Jamaica announces 2024-2025 budget

March 15, 2024

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

March 15, 2024

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

March 14, 2024

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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Canada: CRA releases new circular on advance pricing arrangements (APAs)

March 09, 2024

On 22 February 2024, the Canada Revenue Agency (CRA) released the Information Circular 94-4R2 on International Transfer Pricing: Advance Pricing Arrangements (APAs). This circular offers detailed guidance on APAs, focusing on the prerequisites for

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US joint committee issues report on multinational taxation and pillar 1 taxing rights reallocation 

March 07, 2024

On 5 March  2024, the US Joint Committee on Taxation published a report - Background And Analysis Of The Taxation Of Multinational Enterprises And The Potential Reallocation Of Taxing Rights Under the OECD's Pillar One. The report was released

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Bolivia defers deadline for submitting and paying financial transaction tax

March 05, 2024

On 4 March 2024, Bolivia’s tax authority, the National Tax Service (Servicio de Impuestos Nacionales), released the RND N°102400000007. In this guidance, the tax authorities have extended the deadline for submitting affidavits and paying taxes

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Ecuador updates withholding tax rate for various entities

March 05, 2024

On 29 February 2024, the Ecuadorian Official Gazette released Resolution No. NAC-DGERCGC24-00000008, which sets forth withholding percentages for taxpayers to apply at the source. The resolution outlines the introduction of the following withholding

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Venezuela: Decree to extend exemptions from financial transaction taxes

March 01, 2024

On 21 February 2024, Venezuela issued Decree No. 4.924 in the Official Gazette, announcing the further extension of exemptions from financial transactions initially implemented in 2022. This Decree clarifies exemptions for the transactions as

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Ecuador: SRI updates list of tax haven jurisdiction

February 29, 2024

On 20 February 2024, the Ecuador Internal Revenue Service (SRI) amended Resolution No. NAC-DGERCGC15-00000052 through Resolution No. NAC-DGERCGC24-00000007. As per the amendment, the tax authority included the following countries and territories as

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US: IRS announces tax relief for California taxpayers impacted by storms and floods

February 28, 2024

On 27 February 2024, the US Internal Revenue Service (IRS) announced that it is providing tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on 21 January 2024. According to the IRS

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US: IRS announces unchanged interest rates for overpaid and underpaid tax for 2024

February 23, 2024

On 21 February 2024, the US Internal Revenue Service (IRS) declared the interest rates for overpayments and underpayments. As per the announcement, the interest rates will remain the same for the calendar quarter beginning 1 April 2024. For

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El Salvador notifies delinquent tax payment interest rates for 2024

February 18, 2024

El Salvador’s Ministry of Finance released a notice detailing the applicable interest rates for delinquent tax payments from 1 February 2024 to 31 July 2024. The notice specified the annual interest rate of 7.53%, which has been raised to 11.53%

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Costa Rica imposes new audited financial statement rules for large firms

February 17, 2024

On 15 February 2024, Costa Rica's Ministry of Finance published Resolution No. MH-DGT-RES-0002-2024 of 7 February 2024 in the Official Gazette. This resolution outlines new guidelines for submitting audited financial statements by taxpayers

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Puerto Rico unveils new tax return for exempt businesses

February 14, 2024

Puerto Rico's Treasury Department released a new income tax return for businesses that earn income under various tax exemption incentive decrees. Previously, different tax return forms were needed depending on specific tax exemptions, which included

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US: Taxpayers Given Greater Access to Energy Tax Credits

February 12, 2024

Under the provisions of the Inflation Reduction Act of 2022 (IRA) taxpayers have been given greater access to the benefit of the energy tax credits even if they have no federal tax liability. The Act aims to support the expansion of the renewable

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Colombia amends tax Form 490 to include SEP corporate income tax payments

February 10, 2024

On January 25, 2024, Colombia's tax authority released Resolution No. 4, which amends the tax Form 490 to include bimonthly advance payments for significant economic presence (SEP) corporate income tax. The initial payment is scheduled for March

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Uruguay amends corporate income tax for small companies

February 07, 2024

On 5 February 2024, the Uruguayan government published Decree No. 25/024 in the Official Gazette, introducing a new amendment to the Corporate Income Tax regulations. Under this new regulatory provision, corporate income taxpayers who have never

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Chile: VAT from digital services exceeds USD 1 billion 

February 06, 2024

On 5 February 2024,  Chile’s tax authority (Servicio de Impuestos Internos - SII), in a release, declared that its VAT collections from registered digital service suppliers have exceeded USD 1 billion as of December 2023. In June 2020, Chile

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