Argentina, China tax treaty enter into force
The income and capital tax treaty between Argentina and China came into force on 26 November 2024. This was confirmed in a notice published in the Argentine Official Gazette on 19 December 2024. This income tax treaty aims to eliminate double
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Ecuador imposes new tax on vehicle transfers to curb money laundering
Ecuador has enacted the Decree Law on the Organic Law for Improving Tax Collection through Combating Money Laundering on 10 December 2024. The Law introduces a new tax of up to 5% on used vehicle transfers, which must be paid by buyers, including
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Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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Ecuador ratifies tax treaty with UK
Ecuadorian President Daniel Noboa signed a decree ratifying the income and capital tax treaty with the UK on 13 December 2024. The agreement aims to avoid double taxation on income and capital gains between the two countries. It will apply to
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US: Treasury, IRS clarify stance on OECD’s simplified transfer pricing rules
The US Treasury Department and the Internal Revenue Service (IRS) released Notice 2025-04, “Application of the Simplified and Streamlined Approach under Section 482”, on 18 December 2024, clarifying the US government’s stance on using the
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US: President Biden enacts 2023 Tax Relief Act, VETT Act for disaster victims and veterans
The US President Biden has signed The Federal Disaster Tax Relief Act of 2023 (H.R. 5863) and the VSO Equal Tax Treatment Act VETT Act (H.R. 1432) on 12 December 2024. These two bills provide significant tax relief measures to support disaster
See MoreCanada updates Scientific Research and Experimental Development Tax (SR&ED) incentive in 2024 fall economic statement
Canada's Department of Finance has released the 2024 Fall Economic Statement on 16 December 2024. Among the key updates are enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive programme and more support for
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Chile issues draft VAT guidance for nonresident sellers
Chile’s tax authority (SII) has released the draft Circular Letter 300079.2024GE, on 3 December 2024, clarifying VAT sourcing rules for remote services and new VAT obligations for remote sellers of goods to consumers. This follows after Chile
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Argentina extends PAIS tax payment deadline
Argentina’s tax authority (ARCA) has extends the payment deadline for the solidarity tax (PAIS), published in General Resolution No. 5615/2024 in the Official Gazette on 13 December 2024. The new deadline is now set for 26 December 2024 and
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Colombia: Congress rejects proposed Tax Reform Bill
The tax reform bill proposed by Colombian President Gustavo Petro was rejected by the four economic committees of the Colombian Congress on 11 December 2024. The rejection of the tax reform comes after Congress also rejected the government’s
See MoreEcuador enacts tax relief measures law, includes tax credit for companies expanding their workforce
Ecuador introduced the Organic Law for Financial Relief and Economic Strengthening of Generations on 9 December 2024, which took effect on the same date. This legislation includes several key measures which includes an income tax credit for
See MoreCanada enacts law making food, holiday essentials tax-free for two months
Canada's Department of Finance has announced enacting the Tax Break for All Canadians Act after receiving Royal Assent on 12 December 2024. This legislation introduces a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) exemption on
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US: IRS enhances business tax account (BTA) with new features for corporate officials
The US Internal Revenue (IRS) in a release (FS-2024-31) has announced the expansion of its Business Tax Account (BTA), a convenient online self-service tool, to include C corporations on 12 December 2024. This expansion allows designated
See MoreEcuador to keep higher VAT rate in 2025
Ecuador’s President Daniel Noboa has signed Executive Decree No. 470 on 4 December 2024, extending the 15% VAT rate increase through 2025. The VAT rate has been increased from 12% to 15% under the Organic Law to Confront the Internal Armed
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Brazil, Slovak Republic sign amending protocol to tax treaty
Representatives from Brazil and the Slovak Republic signed a protocol amending their 1986 income tax treaty on 10 December 2024. The treaty aims to avoid double taxation and prevent fiscal evasion over taxes and income between the two
See MoreUS: Treasury and IRS finalise rules on QBU taxable income and foreign currency gains
The US Department of Treasury and Internal Revenue Service (IRS) has released final and proposed regulations on 11 December 2024 under Section 987. These regulations address the calculation of taxable income or loss and foreign currency gains or
See MoreColombia: DIAN sets tax value unit for 2025
The Colombian National Tax and Customs Directorate (DIAN) issued Resolution No. 000193 on 4 December 2024, setting the tax value unit (UVT) at COP 49,799. The UVT is a tool in the Colombian tax system which allows for the annual update of tax
See MoreUS: Louisiana adopts flat income tax rates, ends corporation franchise tax
The Governor of Louisiana signed multiple tax reform bills into law on 4 December 2024, marking a significant tax reform in the state. The state is determined to eliminate uncompetitive taxes like the franchise and inventory taxes, and broaden tax
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