Argentina announces special PAIS tax refund process
Argentina’s Customs Collection and Control Agency (ARCA) issued General Resolution 5638/25 on 17 January 2025, which introduced a procedure for returning balances of the PAIS tax. Agents responsible for collecting and liquidating the PAIS tax
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US: IRS, Treasury revise rules for determination of taxable income or loss and foreign currency gain or loss for a qualified business unit
The US Internal Revenue Service (IRS) and Department of the Treasury has published a correction on 17 January 2025 concerning the final regulations on Taxable Income or Loss and Currency Gain or Loss with Respect to a Qualified Business Unit (QBU),
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US: IRS launches programmes to streamline alternative dispute resolution
The US Internal Revenue Service (IRS) issued IR-2025-14 on 15 January 2025 announcing three pilot programmes that will test changes to existing Alternative Dispute Resolution (ADR) programmes. IRS ADR programmes are designed to help taxpayers
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Ecuador introduces rules for new payment plan under relief law
Ecuador's Internal Revenue Service (SRI) released the Resolution NAC-DGERCGC25-0000000001, on 6 January 2025, which allows taxpayers with outstanding tax balances as of 31 October 2024 to apply for an optional 12-month payment plan with interest
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Mexico offers incentives for investments which promote innovation
Mexico has published a Decree in the Official Gazette on 21 January 2025, granting tax incentives to support the national strategy called "Plan Mexico” to promote innovation and new investments that encourage dual training programmes. One key
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El Salvador sets deadline to update notification address for tax matters
El Salvador's Ministry of Finance has announced, on 10 January 2025, that it has set a deadline of 16 January 2025 for taxpayers to report changes to tax notification addresses. The deadline applies to taxpayers registered for VAT and legal
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US: House of Representatives passes Taiwan Tax Relief Act
The US House of Representatives approved Bill H.R. 33 – also known as the United States-Taiwan Expedited Double-Tax Relief Act – on 15 January 2025. This legislation aims to relieve double taxation in Taiwan by authorising a tax treaty
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Chile revises procedures for transfer pricing adjustment requests
Chile's Internal Revenue Service (SII) has published Resolution No. 6 of 9 January 2025, which updates procedures for requesting transfer pricing adjustments after adjustments by foreign tax authorities. It updates and replaces Resolution No. 67
See MoreUS: Trump Administration withdraws from OECD Global Tax Deal commitment
The Trump administration released a memorandum to the Treasury Secretary and the US Trade Representative instructing them to withdraw from the OECD’s “Global Tax Deal” on 20 January 2025. This initiative includes the Pillar One and Pillar Two
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Panama extends deadline for resident agents to submit accounting records, documentation
Panama's Ministry of Economy and Finance has issued Executive Decree No. 177 of 2024 on 30 December 2024, which includes the deadline to submit accounting records and supporting documents to resident agents, set at 31 March 2025 for tax years 2021,
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Chile outlines assets and market prices eligible for 2% luxury tax
Chile's Internal Revenue Service (SII) has published Resolution No. 127 of 23 December 2024, listing assets and their market prices eligible for the 2% luxury tax on 23 December 2024. The 2% annual tax applies to luxury goods in Chile owned by
See MoreUS releases expiring federal tax provisions list 2024-2034
The US Joint Committee on Taxation has published the List of Expiring Federal Tax Provisions for 2024-2034 on 9 January 2025. This document lists Federal tax provisions that expired in 2024 or are scheduled to expire in the future. Years in which
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Peru publishes tax return filing deadlines for 2024
Peru has issued Superintendency Resolution No. 000304-2024/SUNAT on 30 December 2024, outlining the filing deadlines for annual tax returns for the 2024 tax year. For taxpayers covered by Law No. 31940, the filing deadlines range from May 26 to
See MoreEcuador, UK income and capital tax treaty enters into force
The income and capital tax treaty between Ecuador and the UK entered into force 19 December 2024. Earlier, Ecuadorian President Daniel Noboa signed a decree ratifying the income and capital tax treaty with the UK on 13 December 2024. The
See MoreUS: Treasury, IRS finalise rules on micro-captive transactions
The US Department of the Treasury and the Internal Revenue Service (IRS) released the final regulations (TD 10029) identifying transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions,
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Czech Republic posts CAA text for CbC reporting with the US
The Czech Republic’s Ministry of Finance has published the text of a Competent Authority Agreement (CAA) concerning the exchange of country-by-country (CbC) reports with the United States on 9 January 2025. This agreement between the two
See MoreUS: IRS, Treasury finalise rules on dual consolidated losses and disregarded payments
The US Department of Treasury and the Internal Revenue Service (IRS) have released the final Rules on Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, which were officially published in the Federal Register on 14 January
See MoreUS: Michigan enacts R&D credit law
Michigan’s governor has approved the legislation (2023-HNB-5100) on 13 January 2025, which introduces a research and development (R&D) tax credit in Michigan. This new incentive will take effect for tax years beginning on or after 1 January
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