Brazil and Portugal push to finalise tax treaty revision
Brazil’s Ministry of Foreign Affairs has released a joint statement reaffirming Brazil and Portugal's commitment to revising the 2000 Brazil-Portugal Income Tax Treaty on 19 February 2025. This declaration was made during the XIV Brazil-Portugal
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Chile clarifies foreign tax credit not covered by tax treaty
Chile’s tax authority (SII) has published Letter Ruling No. 369 on 14 February 2025 regarding foreign tax credits for taxes not covered by a treaty. The letter addresses whether a credit applies to US state taxes on income from technical
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US: IRS announces tax relief for Kentucky taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release - KY-2025-02 on 24 February 2025, announced tax relief for individuals and businesses in the entire state of Kentucky affected by severe storms, straight-line winds, flooding, and landslides that
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Canada consults on EV supply chain investment tax credit
Canada's Department of Finance has announced a consultation on draft legislative proposals on 21 February 2025 to implement Budget 2024's Electric Vehicle Supply Chain Investment Tax Credit (EVSC-ITC). Canada’s 2024 Budget announced a
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Brazil approves protocol to tax treaty with Singapore
Brazil’s Chamber of Deputies approved the ratification of a protocol amending the 2018 income tax treaty with Singapore on 13 February 2025. Signed on 17 April 2023, this is the first update to the treaty. key changes include revisions to the
See MoreBrazil releases guidance on extended tax benefits for industrialised goods
Brazil’s Federal Revenue Service has issued guidance on extended tax benefits for the tax on industrialised/manufactured products (IPI) on 25 November 2024. The extension is applicable to companies investing in R&D in the north, northeast,
See MoreBrazil: Chamber of Deputies approves tax treaty with Poland
Brazil’s Chamber of Deputies has approved the 2022 Brazil-Poland Income Tax Treaty through Draft Legislative Decree No. 261/2024 on 13 February 2025. The treaty, signed on 20 September 2022, is the first of its kind between the two nations. Its
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US: Maine District Court upholds beneficial ownership reporting rule
The US District Court of Maine issued an order on 14 February 2025 on whether the beneficial ownership reporting rule under the Corporate Transparency Act (CTA) is constitutional. This case concerns the constitutionality of the Corporate
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Colombia unveils new temporary taxes to address internal crisis
The Colombian National Government issued Decree 175, introducing three new taxes to raise over COP 1 trillion to address the crisis in Catatumbo and other areas affected by public order disturbances on 14 February 2025. A 19% VAT will be applied
See MoreUS may suspend tax treaty with China under America First Policy
The US President Donald Trump has signed a memorandum on the "America First Investment Policy" on 21 February 2025. The policy seeks to boost foreign investment in the US to create jobs and grow the economy, especially from allies, while
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Chile releases 9th edition of tax schemes catalogue
Chile's tax authority (SII) has released the ninth version of the Catalogue of Tax Schemes on 22 January 2025. The Catalogue aims to provide clarity to taxpayers on tax compliance for various issues and business models that may impact the Chilean
See MoreUS: Beneficial ownership reporting resumes with extended deadline
The US Treasury's Financial Crimes Enforcement Network (FinCEN) issued an alert on its BOI webpage with an update on beneficial ownership reporting requirements on 19 February 2025, announcing the reinstatement of BOI reporting requirements
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Jamaica: Tax administration announces arrears settlement plan
Jamaica’s Tax Administration has announced the Special Arrears Settlement Programme on 29 January 2025, designed to waive/remit Interest, Penalty and Surcharge (IPS) accrued once outstanding principal taxes are paid by 31 March 2025. This
See MoreCanada: Nova Scotia announces 2025-26 budget
Nova Scotia's Minister of Finance and Treasury Board, John Lohr, presented the province's fiscal budget for 2025-26 on 18 February 2025. The government’s Capital Plan 2025-26 will invest more than CAD 2.35 billion in healthcare facilities,
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US: Trump Administration restarts probes into foreign digital service taxes
The US President Donald Trump has signed a memorandum titled "Defending American Companies and Innovators From Overseas Extortion and Unfair Fines and Penalties” on 21 February 2025. The memorandum includes renewing Section 301 investigations
See MoreBrazil extends commodity transaction registration deadline
Brazil has extended the deadline for commodity transaction registration deadline, issued in Normative Instruction No. 2.249 of 6 February 2025 which outlines amendments to Normative Instruction RFB No. 2.161 of 28 September 2023 regarding transfer
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Panama revises tax compliance deadlines and rules
Panama’s Ministry of Economy and Finance and tax authorities have recently announced tax developments, which include new regulatory obligations for resident agents and legal entities and deadline extensions for compliance requirements. Updated
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Panama announces new withholding tax form for amended multinational enterprises HQ (SEM) regime
Panama's Ministry of Finance has published Resolution No. 201-1394 of 5 February 2025, approving the updated withholding tax Form No. 1119 (version 1). The form is for the withholding tax introduced by Law No. 57 of 24 October 2018 on certain
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