Dominican Republic launches public forum on beef cattle tax regulation
The Dominican Republic Directorate General of Internal Taxes informs taxpayers and the public that a public forum has been opened for the discussion of the draft "General Standard Regulating the Tax Treatment Applicable to the Beef Cattle Farming
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Colombia: Tax Authority clarifies tax losses and exempt dividends under CHC regime
Colombia's tax authority issued Official Tax Opinion No. 100208192-69 on 17 January 2025, providing clarification on the treatment of tax losses and corporate income tax-exempt dividends under the Colombian holding company (CHC) regime. An
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El Salvador amends VAT and withholding tax returns
El Salvador’s Ministry of Finance has introduced new fields to Form 07 and Form 14, which taxpayers will be required to complete starting 1 February 2025. The forms have been updated to include the following changes: Sales to taxpayers;
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US: FinCEN updates beneficial ownership information reporting rules
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update on beneficial ownership information (BOI) reporting requirements on its BOI webpage. The alert states that the Justice Department, on behalf of the
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Luxembourg: Council of State approves tax treaty ratification with Colombia
Luxembourg's Council of State has given its approval for the ratification of the income and capital tax treaty with Colombia on 4 February 2025. Earlier, Luxembourg’s Government Council approved the ratification of the income and capital tax
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Ecuador adjusts withholding rates for large taxpayers’ self-withholding obligation
Ecuador's Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC25-00000003 of 31 January 2025, updating withholding tax rates for "large taxpayers." The SRI defines companies as “large taxpayers”. The self-withholding obligation
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Chile clarifies CFC rules, updates preferential tax jurisdictions
Chile’s tax administration published Circular Letter 11/2025 on 30 January 2025, which introduced Law 21.713, regarding controlled foreign company (CFC) regulations, preferential tax regimes, and the indirect sale of assets in Chile. The Law
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US Congress revives bill to end tax incentives for outsourcing
US Senator Sheldon Whitehouse (D-RI) and Congressman Lloyd Doggett (D-TX) reintroduced the No Tax Breaks for Outsourcing Act on 5 February 2025. First introduced in 2018, this legislation would end tax incentives created during the first Trump
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Ecuador announces VAT exemption for pet food from February 2025
The Ecuadorian Internal Revenue Service (SRI) announced that pet food, including nutritionally balanced dry and wet food, will be exempt from VAT on 30 January 2025. This applies to both imported and locally purchased products, as they are
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US: North Carolina extends corporate tax deadline to 7 months starting 2025
The North Carolina Department of Revenue (NCDOR) released a notice on 29 January 2025, announcing that it has revised the filing deadline for franchise and corporate income tax returns. As per the notice, for tax years beginning on or after 1
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El Salvador ends bitcoin tax payments
El Salvador's parliament has approved changes to the 2021 law that made Bitcoin a legal currency on 29 January 2025. The amendments repeal provisions allowing tax payments in Bitcoin and make accepting Bitcoin voluntary for businesses instead of
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Colombia introduces tax form for non-residents with a significant economic presence
Colombia’s tax authority (DIAN) has released Resolution No. 000004 of 24 January 2025, introducing Form No. 115 for income and complementary tax returns for non-residents with significant economic presence (SEP) in Colombia. The Form 115
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US: House Ways and Means Committee flags issues with OECD tax plan, backs counter measures
Republican members of the US House Ways and Means Committee have addressed a letter to President Donald Trump, outlining their concerns with Pillar 1 and Pillar 2 of the OECD's proposed two-pillar solution. The letter supports Trump’s recent
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US withdraws from UN global tax cooperation negotiations
The US has withdrawn from UN discussions on a new Framework Convention on International Tax Cooperation. The decision was announced by Jonathan Shrier, the Acting US Representative to the UN Economic and Social Council, during the meeting of the
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US: IRS shares key tips for easier tax filing
The US Internal Revenue Service (IRS) has released IR-2025-19 on 30 January 2025 providing taxpayers with six tips to make filing their 2024 tax return easier. Most of the information below is also available on the IRS.gov Let us help you
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US: IRS announces safe harbours for commercial clean vehicle credit
The US Internal Revenue Service (IRS) has issued Notice 2025-9 on the Section 45W Credit for Qualified Commercial Clean Vehicles and Incremental Cost for 2025. This notice provides safe harbours regarding the incremental cost and retail price
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US: California Governor suspends property tax for a year due to wildfires
California’s Governor Gavin Newsom has issued an executive order on 16 January 2025 to suspend penalties, costs, and any interest accrued on late property tax payments until 10 April 2026 for properties in areas affected by the firestorm. This
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US postpones new tariffs on Canada, Mexico for 30 days
US President Donald Trump has agreed on Monday, 3 February 2025, to halt tariffs on Canada and Mexico for 30 days – which was set to take effect Tuesday, 4 February 2025 – after both countries pledged to step up efforts to stop illicit drugs and
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