US: Pennsylvania passes tax bill to double net loss limit
The US State of Pennsylvania’s Governor Josh Shapiro signed a tax bill - Senate Bill 654 - into law on 11 July, 2024. This bill follows the state’s federal tax code that proposes to gradually increase the net operating loss carryover limit
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US: Oregon reportedly proposes higher taxes for corporations
The US State of Oregon, in its Initiative Petition 17 (IP 17), has reportedly proposed to raise minimum taxes for corporations in Oregon with sales over USD 25 million. Initiative Petition 17 proposes to increase state taxes paid by certain
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US: North Carolina ends sales tax threshold for remote sellers
The US state of North Carolina has phased out the 200-transaction sales tax threshold for retail merchants and marketplace facilitators under Session Law 2024-28, which was recently signed into law by Governor Roy Cooper (D). Effective 1 July
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US: Missouri to let pass-through entities bypass entity-level tax
The state of Missouri announced that it will permit members of pass-through entities (PTEs) to opt out of the elective entity-level tax under HB 1912, which was signed by Governor Mike Parson (R) on 10 July, 2024. The HB 1912 will take effect on
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Mexico issues tax incentives for key sectors in Yucatan’s industrial zones
The Mexican government has issued a decree granting tax incentives to companies operating in 11 key economic sectors in the welfare industrial zones of Progreso I and Mérida I in the state of Yucatan on 28 June, 2024. Tax incentives are granted
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US: Washington exempts carbon credits and allowances taxes
Washington has announced that it will exempt certain carbon credits and allowances under the cap and invest programme for greenhouse gas emissions from the state's business and occupation (B&O) tax and public utility tax (PUT). This update was
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Argentina publishes new reform laws and regularisation regimes
Argentina has published new reform laws - Law of Bases and Starting Points for the Freedom of Argentines ("Ley de Bases y Puntos de Partida para la Libertad de los Argentinos") and the Law of Palliative and Relevant Fiscal Measures ("Ley de Medidas
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US: IRS issues fact sheet on inflated tax refund claims due to inadequate social media advice
The US Internal Revenue Service (IRS), in a release FS-2024-24 in July 2024, issued alert IR-2024-139 on 14 May 2024, about a series of scams and inaccurate social media advice. Social media schemes led to thousands of inflated refund claims during
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Peru releases third version of high-risk tax schemes catalogue under GAAR
Peru tax authority (SUNAT) has published the third version of its catalogue of high tax risk schemes that could be challenged under the country's General Anti-Avoidance Rule (GAAR). This updated list includes 11 new high-risk schemes, bringing the
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Brazil: Congress approves bill for major tax reforms
Brazil's lower house of Congress, on 10 July 2024, passed legislation to overhaul the tax system. This follows after lawmakers demanded Brazil implement major tax reforms to improve productivity by simplifying Brazil's complicated taxation
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US: FinCEN updates FAQs on beneficial ownership for pre-Corporate Transparency Act, defunct entities
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has released new and revised FAQs concerning beneficial ownership reporting requirements, effective 1 January, 2024. The new FAQs were issued on 8 July 2024. FinCEN has
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US: Lawmakers urge treasury secretary to enforce 15% corporate minimum tax
US Senators Elizabeth Warren (D-MA), Angus King (I-ME), Michael Bennett (D-CO.), and Representative Don Beyer (D-VA) are urging to fully implement the 15% Corporate Alternative Minimum Tax (CAMT). A signed letter was sent to Treasury Secretary
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Chile revises VAT invoice and document rules
Chile’s tax authority issued Exempt Resolution No. 36, on 15 March, 2024, updating the requirements for various tax documents that value added tax (VAT) taxpayers must issue. These documents include credit notes, debit notes, dispatch guides,
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US: IRS releases FAQs on clean fuel production credit registration
The US Internal Revenue Service (IRS), on 10 July 2024, issued frequently asked questions (FAQs) in Fact Sheet 2024-25 related to which entities must apply for registration for the Clean Fuel Production Credit. The Inflation Reduction Act of 2022
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US: Washington finalises capital gains excise tax rules
Washington state’s Department of Revenue has issued clarification regarding the state's capital gains tax under WAC 458-20-301. The finalised regulations define and illustrate the capital gains tax, and provides explanation about the treatment of
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Canada enacts 3% digital service tax
Canada’s federal government, in a notice on 28 June 2024, announced it authorised the implementation of a digital services tax (DST),which received royal assent on 20 June, 2024. The government states that the implementation of the Digital
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US: New Jersey approves highest corporate tax rate, potentially impacts 700 companies
New Jersey lawmakers passed a bill on 30 June, 2024, to implement the highest corporate tax rate for the state’s largest companies in the US. The bill is estimated to impact close to 700 companies in the state. The legislation proposes adding a
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Guatemala extends vehicle circulation tax payment deadline
Guatemala’s Congress published Decree No. 13-2024 in the Official Gazette on 8 July, 2024, announcing the extension of the deadline for payment of the yearly vehicle circulation tax for land vehicles from 31 July to 30 September, 2024. Land
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