Czech Republic, Argentina to sign tax treaty
The Czech Republic announced, in a release on 24 June 2024, that it had started negotiations to sign an income tax treaty with Argentina. Argentina is a traditional economic partner of the Czech Republic in Latin America. Last year, it was the
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US: Hawaii lowers pass-through entity tax, allows tax credit carry-overs
The governor of the US state of Hawaii, Josh Green, recently signed a bill (S.B. 2725) into law reducing its pass-through entity (PTE) tax rate to 9% on 19 June, 2024. This bill amends the state's PTE taxation law to apply to taxable years
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in southern New Mexico
The US Internal Revenue Service (IRS), in release NM-2024-05 published on 26 June 2024, announced a relief for individuals and businesses in southern New Mexico that were affected by the South Fork Fire, Salt Fire, and flooding that began on 17
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US: Maine consults proposals to amend non-resident income tax rules
The Maine Revenue Services (MRS) has presented proposals for amending the state's non-resident income tax rules. MRS suggests amending Rule 806 (Nonresident Individual Income Tax) to repeal the provision relating to income from an entity with a
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US: IRS extends tax relief for individuals and business impacted by severe weather in Oklahoma
The US Internal Revenue Service (IRS), in a release—OK-2024-02 on 25 June 2024, announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on 19 May,
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US: IRS extends tax relief for individuals and business impacted by severe weather in Florida
The US Internal Revenue Service (IRS), in a release—FL-2024-06 on 25 June 2024, announced tax relief for individuals and businesses in Florida affected by severe storms, straight-line winds, tornadoes, and flooding that began on 10 May,
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US: Vermont approves new tax rules for remote software access
The US state of Vermont has enacted a new bill that makes changes regarding the taxation of remotely accessed software. The legislation was approved despite a veto from Vermont’s Governor Phil Scott. The bill categorises taxable tangible
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US: Oklahoma exempts digital mining equipment from sales and use tax
The state of Oklahoma enacted House Bill 1600 on 30 May, 2024, introducing a new sales and use tax exemption for specific equipment used in digital asset mining. This exemption covers sales of machinery, equipment, and electricity used for
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US: Arkansas passed bill to reduce corporate tax, individual income tax
The state of Arkansas announced the enactment of Senate Bill 1 during its 94th General Assembly, introducing significant personal income tax and corporate income tax reductions. The bill lowers corporate income taxes by changing the top rate from
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Chile extends deadline for transfer pricing tax forms submission
Chile’s Tax Administration (Servicio de Impuestos Internos, SII) released Resolution Ex. SII N. 64-2024, announcing the extension of the deadline for submitting certain transfer pricing tax forms on 7 June, 2024. The deadline is extended to 30
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US: IRS releases updated research credit form to ease taxpayer burden
The US Internal Revenue Service (IRS) announced the release of draft Form 6765, Credit for Increasing Research Activities, also known as the Research Credit, on 21 June, 2024. The IRS received helpful comments from various external stakeholders
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US: IRS announces suspension of tax treaty with Russia
The US IRS has released Announcement 2024-26 regarding the suspension of the 1992 tax treaty with Russia. The suspension will take effect on 16 August, 2024, for taxes withheld at source and in respect of other taxes, and will continue until the two
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Canada implements legislation for global minimum tax, digital service tax
Canada's Department of Finance announced that the Fall Economic Statement Implementation Act, 2023 (Bill C-59) and the Budget Implementation Act, 2024, No. 1 (Bill C-69) received royal assent on 20 June, 2024. The key measures from the 2023 Fall
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US: Supreme Court upholds mandatory repatriation tax
On 20 June, 2024, the U.S. Supreme Court delivered its opinion on Moore v. United States. This case addresses the one-time mandatory repatriation tax enacted under the 2017 Tax Cut and Jobs Act. As previously reported, the repatriation tax
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US: IRS issues guidelines on inventory valuation methods
The US Internal Revenue Service (IRS) has released an updated practice unit on inventory valuation methods, specifically addressing the Lower of Cost or Market (LCM) approach. The practice unit's general overview comprises the following: There
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US: California’s Senate Bill 167 introduces revenue raising measures
The US state of California’s Senate Bill 167 proposes several revenue raising measures. The bill, which is still pending signature, pertains to corporate income tax and suspends net operating losses (NOLs) for the 2024, 2025, and 2026 tax
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Brazil sets new reporting rules for tax-benefited legal entities
On 4 June 2024, Brazil published Provisional Measure No. 1.227 of 4 June 2024 in the Official Gazette. This bill introduces new reporting rules for legal entities that benefit from tax incentives, tax waivers, and other tax-related
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Ecuador: SRI updates 2023 tax compliance report deadlines
Ecuador's Internal Revenue Service (SRI) in a notice, announced an updated annex for the annual tax compliance report for the fiscal year ending 31 December 2023. The notice outlines submission deadlines, which range from 10 July to 28 July,
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