Ecuador introduces new rules for large taxpayers on income tax, remittance credits
The Ecuadorian Tax Authority, Servicio de Rentas Internas (SRI), has introduced a Resolution No. NAC-DGER CGC24-00000030 which allows large taxpayers to utilise credit notes from the remittance tax to offset their income tax obligations. The
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Canada seeks comments on new entrepreneurs’ incentive
Canada’s Department of Finance has put forward a proposal to enhance the Canadian Entrepreneurs' Incentive as part of recently released draft legislative measures on 12 August, 2024. The Department is seeking public comments on these changes
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Puerto Rico extends deadline for 2023 financial statements filing, property tax filing
Puerto Rico’s Department of State announced on 12 August 2024, that it extended the deadline for filing the 2023 annual report with audited financial statements to those corporations or legal entities that accepted the second extension to
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Panama, Brazil negotiate income tax treaty
Panama's Ministry of Economy and Finance, in a release, stated that officials from Panama and Brazil convened, on 12 August 2024, to discuss the negotiation of an income tax treaty. Panama’s General of Revenue, Camilo Valdés Mora, and the
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Argentina sets deadlines for new tax, customs, social security regularisation
The Argentine tax authority (AFIP), in a release, on 15 August 2024, provided clarification about the "My Facilities" system, which taxpayers must utilise to participate in the regularisation regime for tax, customs, and social security obligations
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US: IRS consults updated draft form for reporting digital asset transactions
The US Internal Revenue Service released IR 2024-204 on 9 August 2024, which contains an early draft of the updated Form 1099-DA. This form is for brokers to report certain sale and exchange transactions of digital assets that take place beginning
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US: California to rejoin IRS direct file programme
RegFollower Desk The Franchise Tax Board (FTB) of California announced that it will continue to work with the IRS to offer many California taxpayers the option of a simple way to file both their federal and state tax returns using the IRS Direct
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US: Kansas updates transition rules after separating from federal interest deductions
The Kansas Department of Revenue published Notice 24-16, on 7 August 2024, providing guidance on business interest deductions for tax years 2021 and beyond. For tax years 2018, 2019, and 2020, Kansas was coupled with the federal code and only
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US: IRS urges early registration for 2023 payment, transfer claims
The US Internal Revenue Service released IR-2024-210, which strongly urges qualifying businesses, tax-exempt organisations, and state, local, and Indian tribal governments to complete the pre-filing registration process now for projects placed in
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US: Connecticut joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 9 August 2024, that Connecticut will join the IRS Direct File for Filing Season 2025. The IRS Direct File was made possible by President Biden’s Inflation
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Canada consults on 2024 budget additions, including Pillar Two UTPR
Canada's Department of Finance, in a release, announced a public consultation on a legislation that includes new measures for Budget 2024 on 12 August, 2024. This follows the enactment of several budget measures in June 2024 under the Fall
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Uruguay approves tax information exchange agreement with the US
Uruguay's Chamber of Senators approved a tax information exchange agreement with the US on 7 August 2024. Signed on 24 October 2023, this marks the first agreement of its kind between the two nations. It aims to enhance cooperation in tax matters
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Colombia clarifies currency requirements for foreign branches of local companies
The Colombian tax authority ( DIAN) has issued Ruling 524 on 8 July 2024, which clarifies the currency regulations for foreign branches of Colombian companies. This ruling specifies that transactions conducted by foreign branches in currencies
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Google ads to cost more in Canada
According to a new Google update on jurisdiction-specific surcharges guidance, Google Ads will implement an additional fee for ads displayed in Canada. This surcharge aims to help offset the costs associated with complying with the country's new
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US: IRS, Treasury issue final regulations for digital asset reporting regulations
The US IRS and the Treasury Department, on 9 July 2024, published ‘“Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realised and Basis for Digital Asset Transactions”, outlining the final regulations regarding
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US: IRS, Treasury propose dual consolidated loss rules
The US Internal Revenue Service (IRS) and the US Department of Treasury have released Rules Regarding Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, in which it proposed regulations that offer guidance on the dual
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Puerto Rico: Nonprofit releases report on Pillar Two global minimum tax
Puerto Rican organisation Espacios Abiertos (Open Spaces) has released a report that quantifies and analyses the effect of the 15% global minimum tax (GMT) and the opportunities and risks that it represents for Puerto Rico. The study also discusses
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US introduces PSAs on beneficial ownership reporting requirements for local businesses
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced, on 8 August 2024, the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new
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