The report focuses on how corporate income tax policies can support business dynamism by examining the effects of tax rates, compliance costs, loss-offset provisions, financing frictions, and competitive distortions.
The updated Model Tax Convention provides greater clarity on remote working arrangements, including guidance on the treatment of home-office arrangements under tax treaties.
The proposed revisions are designed to enhance clarity and provide practical illustrations through the inclusion of new examples and are not intended to change the general principles underlying the transfer pricing analysis of intra-group services.
Under the “30-for-30” framework, the US and China agreed to consider mutually agreed lists of imported goods totalling approximately US$30 billion on each side.
The legislation authorises the imposition of up to 500 percent tariffs on Russian-origin goods, subject to an exception for uranium used in US nuclear reactors and for medical isotopes.
Key amendments of the update include a new subject-to-tax mechanism which prevents situations in which cross-border payments escape effective taxation or are taxed at an inappropriately low level.
According to a related release, the Section 338 duties apply in addition to duties imposed under Section 232 of the Trade Expansion Act of 1962 and apply regardless of whether the goods qualify under the United States-Mexico-Canada Agreement.
The request was issued in response to Executive Order 14411, ‘Strengthening Customs Enforcement,’ and seeks input on measures designed to enhance customs enforcement.
The imposition of tariffs were on goods from economies that, according to the investigation, have failed to prohibit or effectively enforce a prohibition on the importation of goods produced wholly or in part with forced labour.
President Trump signed three proclamations imposing an additional 50 percent ad valorem tariff on certain imports from Canada to take effect on 19 August 2026, to offset allegedly discriminatory trade practices.
The report also reveals that large regional differences in labour market outcomes and that the place where people live shapes both their prospects for employment and their opportunities for moving up the income ladder.
Inflation among OECD countries jumps to 4 percent as energy inflation surges
According to a White House release, pharmaceutical products from countries with which the United States currently has trade agreements, or that may enter into trade agreements, will be subject to lower tariff rates.
US announces 100 percent Section 232 tariff on patented pharmaceuticals
The report adds that central banks should remain vigilant, as monetary policy adjustments may be needed if broadening price pressures arise or if growth prospects weaken.
According to the Treasurer, updating the treaty will help support joint investments in major projects and ensure the agreement, which was last updated in 2002, reflects modern tax policy settings and international standards.
According to the USTR release, the 2025 Annual Report offers an account of USTR's actions to support President Trump's trade agenda, including negotiations with trading partners.
In addition, President Trump signed an executive order terminating the collection of certain additional ad valorem duties imposed under the International Emergency Economic Powers Act.
The IMF adds that inflation is projected to converge to the midpoint of the RBA's 2 to 3 percent target range by the latter half of 2027, while wage growth is anticipated to moderate further, partially due to weak productivity growth.
EU-Singapore digital trade agreement enters into force; ATO update: Work vehicle FBT misreporting that may attract scrutiny
The Commission says that the agreement strengthens bilateral trade by establishing transparent rules that facilitate cross-border digital transactions by providing legal certainty for businesses.
In the report, the OECD remarked that competition has weakened over the past two decades, pointing to the need for more robust enforcement of competition law.
OECD report forecasts Australia's GDP growth to accelerate in 2026 and 2027.
The United States White House has released two executive orders addressing trade relations with China and the synthetic opioid supply chain.
White House announces several trade agreements and frameworks aimed at enhancing bilateral economic relationships with several Southeast Asian nations.
Brazil signs the Multilateral BEPS convention treaty; OECD releases third batch of updated transfer pricing country profiles
During a meeting at the White House, it was announced that each country will provide at least USD1 billion in investments towards a pipeline of priority critical minerals projects in Australia and the US over the next six months.
Australia, United States sign agreement on rare earths supply chain.
The report finds the global economy was more resilient than anticipated in the first half of 2025, but downside risks remain due to higher barriers to trade and geopolitical and policy uncertainty.
The executive order updates Annex II to EO 14257, which sets out the list of goods not subject to the reciprocal tariffs imposed under EO 14257.
OECD updates register of countries with BEPS Pillar Two qualified status.
US President Trump also signed an executive order extending the suspension of increased tariffs on imports from China until 10 November 2025.
UK amends International Tax Compliance Regulations
The reciprocal tariffs were initially suspended under EO 14266 until 9 July 2025, except with respect to China, in response to other countries' willingness to address US national and economic security concerns.
Tax measures progress report released by EU Economic and Financial Affairs Council
OECD releases report on FTA members’ progress in tax administration digitalisation efforts
The executive order outlines the implementation of the United States and United Kingdom Economic Prosperity Deal, which includes provisions for reduced tariffs on UK automotive imports and the establishment of tariff-free trade in certain aerospace products.
The proclamation outlines the increased tariffs and modifications to the Harmonised Tariff Schedule of the United States (HTSUS), and mandates strict compliance with reporting requirements for steel and aluminium content.
The re-domiciliation regime will become effective from the date the corresponding amendment ordinance is published, which is expected within May 2025.
Legislation implementing company re-domiciliation regime in Hong Kong passed by Legislative Council
The governments of the United States and China have issued a joint statement following negotiation of a trade agreement that aims to reduce tariffs and eliminate retaliatory measures.
US Bureau of Industry and Security invites comments on national security investigation into processed critical mineral imports
The BIS is focusing on issues such as the identification of US imports, foreign sources and associated risks, market manipulation by exporting countries, demand analysis, and US processing capabilities.
The decision to pause the countermeasures, which cover €21 billion (AUD37 billion) of US exports, is in response to the US delaying its reciprocal tariffs by 90 days.
OECD releases statement on BEPS meeting developments
The tariffs will remain in effect until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated.
The findings of the report underscore President Donald Trump's America First Trade Policy and the President's 2025 Trade Policy Agenda.
The release follows the White House memorandum on the Trump Administration's "Fair and Reciprocal Plan" to examine the use of reciprocal tariffs on imports.
White House has released a memorandum introducing the Trump Administration's "Fair and Reciprocal Plan" to examine non-reciprocal trade relationships with all US trading partners.
The White House also released a fact sheet explaining that these concerns constitute a national emergency under the International Emergency Economic Powers Act.
OECD releases report summarising recent international tax reform developments.
