Jamaica waives interest, penalties in tax settlement programme
Jamaica’s tax administration (TAJ) has announced, on 29 January 2025, the launch of a Special Arrears Settlement Programme, designed to waive/remit Interest, Penalty and Surcharge (IPS) accrued once outstanding principal taxes are paid by 31 March
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Panama introduces new return form for Colon Free Zone taxpayers
Panama’s General Directorate of Revenue has introduced a new income tax return form for Colon Free Zone taxpayers, now available in the eTax 2.0 system. Taxpayers must update their status as Colon Free Zone users in the eTax 2.0 system to
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Argentina lowers late tax payment interest rates
Argentina has announced a reduction in the interest rate for late tax payments, effective from 1 February to 31 March, 2025. The compensatory interest rate for late payments is 7.26% per month, down from 7.47% per month from 1 December 2024 to 31
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US to impose 25% tariff on Canada and Mexico imports starting February says President Trump
US President Donald Trump has said he will follow through with his threat to impose a 25% border tax or tariffs on imports from Canada and Mexico starting tomorrow, 1 February 2025. However, Trump has said he is yet to decide whether oil imported
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Dominican Republic extends agricultural tax exemptions for 2025
The Dominican Republic's Directorate General of Internal Revenue (DGII) has issued General Rule No. 01-2025, on 24 January 2025, extending tax exemptions for the agricultural sector through 2025. These exemptions, originally outlined in General
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Dominican Republic extends agricultural tax exemptions for 2025
The Dominican Republic's Directorate General of Internal Revenue (DGII) has issued General Rule No. 01-2025, on 24 January 2025, extending tax exemptions for the agricultural sector through 2025. These exemptions, originally outlined in General
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US: Idaho joins IRS Direct File for 2025 tax season
The Idaho State Tax Commission has confirmed, on 23 January 2025, that Idaho will participate in the IRS Direct File Programme starting with the 2025 tax filing season. Idaho expects to process over 1.03 million income tax returns in 2025. An
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US: IRS begins accepting 2024 federal individual tax returns
The US Internal Revenue Service (IRS) has issued IR-2025-18 on 27 January 2025, announcing the opening of the 2025 tax filing season and is accepting and processing federal individual tax year 2024 returns. During the early morning opening, IRS
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Hungary to negotiate new tax treaty with US
Hungary’s Prime Minister Viktor Orbán has authorised negotiations for a new income tax treaty with the US. The new tax treaty between the two nations is aimed at avoiding and preventing double taxation in the field of income taxes. In July
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Ecuador updates tax haven and preferential regime guidelines
Ecuador's Internal Revenue Service (SRI) has published Circular NAC-DGECCGC25-00000002 on 21 January 2025, outlining new guidelines for identifying tax havens, preferential tax regimes, and low-tax jurisdictions. A regime or or jurisdictions
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US: BOI reporting still voluntary after Supreme Court lifts injunctionÂ
The US Supreme Court on 23 January 2025 approved the government's request to lift a nationwide injunction previously issued by a federal judge in Texas. The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an
See MoreUS: Supreme Court rejects Disney, IBM tax appeals on foreign royalties
The US Supreme Court has declined to review two notable cases from Disney on 21 January 2025, upholding a New York ruling that bars companies from deducting payments to foreign affiliates for intellectual property under a state law from 2003 to
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Chile mandates physical copies of VAT e-invoices
Chile’s Tax Administration (SII) has issued Resolution SII 12-2025 on 17 January 2025, mandating taxpayers to provide a physical copy of the e-invoice and payment certificate (vouchers) for sales and services rendered to final consumers through
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Chile to cut SME tax rates from 2025 to 2028
Chile's Chamber of Deputies is reviewing a proposal from 22 January 2025 to temporarily reduce the corporate tax rate for qualifying SMEs under the Pro Pyme regime. The proposal includes a 12.5% rate for 2025–2027 and 15% for 2028. Earlier,
See MoreUS: Treasury to probe foreign countries’ tax discrimination against American citizens, corporations
Republicans on the US House Ways and Means Committee have proposed new legislation on 22 January 2025, which aims to tighten oversight of foreign tax policies. The bill shall require the Treasury Department to identify extraterritorial and
See MoreUS: Senate Finance, Foreign Relations Committees propose Bill to expedite double-tax relief on US-Taiwan cross-border investment
US Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon), with US Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho) and Ranking Member Jeanne Shaheen (D-New Hampshire) has introduced a
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Argentina announces corporate tax brackets, rates for 2025Â
Argentina’s tax authority (ARCA) has released revised corporate income tax brackets and rates for 2025 on 23 January 2025. Starting from fiscal years beginning on or after 1 January 2025, corporate income tax rates will be applied based on the
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Brazil gazettes law regulating indirect tax reform
Brazil has published Complementary Law No. 214 of January 16, 2025 in the Official Gazette, establishing the framework for the country’s indirect tax reform. These reforms aim to streamline the tax system by replacing or consolidating several
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