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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US: FinCEN updates FAQs on beneficial ownership access
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has revised its FAQs on beneficial ownership information reporting requirements on 15 November 2024. These updates include changes to two specific FAQs regarding access to
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US, Uruguay TIEA enters into force
The tax information exchange agreement (TIEA) between the US and Uruguay took effect on 10 November 2024. This follows Uruguay’s Chamber of Senators' approval of a tax information exchange agreement with the US on 7 August 2024. The
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Hungary considers signing new tax treaty with US
Hungary’s Prime Minister Viktor Orbán announced, in a release on 11 November 2024, that his government is seeking to sign a new income tax treaty with US president-elect Donald Trump. Orbán said Hungary and the US will need to sign “a great
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Peru: Congress approves bill to ratify MLI
The Economy, Banking, Finance, and Financial Intelligence Committee of the Peruvian Congress approved a bill to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 6
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Colombia: DIAN mandates certification for third-party debts under thin capitalization rules
The Colombian tax authority (DIAN) issued Ruling 803 of 23 September 2024, released on 1 November 2024, which provides guidance on the necessary certification of third-party debts for interest deduction purposes under the thin capitalization
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China, Peru to hold second round of tax treaty talks
Officials from China and Peru will convene from 19 to 22 November 2024 for the second round of negotiations regarding an income tax treaty. This treaty seeks to prevent double taxation and tax evasion, promoting economic integration between the
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US: Washington updates estate tax filing rules for spousal residence exclusion
The US state of Washington on its webpage on Estate Tax on 9 November 2024 announced the state will allow married couples and registered domestic partners to exclude the value of their personal residence when determining if their estate meets estate
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