US: IRS clarifies limitation on deduction for business interest expense
The US IRS has published updated Questions and Answers about the limitation on the deduction for business interest expense, dated 19 August 2026. The updated FAQs are as follows: Topic A: General information Q1. What is the section 163(j)
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US: Treasury, IRS propose eligibility rules for refundable individual tax credits
The US Treasury and IRS issued the proposed regulations on 18 August 2026. The rules would apply the eligibility requirements under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) to the refundable portions of
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Panama: Revenue Authority updates CRS jurisdiction list
Panama’s General Revenue Directorate has formally adopted a list of 108 participating jurisdictions for the automatic exchange of financial information under the Common Reporting Standard (CRS). Resolution No. 201-5324 was issued on 15 July
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Panama: Cabinet proposes equalisation of the tax regime, applied to trade in the digital economy
Panama’s Cabinet Council announced, on 19 August 2026, that it approved sending Bill 30-26 to the National Assembly for consideration. This bill amends and supplements provisions of the Tax Code related to the taxation of certain digital economy
See MoreUS: IRS reminds tax professionals to maintain written information security plans
The US Internal Revenue Service (IRS) and Security Summit partners reminded tax professionals, on 18 August 2026, to protect client data with a Written Information Security Plan. Federal law requires tax and accounting professionals to create and
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Grenada, Qatar to negotiate income tax treaty
Officials from Grenada and Qatar met on 18 August 2026 to discuss bilateral relations, including negotiations toward the eventual signing of a double taxation agreement (DTA) as part of broader efforts to strengthen bilateral economic and investment
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Brazil advances tax compliance plan for IBS, CBS transition
Brazil’s Federal Revenue, the Management Committee of the Goods and Services Tax (CGIBS) and the Federal Accounting Council (CFC) have agreed on measures to implement the National Tax Compliance Plan (PNCT), including requirements for tax
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US: Treasury, IRS consults CFC election to simplify Section 987 foreign currency rules
The US Department of the Treasury and the IRS have initiated a public consultation regarding proposed regulations (REG-103844-26) allowing controlled foreign corporations (CFCs) to elect not to compute or recognise foreign currency gain or loss
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Brazil announces deadline to apply for the Simplified National Tax Regime
Brazil's Federal Revenue Service (RFB) announced, on 19 August 2026, that companies wishing to join the Simplified National Tax Regime (Simples Nacional) must submit applications in September 2026 rather than January 2027. The change stems from
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US delays 50% additional tariffs on certain Canadian goods
The US has delayed the imposition of 50% additional tariffs on certain Canadian goods by three days as the two countries continue negotiations over longstanding trade disputes. The tariffs, originally scheduled to take effect on 19 August 2026,
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Ecuador introduces new audiovisual tax credit rules
Ecuador has introduced new technical regulations for audiovisual investment certificates (AICs), changing how projects apply for, receive and complete the tax incentive. The Ministerial Agreement MPCEI-MPCEI-2026-0039-A was published in the
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Argentina: ARCA updates automatic exchange of information rules under CRS
Argentina's Customs and Revenue Collection Agency (ARCA) has updated the automatic exchange of financial information regime, known as the Common Reporting Standard (CRS), through General Resolution 5887/2026. The amendment clarifies the scope of
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Chile: SII clarifies tax treatment of stablecoins used for cross-border services
The Chilean tax authority (SII) announced it published Letter Ruling No. 1982 on 10 August 2026, addressing the use of stablecoins as consideration for cross-border services. Letter Ruling No. 1982 establishes the tax treatment for transactions
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Bolivia: SIN simplifies tax procedures under new administrative reform
Bolivia’s tax authority (SIN) announced on 17 August 2026 that it has streamlined taxpayer requirements under the "Zero Block" Program, rolling out regulatory changes through Resolution 102600000031 issued on 13 August 2026. The reforms respond
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US: IRS expands Section 45Q safe harbour to cover EOR projects and recapture calculations
The US Internal Revenue Service (IRS) has issued Notice 2026-50, expanding and extending the safe harbour previously established under Notice 2026-1. This administrative notice establishes an updated safe harbour for taxpayers claiming the Section
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US: Maryland Tax Court strikes down digital advertising tax as unconstitutional
The Maryland Tax Court ruled, on 14 August 2026, that the state's Digital Advertising Gross Revenues Tax violates the federal Internet Tax Freedom Act and the dormant Commerce Clause by applying progressive rates based on global revenues while
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US consults guidance on rollovers between retirement plans, individual retirement accounts
The Department of the Treasury and the Internal Revenue Service (IRS) announced on 12 August 2026 that it has provided guidance to simplify and standardise the rollover process by issuing sample forms for direct rollovers to or from a retirement
See MoreUS announces tax relief for individuals, businesses in Northern Mariana Islands affected by typhoon
The US Internal Revenue Service (IRS) has announced, on 7 August 2026, tax relief for individuals and businesses in the Commonwealth of the Northern Mariana Islands affected by Super Typhoon Bavi that began on 4 July 2026. These taxpayers now have
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