Court of Justice Upholds Tax Authority's Position: Management Charges and Interest Expenses Subject to Tax
On 4 November 2025, the Caribbean Court of Justice (CCJ) delivered a landmark ruling, dismissing an appeal by the Bank of Nova Scotia (BNS) and affirming the imposition of withholding tax (WT) on head office payments and restricting the deductibility of bank interest expenses. The decision, The Bank
3 minutes
Canada's Budget 2025 Unveils Sweeping Tax Reforms: New Business Incentives, Personal Tax Relief, Anti-Avoidance Measures, and Repeal of Housing and Luxury Levies
Canada's Minister of Finance and National Revenue, François-Philippe Champagne, tabled the federal government's Budget 2025: Canada Strong on 4 November 2025. The Department of Finance Canada released the related Budget documentation the same day. For prior coverage, see Canada Set to Table Budget
1 minute
US Begins Investigation Into China's Compliance With Phase One Trade Agreement
The Office of the US Trade Representative (USTR) has begun an investigation into China's compliance with the Phase One economic and trade agreement. The USTR began the investigation on 24 October 2025, after finding an "apparent failure to comply" with the terms of the agreement.
2 minutes
US-China Deal Framework Sets Stage for 'Productive' Trump–Xi Talks, Treasury Secretary Bessent Says
The United States and China have agreed on a preliminary framework for a trade deal ahead of a planned meeting between President Donald Trump and Chinese President Xi Jinping later in the week of 27 October 2025, according to Treasury Secretary Scott Bessent. The arrangement temporarily halts the
1 minute
United States to Increase Tariffs on Canada by 10%
The United States will increase tariffs on Canada by 10% in response to the continued airing of an advertisement that features Ronald Reagan speaking negatively about tariffs. President Donald Trump previously said that the United States is ending trade negotiations between the countries over the ad
2 minutes
Trinidad and Tobago Budget 2025–2026 Introduces Asset-Based Levy, NIS Contribution Hike, VAT-to-Sales Tax Transition
In presenting the 2025–2026 National Budget to Parliament on 13 October 2025 ( see Finance Minister to Present 2025-2026 National Budget (13 October 2025)), Minister of Finance Davendranath Tancoo announced a suite of fiscal and structural reforms designed to stabilize public finances, enhance the
3 minutes
United States to Impose 100% Tariffs on China and Export Controls on Software; China Responds with Retaliatory Port Fees on US-Linked Vessels
The United States will impose 100% tariffs on imports from China and export controls on "any and all critical software," effective 1 November 2025 — prompting immediate retaliation from China, which will impose escalating port service fees on US-linked vessels starting 14 October 2025.
2 minutes
President Trump Signs Executive Order Formalizing United States-Japan Trade Deal
President Donald Trump (R) signed an Executive Order (EO) on 4 September 2025 to implement the trade deal between the United States and Japan previously announced this summer ( see United States Drops Japan Tariff to 15% in 'Largest Ever' Trade Deal (23 July 2025)).
2 minutes
EU, US Formalize Trade Framework to Enhance Reciprocity and Market Access
The United States and the European Union have formalized the trade agreement reached last month between President Donald Trump and European Commission President Ursula von der Leyen ( see US, EU Strike Landmark 15% Tariff Deal Sidestepping Trade War (28 July 2025)), in a jointly announced new
3 minutes
US Expands Steel and Aluminum Tariffs to 407 New Products
The United States has expanded its steel and aluminum tariffs under section 232 of the Trade Expansion Act of 1962 to include 407 additional product categories, now subject to a 50% duty. These include wind turbines, mobile cranes, bulldozers, railcars, furniture, compressors, pumps, and other
2 minutes
G7 Backs 'Side-by-Side' Agreement, Exemption for US Parented Groups; OECD Secretary-General Welcomes Breakthrough on Global Minimum Tax
G7 finance ministers have issued a joint statement, released 28 June 2025 by the Department of Finance Canada and the US Department of Treasury, announcing a shared understanding to adopt a "side-by-side system" under OECD Pillar Two. This approach would fully exempt US-parented multinational groups
3 minutes
US, EU Strike Landmark 15% Tariff Deal Sidestepping Trade War
The United States and the European Union have reached a sweeping trade framework agreement establishing a 15% reciprocal tariff on most traded goods, announced jointly by President Donald Trump and European Commission President Ursula von der Leyen in Scotland on 27 July 2025.
3 minutes
European Commission Adopts Regulation to Counter Potential US Tariffs
On 24 July 2025, the European Commission adopted Implementing Regulation (EU) 2025/1564, reintroducing commercial rebalancing measures against the United States in response to ongoing US safeguard tariffs on EU exports.
1 minute
G-24 Supports Net-Income Taxation for Digital Services Over Gross-Based Withholding Taxes
The G-24 has called for a fairer international tax framework for digital services, emphasizing net income-based profit allocation over gross-based withholding taxes. The organization of developing countries supports a gradual implementation approach, enhanced technical cooperation and adaptable
2 minutes
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