Chile revises VAT registration, payment rules for non-resident service providers
Chile’s tax authority (SII) has recently issued Resolution No. 105 on 30 October 2024 and Resolution No. 107 on 14 November 2024. These resolutions update the previous regulations regarding VAT registration and payment for non-resident
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US: Louisiana finalises net capital gains deduction rules
Louisiana’s Department of Revenue has released final regulations for entities claiming net capital gains deductions. These regulations include guidance for situations where the claimed capital gain exceeds USD 250,000. The final regulations
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US: Georgia consults digital sales tax rules
Georgia’s Department of Revenue has launched a public consultation on the proposed regulations regarding the taxation of digital product sales. The rules set forth the application of Georgia sales and use tax concerning the sale or use of
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US: IRS urges taxpayers to prepare for 2025 filing with online tools
The US Internal Revenue Service (IRS) in a release (IR-2024-297) on 22 November 2024 reminding people of simple steps they can take now to prepare to file their 2024 federal tax returns. This reminder is part of the IRS's "Get Ready" campaign
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Canada: Temporary GST/HST exemption proposed for consumer goods
Canada’s federal government announced a proposed temporary exemption from the goods and services tax/harmonized sales tax (GST/HST) for specific consumer goods on 21 November 2024. With a GST/HST exemption across the country, Canadians will be
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Brazil ratifies pending tax treaty protocol with China
Brazil's Chamber of Deputies (lower house of the National Congress) has ratified the pending protocol to the 1991 income tax treaty with China on 19 November 2024. The protocol has been submitted to the Senate for approval. Signed on 23 May
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Uruguay introduces tax incentives for telecom companies for electronic surveillance services
Uruguay issued Decree No. 281/024, on 31 October 2024, which aims to promote electronic surveillance services provided by telecommunication companies for criminal investigations. The decree, based on Law No. 16.906, supports these companies by
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Mexico introduces several tax incentive with economic package 2025
Mexico’s Federal Executive submitted the 2025 economic package to the Congress of the Union on 15 November 2024. This package does not include new taxes or increases to existing ones but adjustments to tax incentives and withholding taxes on
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Colombia: National Tax Authority updates reporting requirements for 2025
Colombia’s National Tax Authority (DIAN) has updated rules for submitting certain tax information starting with the 2025 tax year. The changes, detailed in Resolution 000188 of 30 October 2024, expand the list of taxpayers required to report
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Colombia: DIAN proposes adjusted tax value unit for 2025
The Colombian National Directorate of Taxes and Customs (DIAN) has published a draft resolution proposing to adjust the tax value unit the Tax Value Unit (UVT) for 2025 at COP 49,799. Comments on this draft resolution opened for submission until
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Colombia issues ruling on taxation for non-resident entities with significant economic presence
Colombia’s tax authority, DIAN, recently issued Ruling 890 on 17 October 2024, offering guidance on several tax matters for non-residents with a significant economic presence (SEP) in Colombia. Earlier, on 27 November 2023, the Colombian Ministry
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US: Congressional Research Service (CRS) reviews TCJA changes to cost recovery, R&D tax credit
The US Congressional Research Services (CRS) has published a new "In Focus" report, “How the "Tax Cuts and Jobs Act" (TCJA, P.L. 115-97) Changed Cost Recovery and the Tax Credit for Research” on 13 November 2024. Tax benefits for investments
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Chile extends deadlines for tax regularisation, penalty relief
Chile enacted Law No. 21.716 which extends the deadline for the Regularisation Regime for Foreign Assets and Income, allowing taxpayers to regularise undeclared foreign assets and income with a 12% tax, granting amnesty for any civil, criminal, or
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Dominican Republic consults end of tax exemptions on issuance from cheques, electronic transfers
The Dominican Republic's Directorate General of Internal Revenue (DGII), under instructions from the Ministry of Finance, has opened a public consultation regarding a draft regulation aimed at repealing all administrative exemptions from the 0.0015%
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US: Treasury Department finalises rules for expanding clean energy tax credits
The US Department of the Treasury and the IRS, in a press release on 19 November 2024, issued final regulations that will expand the reach of the Biden-Harris Administration’s Inflation Reduction Act by helping entities that co-own clean energy
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US: Treasury Department’s CDFI Fund to grant USD 10b in NMTC authority for 2024-25
The US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund), on 19 November 2024, released the Notice of Allocation Availability (NOAA) for the next round of the New Markets Tax Credit Program (NMTC
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Hungary ratifies new CbC reporting pact with US
Hungary’s President has signed Law No. XLIII of 2024, officially ratifying the new Country-by-Country (CbC) reports exchange agreement with the US. The ratification was published in the Official Gazette No. 113 (Magyar Közlöny) on 13 November
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US lowers tax interest rates for Q1 2025
The US Internal Revenue Service (IRS) announced in release IR-2024-290 on 18 November 2024 that interest rates will decrease for the calendar quarter beginning 1 January 2025. For individuals, the rate for overpayments and underpayments will be
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