Brazil withdraws plan to tax low-cost online orders
Brazil’s Senate has withdrawn the proposal from a bill to tax small online purchases on Tuesday, 4 June, 2024. Senators were set to vote on a bill that would introduce a 20% import tax on international online purchases under USD 50, which the
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Colombia grapples with COP 27 trillion budget shortfall
Colombia faces a budget shortfall of COP 27 trillion (USD 6.9 billion) this year due to a sharp drop in tax collection. Tax collection plummeted 40.9% in April to COP 18.9 trillion (USD 4.83 billion), contributing to an overall shortfall of about
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Colombia: DIAN Increases e-invoicing audits due to extensive non-compliance
The Colombian tax authority (DIAN) has increased audits and inspections related to electronic invoicing (e-invoicing) due to widespread non-compliance with regulations. Under current tax laws, businesses that fail to issue or properly deliver
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US: FY 2025 State and Foreign Operations Appropriations Bill defunds several international programmes
The US House Appropriations Committee released the Fiscal Year 2025 State and Foreign Operations Appropriations Bill on 3 June, 2024. It proposes terminating several programmes including funding for the Organisation for Economic Cooperation and
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US: Washington updates regulation on apportionable income calculation
US state Washington’s Department of Revenue has updated a regulation concerning the calculation of the portion of a business’s apportionable income generated within Washington State. Introduced on 15 May, 2024, this rule will go into force on
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US: Tennessee implements destination sourcing under the Tennessee Works Tax Act
Tennessee’s Department of Revenue has issued Notice 24-08, outlining the sales and use tax sourcing changes introduced in the "Tennessee Works Tax Act". On 11 May, 2023, Governor Lee signed into law the Tennessee Works Tax Act (TWTA), Public
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US: IRS revises automatic accounting methods
The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures In April, 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax
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Bulgaria signs AEOI agreement with USA
The Bulgarian Ministry of Finance announced, on 30 May 2024, the signing of an agreement with the United States for the automatic exchange of information (AEOI). Lyudmila Petkova, Deputy Prime Minister and Minister of Finance, Bulgaria, alongside
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US: Illinois governor receives 2025 budget revenue bill
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
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Canada releases revised FATCA and CRS guidance
The Canada Revenue Agency (CRA) revised the guidance under the FATCA and Common Reporting Standard (CRS) regimes on 5 April, 2024. The updated guidance specifies that Canadian financial institutions must obtain the Global Intermediary Identification
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OECD highlights extra revenue and tax benefits for Latin America via transparency and information exchanges
The OECD, on Thursday, 30 May, 2024, published the Tax Transparency in Latin America 2024. Published by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), Tax Transparency in Latin America 2024 shows how
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US: IRS extends tax relief for Massachusetts taxpayers impacted by storms and floods
On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September,
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US negotiates CbC exchange deal with Dominican Republic
As per an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the US has initiated negotiations with the Dominican Republic for a competent authority arrangement concerning the exchange of Country-by-Country (CbC)
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Chile extends SME tax rate cuts for 2023/24
Chile implemented a reduced corporate tax rate of 10% for qualifying SMEs under the Pro Pyme regime as part of Law No. 21.256 of 2020 in response to the COVID-19 pandemic. The reduced rate, initially effective from 2020 to 2022, was extended by Law
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US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
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US proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
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US: IRS reminds overseas taxpayers deadline for 2023 tax returns
The US Internal Revenue Service issued a notice on Tuesday, 28 May, 2024, which reminded taxpayers living and working outside the United States to file their 2023 federal income tax return by 17 June, 2024. This deadline applies to US citizens
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Costa Rica, Iceland TIEA goes into effect
The tax information exchange agreement (TIEA) between Costa Rica and Iceland took effect on 10 September, 2023. Applicable to criminal tax matters from the date it went into force, the agreement extended to other matters starting 1 January,
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