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).
- United States: The House Ways and Means Committee released initial tax provisions for budget reconciliation, focusing on extending key elements of the 2017 Tax Cuts and Jobs Act, including increasing the deduction for qualified business income and the estate tax exemption base, while leaving out extensions for R&D expensing and other expiring items. An amended Chairman’s Mark with additional tax provisions, potentially including tax increases and President Trump’s campaign proposals, is expected on May 12, with a Committee markup scheduled for May 13. Read TaxNewsFlash
- United States / United Kingdom: The White House announced a trade deal with the UK, allowing the first 100,000 UK-manufactured vehicles imported annually to the U.S. to be subject to a 10% tariff, with additional vehicles facing a 25% tariff. Additionally, negotiations will begin for the U.S.-UK Economic Prosperity Deal to enhance trade, reduce tariffs, improve market access, and strengthen economic partnerships, though it is not legally binding. Read TradeNewsFlash
- India: The Central Board of Direct Taxes (CBDT) has expanded the transfer pricing safe harbor rules by raising the turnover threshold for eligible international transactions to INR 3 billion and extending their application to assessment years 2025-2026 and 2026-2027. Additionally, the definition of core auto components now includes lithium-ion batteries for electric or hybrid vehicles. Read TaxNewsFlash