Argentina introduces new rules to maintain foreign currency surcharge
Argentina’s tax authority (ARCA) announced a new regime for the ongoing application of the additional tax (surcharge) on foreign currency purchases (PAIS tax) on 19 December 2024. The surcharge on foreign currency transactions was tied to the
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Canada: Budget deficit shrinks in first 7 months of 2024/25
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
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Brazil: Congress approves OECD Pillar Two rules
Brazil’s Congress has passed Bill of Law 3,817/24 on 18 December 2024, incorporating the OECD’s Global Base Erosion (GloBE) Pillar Two rules in the Brazilian tax legislation, which introduces an effective minimum taxation of 15% through an
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US: IRS, Treasury propose rules for tax professionals who can practice before the IRS
The US Department of the Treasury and the Internal Revenue Service issued IR-2024-315 on 20 December 2024, in which it proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained
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Brazil: Chamber of Deputies approve indirect tax reform
Brazil's Chamber of Deputies have approved a law to regulate the country's indirect tax reform after it has returned from the Senate (upper house) with amendments on 17 December 2024. This follows after Brazil passed Constitutional Amendment No.
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US partially suspends tax treaty with Belarus
The US Department of the Treasury announced on 17 December 2024 that the United States has provided formal notice to the Republic of Belarus to confirm the suspension of the operation of paragraph 1, subparagraph (g), of Article III of the
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Argentina, China tax treaty enter into force
The income and capital tax treaty between Argentina and China came into force on 26 November 2024. This was confirmed in a notice published in the Argentine Official Gazette on 19 December 2024. This income tax treaty aims to eliminate double
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Ecuador imposes new tax on vehicle transfers to curb money laundering
Ecuador has enacted the Decree Law on the Organic Law for Improving Tax Collection through Combating Money Laundering on 10 December 2024. The Law introduces a new tax of up to 5% on used vehicle transfers, which must be paid by buyers, including
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Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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Ecuador ratifies tax treaty with UK
Ecuadorian President Daniel Noboa signed a decree ratifying the income and capital tax treaty with the UK on 13 December 2024. The agreement aims to avoid double taxation on income and capital gains between the two countries. It will apply to
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US: Treasury, IRS clarify stance on OECD’s simplified transfer pricing rules
The US Treasury Department and the Internal Revenue Service (IRS) released Notice 2025-04, “Application of the Simplified and Streamlined Approach under Section 482”, on 18 December 2024, clarifying the US government’s stance on using the
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US: President Biden enacts 2023 Tax Relief Act, VETT Act for disaster victims and veterans
The US President Biden has signed The Federal Disaster Tax Relief Act of 2023 (H.R. 5863) and the VSO Equal Tax Treatment Act VETT Act (H.R. 1432) on 12 December 2024. These two bills provide significant tax relief measures to support disaster
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Canada updates Scientific Research and Experimental Development Tax (SR&ED) incentive in 2024 fall economic statement
Canada's Department of Finance has released the 2024 Fall Economic Statement on 16 December 2024. Among the key updates are enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive programme and more support for
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Chile issues draft VAT guidance for nonresident sellers
Chile’s tax authority (SII) has released the draft Circular Letter 300079.2024GE, on 3 December 2024, clarifying VAT sourcing rules for remote services and new VAT obligations for remote sellers of goods to consumers. This follows after Chile
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Argentina extends PAIS tax payment deadline
Argentina’s tax authority (ARCA) has extends the payment deadline for the solidarity tax (PAIS), published in General Resolution No. 5615/2024 in the Official Gazette on 13 December 2024. The new deadline is now set for 26 December 2024 and
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Colombia: Congress rejects proposed Tax Reform Bill
The tax reform bill proposed by Colombian President Gustavo Petro was rejected by the four economic committees of the Colombian Congress on 11 December 2024. The rejection of the tax reform comes after Congress also rejected the government’s
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Ecuador enacts tax relief measures law, includes tax credit for companies expanding their workforce
Ecuador introduced the Organic Law for Financial Relief and Economic Strengthening of Generations on 9 December 2024, which took effect on the same date. This legislation includes several key measures which includes an income tax credit for
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Canada enacts law making food, holiday essentials tax-free for two months
Canada's Department of Finance has announced enacting the Tax Break for All Canadians Act after receiving Royal Assent on 12 December 2024. This legislation introduces a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) exemption on
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