Mexico publishes guidance for tax incentives for key sectors in Yucatan’s industrial zones
The Mexican government has published  guidelines for granting tax incentives to taxpayers engaged in productive economic activities within the Progreso I and Mérida I industrial welfare zones (industrial parks) in Yucatán state on 26 September
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Bolivia revises payment document rules for transactions over BOB 50,000
Bolivia's National Tax Service released Normative Resolution No. 102400000021 of 20 September 2024, which updated rules for documentation on transactions over BOB 50,000, effective for all individuals and entities. The Normative Resolution No.
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Canada consults taxation of vacant lands
Canada’s government has initiated public consultations concerning the potential taxation of vacant residentially zoned land. Announced in the Budget 2024, this initiative aims to motivate private landowners to develop unused properties. The
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Dominican Republic consults repeal of tax exemptions on financial transactions
The Dominican Republic’s Directorate General of Internal Revenue has introduced an online consultation forum regarding the proposed rule to repeal the previous administrative exemption granted to specific sectors about the 0.15% excise tax on
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US: IRS grants six-month filing extension for Exempt Organisation Business Income Tax Return
The US Internal Revenue Service (IRS) has granted certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organisation Business Income Tax
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Peru approves retroactive application of APAs
The Peruvian Executive Branch has announced the approval of Legislative Decree No. 1662, dated 24 September 2024, which modifies the Advance Pricing Agreement (APA) provision in the income tax law to permit the retroactive application (roll-back) of
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Paraguay, Spain income tax treaty enters into forceÂ
The income tax treaty between Paraguay and Spain took effect on 14 October 2024. This agreement aims to enhance economic relations, encourage investments, and enhance bilateral cooperation in tax matters between the two countries. It seeks to
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US: IRS finalises rules for repatriating intangible property under Section 367(d)
The US Internal Revenue Service (IRS) and Treasury published the final regulations - Section 367(d) Rules for Certain Repatriations of Intangible Property in the Federal Register on 10 October 2024, which contains final additions and amendments to
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Dominican Republic unveils fiscal reform plans
The Dominican Republic introduced a draft Law on Fiscal Modernization aimed at modernising its tax system and increasing revenue on 8 October 2024. The reform is reviewing tax incentives for sectors like tourism and cinema, and it will introduce
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Brazil consults Qualified Domestic Minimum Top-Up Tax
Brazil’s Federal Revenue Service has initiated a public consultation regarding the additional social contribution to net profits (Contribuição Social Para o Lucro LÃquido, CSLL). The consultation will be open from 4 October to 10 November,
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Chile: Parliament passes tax compliance bill
Chile’s Chamber of Deputies have passed the Tax Compliance Bill (Proyecto de Ley de Cumplimiento de las Obligaciones Tributarias). Earlier, Chile’s Senate approved the Tax Compliance Bill on 24 September 2024 which included key changes to
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Argentina gets first financial data exchange from the US
Argentina’s federal tax authority (AFIP) announced that it received its first exchange of financial account information from the US on 2 October 2024. Similarly, Argentina has issued a statement stating that it sent financial information
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US: Treasury releases list of boycott countries
The US Treasury published a notice in the Federal Register regarding the current list of countries that may necessitate participation in or cooperation with an international boycott on 1 October 2024. The countries identified include Iraq,
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Costa Rica revises 2025 moveable property tax brackets for vehicles, aircraft, vessels
Costa Rica’s Executive Branch has published the Executive Decree No. 44658-H in the Official Gazette on 30 September 2024, outlining the movable property tax brackets for the 2025 tax year. It also includes revised tax brackets for motor
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USA: FinCEN updates FAQs on beneficial ownership information under CTA
The Financial Crimes Enforcement Network (FinCEN) USA has updated FAQs regarding Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA) on 3 October 2024. The FAQs aim to provide clarification regarding the reporting
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Canada to impose 25% surtax on Chinese steel and aluminium, 100% on EVs
Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland, announced in a release the final list of Chinese-made steel and aluminium products and Chinese-made electric vehicles (EVs) subject to surtax on 1 October 2024. The
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Ecuador cuts VAT on electric generators
Ecuador has recently implemented a Value Added Tax (VAT) cut on electric generator imports and local sales as part of a comprehensive strategy addressing the national energy crisis resulting from extended periods of drought that have adversely
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US: TIGTA urges IRS to improve Free File Programme
According to a report by the Treasury Inspector General for Tax Administration (TIGTA) the US Internal Revenue Service (IRS) needs to enhance the Free File Programme to ensure better oversight and boost participation on 30 September 2024. What
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