US: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
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Peru clarifies informative affidavit requirements for transfer pricing compliance
The National Superintendency of Customs and Tax Administration (Sunat) released Report No. 000063-2024-SUNAT/7T0000 on 9 September 2024, clarifying issues related to the informative affidavit required for import and export transactions involving
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Peru postpones new VAT rules for B2C digital services
Peru issued Legislative Decree No. 1644 in the Official Gazette on 13 September 2024, postponing the implementation of Legislative Decree No. 1623. Earlier, Peru’s tax authority, SUNAT, had issued Superintendency Resolution No.
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Brazil: Central Bank raises interest rates, additional hikes forthcoming
Brazil's Central Bank increased the interest rate by 0.25% yesterday, 18 September 2024, bringing the benchmark rate to 10.75%. This hike marks the first increase in interest rates in over two years. The central bank also indicated that
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US: House Republican leaders, Ways and Means members oppose Pillar Two deal in letter to OECD
Key Republican leaders in the US House of Representatives, including Speaker Mike Johnson and House Majority Leader Steve Scalise, House Majority Whip Tom Emmer, House Ways and Means Committee Chairman Jason Smith, and and all other Republican
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El Salvador publishes application guide for Tax Amnesty 2024
El Salvador’s General Directorate of Internal Taxes at the Ministry of Finance has released a guidance to assist taxpayers in navigating the Special and Transitory Law that provides options for the voluntary settlement of tax, customs, and other
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Argentina, Turkey tax treaty enters into forceÂ
The income tax treaty between Argentina and Turkey came into effect on 13 September 2024. The treaty applies from 1 January 2025. Signed on 1 December 2018, this treaty is the first between the two nations. Earlier, Argentina ratified the tax
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Colombia: Government to stand firm on 2025 budget value
Colombia's Finance Minister Ricardo Bonilla says that the proposed 2025 budget will remain at COP 523 trillion (approximately USD 123.9 billion) in an interview with Reuters on Tuesday, 17 September 2024. Earlier, Congress had refused to approve
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OECD: Report on Simplified Peer Review of Costa Rica under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Costa Rica under Action 14 of the project on base erosion and profit shifting (BEPS). Members of the OECD Inclusive Framework have committed to implementing the minimum
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Colombia proposes tax reform with new progressive corporate tax, wealth tax changes
Colombia's Ministry of Finance presented a tax reform bill to Congress proposing several key changes to the country’s tax system on 10 September 2024. One of the main changes is a progressive corporate income tax based on the tax value units
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OECD: Report on Simplified Peer Review of Colombia under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Colombia under Action 14 of the project on base erosion and profit shifting (BEPS). Under BEPS Action 14, members of the OECD Inclusive Framework have committed to
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Panama: Municipality announces tax amnesty programme
The Municipality of Panama has introduced a tax amnesty programme that grants exemptions from interest, penalties, and fines for individuals and legal entities, as per Agreement No. 200, on 20 August 2024. To qualify, participants must settle
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El Salvador launches tax amnesty programme for debt relief
El Salvador's Ministry of Finance has introduced a new tax amnesty programme, enabling the settlement of outstanding tax and customs obligations without interest, surcharges, or fines. The 2024 Tax Amnesty aims to assist insolvent taxpayers in
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US: IRS proposes new corporate alternative minimum tax (CAMT) rules
The US Internal Revenue Service (IRS) issued IR-2024-235 on 12 September 2024, proposing regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum
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Venezuela further extends VAT, customs duty exemption on imports of certain goods
Venezuela has extended its VAT and customs duty exemptions on certain imports through Decree No. 4.985, published in the Official Gazette on 30 August 2024. This latest decree continues the exemptions initially granted by Decree No. 4.907, which
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Chile revises income tax form for select taxpayers
Chile’s Tax Authority (Servicio de Impuestos Internos - SII) has issued Resolution Ex. SII 87-2024 regarding the updates made in tax Form No. 1943 and certificates Nos. 57 and Nos. 58. The revised tax forms include new fill-out instructions for
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US, Thailand FATCA enters into force
The US Department of the Treasury announced on 6 September 2024 that the Intergovernmental Agreement (IGA) between the US and Thailand for implementing FATCA came into effect on 28 April 2024. However, Thailand is considered to have had the IGA in
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Argentina ratifies income tax treaty with Turkey
Argentina has ratified the pending income tax treaty with Turkey on 9 September 2024. The announcement was made in Law 27754, published in Argentina’s Official Gazette. The Argentina-Turkey tax treaty, signed on 1 December 2018, is the first
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