Creative Tax Solutions help you settle your tax debt and financial management needs so you can start fresh and also help you get on the right path towards security and tax resolution. Creative Tax Solutions share some latest information related to tax.

1. Latest Tax News and Updates
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3. Canada Could Also Face Trump Tariffs
While there has been a
concentration by President-
elect Donald Trump on
warnings of increased import
tariffs on Mexican exports to
the United States, his
spokesman Sean Spicer has
indicated that exports from
Canada could also be subject
to the same tax response.
Trump has frequently said
that he would impose a 35
percent tariff on imports from
US multinational companies –
particularly motor companies
in Mexico – that move their
production facilities abroad at
the cost of US jobs, and then
sell products duty-free back
into the United States.

4. Mexico 'Would Retaliate' Against Trump
Tariffs
In press interviews, Mexico's Economy Minister,
Ildefonso Guajardo, has said that while US president-
elect Donald Trump's threatened import tariffs are a
global problem, Mexico will have to be prepared to
retaliate immediately with its own measures.
He did not specify what form those measures would
take, but pointed to the fact that Mexico is the second-
largest export market for US goods overall.
The President-elect has frequently said that he would
impose a 35 percent tariff on imports from US
multinational companies (particularly motor companies)
that move their production facilities abroad at the cost of
US jobs, and then sell products duty-free into the United
States.

5. US Congress Receives Bill To Cancel CEO
Tax Breaks
Legislation has been introduced in Congress to stop the
unlimited US corporate tax deductions allowed for performance-
based executive pay.
Lloyd Doggett (D - Texas), a member of the House of
Representatives Ways and Means Committee, senator Jack
Reed (D - Rhode Island), and Richard Blumenthal (D -
Connecticut) introduced the Stop Subsidizing Multimillion Dollar
Corporate Bonuses Act.
It was pointed out that, under current tax law, a publicly traded
corporation is generally permitted to deduct the cost of
compensation from its revenues, with limits up to USD1m for
each of the company's most senior executives. However, that
limit does not include performance-based compensation, which
can generally be deducted without any limit.

6. US Progresses Trade Disputes With China
The US Department of Commerce (Commerce) has announced its final
decision to impose anti-dumping (AD) margins and anti-subsidy
countervailing duties (CVDs) on Chinese imports of biaxial integral geogrid
products, used as a foundation in the construction of roads and railways.
Commerce has determined an increased and substantial final AD margin
of 372.81 percent for all Chinese manufacturers/exporters. Commerce has
also calculated final CVD rates of between 15.61 percent and 152.50
percent.
The US International Trade Commission (ITC) is scheduled to make its
final decision that imports of the products from China are materially
injuring the domestic industry on February 21 this year. If that decision is
positive, Commerce will issue CVD and/or AD orders.
In a comment, the Chinese Ministry of Commerce's Trade Remedy
Investigation Bureau Director, Wang Hejun, expressed his disappointment
at Commerce's decision and questioned the decision to impose such high
duties on Chinese products.

7. Trump Reemphasizes His Tariff Threat
On January 11, during his first press conference since the
election, President-elect Donald Trump reemphasized his
plan for import tariffs on US multinational companies that
move their production abroad at the cost of US jobs and
then sell products back into the United States.
The President-elect has frequently said that he will impose
a 35 percent tariff on their imports, and, in that respect, has
particularly attacked US trading arrangements with Mexico
under the North American Free Trade Agreement.
A number of automotive companies have already
responded to the threat of a US border tax. Earlier this
month, Ford announced the cancellation of a proposed
Mexican investment in favor of a USD700m expansion of its
plant in Flat Rock, Michigan; Toyota stressed that it has no
plans to decrease investment or employment in the US,
despite plans to build a new plant in Mexico; and Fiat
Chrysler suggested it may be forced to reconsider its
commitment to production in that country.

8. USITC Accepting Comments On Tariff
Cut Petitions
On January 11, the US International Trade Commission (ITC)
began accepting comments on petitions it has received
seeking import duty suspensions and reductions in
accordance with the new Miscellaneous Tariff Bill (MTB)
process.
The American Manufacturing Competitiveness Act (AMCA),
which was approved by the US Congress in May last year,
directed the ITC to establish a process for the submission and
consideration of MTB petitions. Subsequently, the ITC
arranged to accept petitions from October 14 until December
12, 2016, and members of the public will now have 45 days
until February 24 to submit their comments.
Renewal of the MTB, which last expired at the end of 2012,
will eliminate or reduce import duties on hundreds of raw
materials and intermediate products that are not produced or
available in the United States. Without the MTB,
manufacturers have been paying substantially higher tariffs on
essential manufacturing inputs.