Jamaica set to implement Pillar 2 qualified domestic minimum top-up tax
On 31 October 2023, Mrs. Marlene Nembhard-Parker, Deputy Commissioner General, Legal Support Services of Tax Administration Jamaica said that Jamaica plans to introduce a Qualified Domestic Minimum Top-up Tax (QDMTT) under the OECD Pillar 2 Global
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Argentina introduces new advance tax payment for financial services companies
On 28 September 2023, the Argentine Federal Tax Authority (AFIP) released General Resolution No. 5424/2023 (the Resolution), introducing a new income tax prepayment requirement for companies primarily engaged in "Financial Intermediation and
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Chile declares revised tax return deadlines for 2024
On 4 October 2023, the Chilean federal tax agency published Resolution No. 116 with revised filing deadlines of different forms for the 2024 tax year. The deadlines of forms are as follows: March 1: Forms 1811, 1822, 1834, 1891, 1900, 1902,
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Mexico unveils tax incentives for key export sectors
On 11 October 2023, the Mexican government published a Decree in the Official Gazette offering tax incentives to vital sectors of the export industry. The Decree came into force on 12 October 2023. Eligible taxpayers Companies that manufacture
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US and Israel sign agreement on the exchange of CbC reports
The Internal Revenue Service (IRS) of the United States has released the competent authority arrangement concerning exchanging Country-by-Country (CbC) Reports with Israel. As per the IRS CbC Reporting Jurisdiction Status Table, this arrangement
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Brazil releases normative instruction for its new transfer pricing rules
On 28 September 2023, Brazil published Normative Instruction Nº 2,161 (IN 2,161/23) that governs Brazil’s recently established new transfer pricing law. The new legislation explicitly adopts the arm's length principle into the Brazilian legal
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El Salvador: MoF extends tax amnesty up to 30 September 2023
The Ministry of Finance of El Salvador has introduced a new tax amnesty regime allowing taxpayers to settle their outstanding tax and customs obligations up to 30 September 2023. The El Salvador tax authorities will waive all incurring interest,
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El Salvador: Ministry of Finance releases tax havens list for 2024
On 29 September 2023, El Salvador's Ministry of Finance released a new General Guide on tax havens for the 2024 fiscal year. This guide lists jurisdictions and territories deemed as tax havens due to their low or zero-tax regimes. Payments
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Ecuador: SRI gazettes resolution amending transfer pricing rules
On 13 September 2023, Ecuador's Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC23-00000025, which modifies the transfer pricing rules. The resolution includes following measures: Taxpayers who have conducted transactions with
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Argentina: AFIP extends tax payment deadline under the special regime for small taxpayers
On 4 September 2023, the Argentine Federal Administration of Public Revenue (AFIP) published General Resolution 5411 which extends the due date for paying the tax payment within the simplified tax scheme for the following monthly periods:
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US: IRS announces that businesses of cash payment over $10000 must electronically file from 2024
On 30 August 2023, the U.S. Internal Revenue Service (IRS) announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new
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Dominican Republic signs MCAA for the exchange of CbCR
On 5 September 2023, the OECD updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), showing that the Dominican Republic joined the agreement on 6 July 2023.
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Brazil gazettes provisional measure for the taxation of investments in investment funds
On 28 August 2023, Brazil published Provisional Measure No. 1,184 (MP) outlining the taxation of investment funds in Brazil and introducing a periodic taxation approach for both closed-end and exclusive funds. Key proposals under the MP are
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Venezuela sets up four new special economic zones with tax benefits
On 10 August 2023, Venezuela published Decree Nos. 4,838; 4,839; 4,840; and 4,841 in the Official Gazette. The Decrees established four new special economic zones (SEZs) with tax incentives aimed at boosting production, especially for exports. The
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Anguilla suspends exchange of tax information with Russia and Belarus
On 21 August 2023, the Government of Anguilla announced the suspension of exchanges and the sharing of tax information with Russia and Belarus in solidarity with the United Kingdom (UK) Government. Tax information is exchanged as part of a
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US: IRS publishes interest rates for the fourth quarter of 2023
On 25 August 2023, the U.S. Internal Revenue Service announced the interest rates for overpaid and underpaid taxes for the fourth quarter of 2023. Accordingly, the interest rates will increase for the calendar quarter beginning 1 October
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US: IRS launches paperless processing initiative
On 18 August 2023, the Internal Revenue Service (IRS) announced its initiative to launch a paperless process for filing tax returns. IRS states that taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to
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Canada updates electronic filing requirements for business entities
On 16 August 2023, the Canada Revenue Agency (CRA) announced that businesses filing six or more information returns must file them electronically to avoid penalties. Recent legislation has amended mandatory electronic filing thresholds.
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