US: Wisconsin to join IRS 2025 direct filing season
The US Department of the Treasury and Internal Revenue Service (IRS) announced that Wisconsin is the next state to join the IRS Direct File for Filing Season 2025 on 21 August 2024. IRS Direct File was made possible by President Biden’s
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Guatemala, Ukraine to continue FTA negotiations
Ukraine's Ministry of Economy announced that Guatemala and Ukraine will continue negotiations for a free trade agreement (FTA) and deepening bilateral economic cooperation on 17 August 2024. This was agreed upon in a meeting in the Dominican
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Brazil plans to increase taxes to fund extended social contribution regime
Brazil’s Finance Minister Fernando Haddad has reportedly unveiled plans to raise levies on interest on equity and the social contribution on profits (CSLL). The tax hike is aimed to offset the costs associated with the partial extension of the
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Argentina introduces regulations to incentivise large investments
Argentina’s Executive Branch, through Decree 749/2024, has approved regulations under the RIGI - the Incentive Regime for Large Investments, as outlined in Law 27,742, on 23 August 2024. The RIGI regime aims to generate the conditions of
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US releases report on Inflation Reduction Act
The US Internal Revenue Service (IRS) released IR-2024-223 on Friday, 23 August 2024, publishing its Inflation Reduction Act two-year report card. The IRS has made significant progress on a range of improvements, including that all taxpayers can
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Colombia clarifies reporting obligations for overseas assets
Colombia’s National Tax Authority (DIAN) has clarified that overseas assets and shares held in a foreign company owned by Colombian companies must be reported in the tax return. The clarification was published in Opinion 100208192-628 of 2024
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US: Interest rates on overpaid and underpaid tax steady for Q4 2024
The US Internal Revenue Service (IRS) announced in a release IR-2024-220 on Wednesday, 21 August 2024, that interest rates will remain the same for the calendar quarter beginning 1 October 2024. For individuals, the rate for overpayments and
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Costa Rica amends law to extend VAT relief, business closure rules
Costa Rica has published Law No. 10491 titled "Law to Facilitate the Regularisation of the Tax Condition in Support of Formality and the Reactivation of the Economy," in the official gazette on Monday, 19 August 2024. The Law went into force on the
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Canada consults global minimum tax, capital gain inclusion rate draft legislation
Canada’s Department of Finance invites public feedback on draft legislative proposals to implement the 2024 Budget and other previously announced tax measures. These proposals include changes such as introducing a global minimum tax and increasing
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Chile proposes alternative VAT regime for fair sales
Chilean President Gabriel Boric proposed a new VAT regime for individuals selling at fairs to the Chamber of Deputies on 8 August 2024. The proposal was made through the bill Mensaje Presidencial 168-372. Fairs in Chile sell non-perishable food
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Costa Rica amends tax code regulations
Costa Rica’s Ministry of Finance published Executive Decree No. 44597-H in the Official Gazette, on 14 August 2024, amending the Tax Code and its regulations, clarifying provisions related to administrative procedures for determining tax
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US: CRS reviews marginal effective tax rates on investment, expiring tax cuts
The Congressional Research Service (CRS) released a report (R48153) on 13 August 2024, examining tax rate differences by asset, sector, and source of finance. The report also evaluates the relative incentives for investment. The Tax Cuts and Jobs
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Canada: PBO predicts CAD 17.4b revenue boost from capital gains tax hike
Canada’s Parliamentary Budget Officer (PBO) published an estimate that the increased capital gains inclusion rate, implemented in the 2024 Budget, will boost income tax revenues by CAD 17.4 billion from 2024-25 to 2028-29. The PBO issued this
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US: Senate fails to pass Taiwan double-tax relief bill
The US Senate failed to pass the legislation (H.R. 7024) featuring the US-Taiwan Expedited Double-Tax Relief Act on 1 August 2024. This legislation, known as the Tax Relief for American Families and Workers Act of 2024, aims to establish tax
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Colombia offers interest, penalty relief for delayed returns and payments
The Colombian tax authority (DIAN) announced on 8 August 2024, that it is extending the deadline for submitting income tax returns of natural or similar persons, assets abroad, gasoline and diesel fuel, and withholding tax without interest and
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Panama extends CRS filing deadline
Panama’s tax administration (Dirección General de Ingresos—DGI) has extended the common reporting standard (CRS) filing deadline for the fiscal year 2023 until 2 September 2024. The previous reporting deadline was set for 31 July
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US: Kamala Harris promises to increase corporate tax rate
US Vice President Kamala Harris, during her campaign on the first day of the Democratic National Convention in Chicago, on Monday, 19 August 2024, said that she will increase the corporate tax rate from 21% to 28%. However, Harris has committed
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Guatemala launches tool for third-party RTU management for taxpayers
Guatemala’s tax agency, Superintendencia de Administración Tributaria (SAT), has launched a new tool enabling authorised third parties to manage taxpayers' Unified Tax Registry (RTU) through SAT's virtual platform. The tool was introduced
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