ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Week in Tax—published weekly to provide an overview of tax developments as reported in TaxNewsFlash—includes summaries of select tax-related news followed by a full list of reports (more information can be found at the links provided). Highlights include:
- United States: President Trump signed a proclamation imposing a 25% tariff on imports of automobiles and certain parts under Section 232 of the Trade Expansion Act. The tariffs will take effect for automobiles on April 3, 2025, and for automobile parts on the date specified in the Federal Register, but no later than May 3, 2025. A separate executive order permits the Secretary of State to impose a 25% tariff on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties, effective April 2, 2025. Read TradeNewsFlash
- United States: The Senate passed a joint resolution disapproving Treasury and IRS regulations on digital asset reporting, which mandates non-custodial brokers to report gross proceeds from digital asset transactions starting January 1, 2027. Having already been passed by the House, the resolution is now awaiting President Trump's signature. Read TaxNewsFlash
- Australia: Legislation received Royal Assent that introduces measures such as reducing the fuel consumption threshold for luxury car tax, denying certain tax deductions, extending the refund notification period, and extending the instant asset write-off for small businesses. Another bill reduces personal income tax rates for future years and increases Medicare levy low-income thresholds. Read TaxNewsFlash
- Iceland: The ReykjavÃk District Court upheld the tax authority's transfer pricing adjustment and a 25% penalty surcharge. The taxpayer, which processes calcite algae for its Irish parent company, had reported losses from 2016 to 2020 without contemporaneous documentation. The tax authority recalculated the transfer price, including labor and depreciation costs, and imposed a surcharge, arguing the taxpayer's methodology did not comply with the arm's-length principle. The court dismissed the taxpayer's procedural and substantive claims, emphasizing the importance of proper documentation and reasonable transfer pricing strategies. Read TaxNewsFlash