US: BOI reporting still voluntary after Supreme Court lifts injunction
The US Supreme Court on 23 January 2025 approved the government's request to lift a nationwide injunction previously issued by a federal judge in Texas. The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an
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US: Supreme Court rejects Disney, IBM tax appeals on foreign royalties
The US Supreme Court has declined to review two notable cases from Disney on 21 January 2025, upholding a New York ruling that bars companies from deducting payments to foreign affiliates for intellectual property under a state law from 2003 to
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Chile mandates physical copies of VAT e-invoices
Chile’s Tax Administration (SII) has issued Resolution SII 12-2025 on 17 January 2025, mandating taxpayers to provide a physical copy of the e-invoice and payment certificate (vouchers) for sales and services rendered to final consumers through
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Chile to cut SME tax rates from 2025 to 2028
Chile's Chamber of Deputies is reviewing a proposal from 22 January 2025 to temporarily reduce the corporate tax rate for qualifying SMEs under the Pro Pyme regime. The proposal includes a 12.5% rate for 2025–2027 and 15% for 2028. Earlier,
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US: Treasury to probe foreign countries’ tax discrimination against American citizens, corporations
Republicans on the US House Ways and Means Committee have proposed new legislation on 22 January 2025, which aims to tighten oversight of foreign tax policies. The bill shall require the Treasury Department to identify extraterritorial and
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US: Senate Finance, Foreign Relations Committees propose Bill to expedite double-tax relief on US-Taiwan cross-border investment
US Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon), with US Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho) and Ranking Member Jeanne Shaheen (D-New Hampshire) has introduced a
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Argentina announces corporate tax brackets, rates for 2025
Argentina’s tax authority (ARCA) has released revised corporate income tax brackets and rates for 2025 on 23 January 2025. Starting from fiscal years beginning on or after 1 January 2025, corporate income tax rates will be applied based on the
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Brazil gazettes law regulating indirect tax reform
Brazil has published Complementary Law No. 214 of January 16, 2025 in the Official Gazette, establishing the framework for the country’s indirect tax reform. These reforms aim to streamline the tax system by replacing or consolidating several
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Argentina announces special PAIS tax refund process
Argentina’s Customs Collection and Control Agency (ARCA) issued General Resolution 5638/25, which introduced a procedure for returning balances of the PAIS tax. Agents responsible for collecting and liquidating the PAIS tax can access the
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US: IRS, Treasury revise rules for determination of taxable income or loss and foreign currency gain or loss for a qualified business unit
The US Internal Revenue Service (IRS) and Department of the Treasury has published a correction on 17 January 2025 concerning the final regulations on Taxable Income or Loss and Currency Gain or Loss with Respect to a Qualified Business Unit (QBU),
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US: IRS launches programmes to streamline alternative dispute resolution
The US Internal Revenue Service (IRS) issued IR-2025-14 on 15 January 2025 announcing three pilot programmes that will test changes to existing Alternative Dispute Resolution (ADR) programmes. IRS ADR programmes are designed to help taxpayers
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Ecuador introduces rules for new payment plan under relief law
Ecuador's Internal Revenue Service (SRI) released the Resolution NAC-DGERCGC25-0000000001, on 6 January 2025, which allows taxpayers with outstanding tax balances as of 31 October 2024 to apply for an optional 12-month payment plan with interest
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Mexico offers incentives for investments which promote innovation
Mexico has published a Decree in the Official Gazette on 21 January 2025, granting tax incentives to support the national strategy called "Plan Mexico” to promote innovation and new investments that encourage dual training programmes. One key
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El Salvador sets deadline to update notification address for tax matters
El Salvador's Ministry of Finance has announced, on 10 January 2025, that it has set a deadline of 16 January 2025 for taxpayers to report changes to tax notification addresses. The deadline applies to taxpayers registered for VAT and legal
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US: House of Representatives passes Taiwan Tax Relief Act
The US House of Representatives approved Bill H.R. 33 – also known as the United States-Taiwan Expedited Double-Tax Relief Act – on 15 January 2025. This legislation aims to relieve double taxation in Taiwan by authorising a tax treaty
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Chile revises procedures for transfer pricing adjustment requests
Chile's Internal Revenue Service (SII) has published Resolution No. 6 of 9 January 2025, which updates procedures for requesting transfer pricing adjustments after adjustments by foreign tax authorities. It updates and replaces Resolution No. 67
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US: Trump Administration withdraws from OECD Global Tax Deal commitment
The Trump administration released a memorandum to the Treasury Secretary and the US Trade Representative instructing them to withdraw from the OECD’s “Global Tax Deal” on 20 January 2025. This initiative includes the Pillar One and Pillar Two
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Panama extends deadline for resident agents to submit accounting records, documentation
Panama's Ministry of Economy and Finance has issued Executive Decree No. 177 of 2024 on 30 December 2024, which includes the deadline to submit accounting records and supporting documents to resident agents, set at 31 March 2025 for tax years 2021,
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