Argentina and South Korea to advance tax treaty talks
Argentina and South Korea officials met to discuss bilateral cooperation, focusing on advancing negotiations for an income tax treaty between the two countries, on 13 May, 2024. Any tax treaty resulting from the negotiations must undergo
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Argentina set to initiate automatic financial data exchange under FATCA with the US
Argentina set to initiate the inaugural automatic exchange of financial information under the Intergovernmental Agreement (IGA) between Argentina and the US for FATCA implementation. The Argentine tax authority (AFIP) in a release announced that
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US: USTR issues notice on section 301 proposed tariff changes and machinery exclusion process
The United States Trade Representative (USTR) Katherine Tai issued a notice regarding the statutory review of tariff actions in the Section 301 investigation of China’s acts, policies, and practices related to technology transfer, intellectual
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US: Senator Wyden broadens big pharma tax investigation, targets Pfizer
The US Senate Finance Committee Chair Ron Wyden announced that he is expanding the ongoing investigation into the tax practices of multinational pharmaceutical companies with a new letter sent to the CEO of Pfizer on Monday, 20 May, 2024. An
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US: House of Representatives approve disaster tax relief bill
The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024. This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal
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US: Tennessee introduces bill to allow cities to reduce or exempt food sales tax
The state of Tennessee has introduced House Bill 2641 which allows specific municipalities to exempt the city sales tax on food and food ingredients. The Bill also authorises municipalities to impose a reduced sales tax rate if a full exemption
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US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
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US: Alabama enacts legislation for state and local transient occupancy tax collection
The state of Alabama has enacted legislation mandating that accommodations intermediaries collect state and local transient occupancy taxes starting 1 January, 2025. According to the bill, accommodation intermediaries must collect taxes on the
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US: IRS extends tax relief for Iowa taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024. Individuals and households
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US: IRS and Treasury announce 2024 solar and wind capacity limitation carryover amounts
The US Department of the Treasury and the Internal Revenue Service (IRS) issued Announcement 2024-25 on Friday, 17 May, 2024, which provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been
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UK and Peru successfully conclude tax treaty negotiations
The UK’s His Majesty’s Revenue and Customs (HMRC) issued a joint declaration on 17 May, 2024, announcing the successful conclusion of negotiations for an income tax treaty with Peru. Discussions were held over the course of several years
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US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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US: IRS extends tax relief for Ohio taxpayers impacted by tornadoes
The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a release (IR-2024-141) announced tax relief for individuals and businesses in Ohio affected by tornadoes that began on 14 March, 2024. Taxpayers now have until 3 September,
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US: Colorado offers temporary income tax rate cut for 2024
The Governor of Colorado signed Bill SB24-228 into law on 14 May 2024. It introduces significant amendments concerning the refund of excess state revenues. This legislation reduces both individual and corporate income tax rates from 4.40% to
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Colombia to tax sales of single-use plastics in home and abroad
In a landmark decision, Colombia's tax authority (DIAN) published Ruling 294 on 25 April 2024, marking a significant turn in the country's battle against single-use plastics. This ruling clarifies the application of taxes on the sales of single-use
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Colombia clarifies tax obligations for non-resident filers
The Colombian tax authority (DIAN) on 30 April, 2024, released Ruling 305, which tackles various inquiries related to the new regulations affecting non-residents with a Significant Economic Presence (SEP) in Colombia. Key points Ruling 305
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US: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
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Argentina imposes 17.5% foreign currency tax on foreign profits and dividends
AFIP has previously also declared that it had increased the tax on foreign currency purchases (PAIS tax) from 7.5% to 17.5% on 13 December, 2023. The Argentine Tax Authority (AFIP) announced on Friday, 10 May, 2024, in a release the issuance of
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