Ecuador passes pro-tourism law to boost employment and investment
On 1 April 2024, Ecuador's National Assembly declared the approval of the law aimed at enhancing tourism activities and promoting employment. The provisions of the law encompass the following initiatives: Investment Incentives: Local taxes will
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US: Idaho reduces tax rates for companies and individual taxpayers
On 29 March 2024, the governor of Idaho, the 43rd state of the US, approved House Bill 521. This law includes reducing the corporate and individual income tax rates from 5.8% to 5.695%. This tax rate reduction goes into effect retroactively from 1
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Bolivia updates export tax refund regulations
On 10 April 2024, Bolivia announced Supreme Decree No. 5145, which introduces a new modality of export tax refund. The Decree aims to streamline the process of submitting tax refund requests. The key aspects of the Decree are: The deadline
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Bolivia issues reminder for corporate tax payments and returns deadline for 2023
On 5 April 2024, Bolivia's National Tax Service (SIN) in a notice notified taxpayers of the upcoming deadline for corporate income tax payments and other necessary returns for the fiscal year ending on 31 December 2023. According to the notice the
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Paraguay eases penalties for unregistered vouchers and extends 2023 financial statements deadline
On 27 March 2024, Paraguay's National Directorate of Tax Revenues (Dirección Nacional de Ingresos Tributarios - DNIT) released General Resolution DNIT No. 07/24. This Resolution offers penalty relief for adhering to the electronic voucher
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US: IRS proposes regulations for excise tax for stock repurchases
On 9 April 2024, the US Internal Revenue Service (IRS) released the proposed regulations offering guidance on the new excise tax on corporate stock repurchases made after 31 December 2022. The Inflation Reduction Act imposed a new excise tax on
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US: IRS offers tax relief for Rhode Island taxpayers impacted by storms and floods
On 4 April 2024, the US Internal Revenue Service announced a tax relief for individuals and businesses in parts of Rhode Island affected by severe storms and flooding that began on 9 January 2024. These taxpayers now have until 15 July 2024, to file
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US: IRS offers tax relief for Maine taxpayers impacted by storms and floods
On 4 April 2024, the US Internal Revenue Service (IRS) announced a tax relief for individuals and businesses in parts of Maine affected by severe storms and flooding that began on 9 January 2024. These taxpayers now have until 15 July 2024, to file
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US: IRS extends tax relief for Hawaii taxpayers impacted by wildfires
On 27 March 2024, the US Internal Revenue Service, in a release—IR-2024-82—announced various tax-filing and tax-payment deadlines for individuals and businesses affected by the 8 August 2023 wildfires in Hawaii had been postponed until 7 August
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US: IRS announces tax relief for Alaska taxpayers impacted by storms
On 25 March 2024, the US Internal Revenue Service (IRS) announced tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides, and mudslides that began on
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Colombia: CUP method valid for commodity transactions without quoted prices
The Colombian Tax Authority (DIAN) released Ruling 1118 (Int. 81) of 13 February 2024, which provides clarification of the application of the Comparable Uncontrolled Price (CUP) method for commodity transactions between related parties that do not
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US: IRS reminds expats of tax return deadline and offers extension for Israel attack victims
On 22 March 2024, the US Internal Revenue Service (IRS) issued a release in which it reminded taxpayers residing and working outside the US that they must file their 2023 federal income tax return by 17 June 2024. This deadline applies to U.S.
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US: Utah reduces individual and corporate franchise tax rates
On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual
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Guatemala announces new monthly corporate tax return forms
On February 2024, Guatemala’s Superintendency of Tax Administration (SAT) declared that it introduced new informational fields regarding passive income to be included in the monthly income tax return (electronic form 1311) starting from January
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US: IRS issues guidelines to prevent mistakes in federal tax returns
On 18 March 2024, the U.S. IRS released guidelines for preventing errors during the filing of federal tax returns. As the April 15 filing deadline approaches, the Internal Revenue Service issued a reminder to taxpayers on ways to prevent typical
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Jamaica announces 2024-2025 budget
On 12 March 2024, the Jamaican government presented the 2024-2025 budget without new tax measures. However, the 2024-2025 budget did have a proposal for the implementation of the Qualified Domestic Minimum Top-Up Tax (QDMTT) under the global minimum
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El Salvador offers tax exemption for foreign investments and money transfers
On 13 March 2024, the Legislative Assembly of El Salvador announced that it passed reforms to the Income Tax Law. The reforms offer an income tax exemption on foreign investments in the country. In an X (formerly Twitter) post, President Nayib
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US announces FY 2025 revenue proposals with corporate tax rate hikes and reforms
On 11 March 2024, the U.S. Department of the Treasury declared that it published the General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals or the "Greenbook," in which it detailed the revenue proposals included in
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