Panama offers amnesty for late interest payments for tax liabilities until December
Panama introduced a tax amnesty through Law 446, published in the Official Gazette on 28 October 2024, offering tax relief on surcharges and late interest payments for various tax liabilities, such as income tax, real estate tax, VAT, selective
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US: IRS clarifies CFC not eligible for dividends received deduction under section 245A
The US Internal Revenue Service (IRS) issued an Office of Chief Counsel memorandum clarifying that a controlled foreign corporation (CFC) is not eligible for a dividends received deduction under section 245A. This memorandum provides
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Costa Rica lowers fuel tax rates
Costa Rica’s Ministry of Finance has reduced the single tax rates on fuels by 0.34%, effective from 1 November 2024, as per Executive Decree No. 44723-H. However, the tax on LPG will stay unchanged for six years under a provision from Law
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Argentina updates regime rules to boost major investments
Argentina’s Executive Branch has modified Decree 749/2024, which implemented the regime to promote large investments (Régimen de Incentivo para Grandes Inversiones, RIGI ) to provide more clarity or expand specific provisions on 21 October
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US and Taiwan to negotiate comprehensive tax deal to prevent double taxation
The US Department of the Treasury announced on 29 October 2024 that the US and Taiwan, under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO), will begin
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US: IRS updates guidance on foreign-derived intangible income deduction
The US Internal Revenue Service (IRS) issued an updated practice unit titled, ‘IRC Section 250 Deduction: Foreign-Derived Intangible Income (FDII) on 24 October 2024. This revision eliminates references to unavailable resources and replaces the
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Liechtenstein, US to negotiate for tax treaty
Liechtenstein and the US delegation met on 22 October 2024 to discuss bilateral cooperation. Liechtenstein expressed interest in signing an income tax treaty with the US in the meeting. If an agreement is reached, it will be the first tax
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Argentina, Luxembourg sign protocol for pending tax treaty
Argentina and Luxembourg signed an amending protocol to the 2019 income and capital tax treaty on 25 October 2024. The tax treaty aims to eliminate double taxation on income and capital taxes while preventing tax evasion and fraud between
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Chile updates tax compliance law, introduces changes to GAAR, transfer pricing, and CFC
Chile's Internal Revenue Service (SII) has announced that the Law on Compliance with Tax Obligations (Law No. 21.713) has been published in the Official Gazette on 24 October 2024. General and Special Anti-Avoidance Rules changes The General
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Dominican Republic mandates corporate taxpayers to designate responsible individual for tax obligations
The Dominican Republic's General Directorate of Internal Revenue (DGII) has released Notice No. 21-24 on 25 October 2024 outlining the requirement for corporate taxpayers to identify the individual who will represent the company or entity before the
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IMF: Labour Market Participation in Latin America
On 25 October 2024 the IMF launched the latest Regional Economic Outlook for the Western Hemisphere. A background paper to the report with the title Closing the Gap: Labor Market Participation in Latin America examined ways to increase labour force
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US: Congressional Research Service reviews mortgage interest deduction
The Congressional Research Service (CRS) released the In Focus report (IF 12789 ) at the US Library of Congress on 22 October 2024. This report analysed the mortgage interest deduction, highlighting policy options that Congress may
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Dominican Republic unveils rules for enforcing mandatory e-invoicing
The Directorate General of Internal Revenue (DGII) of the Dominican Republic has released Notice 20-24 regarding the promulgation of Decree 587-24, which introduces new regulations for implementing Law 32-23, known as the Electronic Invoicing
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US: Treasury publishes final rules on clean energy production tax credits
The US Treasury Department and the IRS published the final rules for the advanced manufacturing production tax credit under Internal Revenue Code (IRC) section 45X in the federal register on 28 October 2024. The final regulations ( RIN
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Canada: Alberta sues Federal Government over carbon tax exemption for heating oil
Alberta, Canada's leading oil-producing province, has sued the federal government over its carbon tax exemption for home heating oil, claiming the exemption is unconstitutional and unlawful. Premier Danielle Smith, leader of the United
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US, Taiwan to begin tax treaty negotiations
The US Department of the Treasury announced, on 29 October 2024, that the US and Taiwan, under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO), will begin
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Canada: Nova Scotia lowers harmonised sales tax rate
The Department of Finance of Nova Scotia, Canada, announced that it lowered its harmonised sales tax (HST) rate, by 1%, to 14%. The new HST rate will go into effect on 1 April 2025. Nova Scotia’s HST combines the provincial value-added tax
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Mexico updates list of taxpayers linked to suspected fake transactions
Mexico’s Tax Administration (Servicio de Administración Tributaria, SAT) has revised the final lists of taxpayers suspected of engaging in non-existent transactions under Article 69-B of the Federal Fiscal Code. The tax administration
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