Costa Rica announces stamp tax reforms
Costa Rica has published Law 10586 - Tax Simplification to Increase Efficiency and Competitiveness (Phase 1), in the official gazette no. 195 on 3 December 2024, eliminating various taxes, including those on cattle cutting and importation, as well
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US: Rep. Ami Bera leads bipartisan push for Taiwan double taxation relief
The US Representative Ami Bera, M.D. (D-CA-06), Ranking Member of the House Foreign Affairs Subcommittee on the Indo-Pacific and Co-Chair of the Congressional Taiwan Caucus, and Rep. Andy Barr (R-KY-06), Co-Chair of the Congressional Taiwan Caucus
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Brazil further updates electronic invoicing amid tax reforms
Brazil’s government has released an updated version of Technical Note NT 2024.002 on 6 December 2024. This updated version introduces new validation rules to calculate the monthly amounts due for the recently implemented indirect taxes - CBS
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Peru announces draft VAT rules for nonresident digital service providers
Peru’s tax authority, SUNAT, has released a draft regulation introducing new value-added tax (VAT) compliance requirements for nonresident digital service providers. These measures are expected to take effect on 1 January 2025. This follows
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US, Norway Competent Authority Arrangement (CAA) enters into force
The US Internal Revenue Service (IRS) has issued Announcement 2024-42 on 9 December 2024 in which it notified taxpayers the US and Norway has entered a competent authority arrangement (CAA) in accordance to the paragraph 2 of Article 27 (mutual
See MoreUS: FinCEN delays beneficial ownership reporting deadline after court ruling
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an update on its BOI webpage, clarifying that reporting companies are not currently obligated to file beneficial ownership information. However, they may choose
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Chile clarifies luxury goods tax rules
The Chilean Tax Administration (SII) has released new guidance on the recent amendments to the luxury goods tax introduced under Article 5 of Law 21,713-2024. This guidance, outlined in Circular 50-2024, was published and came into effect on 28
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Uruguay mandates remaining VAT taxpayers join e-invoicing regime by December 2024
The Uruguayan tax authority (DGI) has issued a reminder to taxpayers on 28 November 2024 that the deadline for joining the electronic invoicing regime (régimen de documentación fiscal electrónica) is 31 December 2024. The universalisation of
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Costa Rica announced 2025 corporate tax brackets, rates
Costa Rica's Ministry of Finance has published Executive Decree No. 44772-H in the Official Gazette on 3 December 2024, establishing the corporate and individual income tax brackets and rates for the 2025 fiscal year. Executive Decree No. 44772-H
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Colombia: Court upholds 15% minimum tax provisions
The Constitutional Court of Colombia has released a press statement detailing its latest rulings on 21 November, which upholds the nation’s newly implemented 15% minimum tax. Colombia introduced a new minimum tax, “Tax Reform for Equality and
See MoreUS: Congressional Research Service publishes report on economic impact of expiring tax cuts
The US Congressional Research Service (CRS) has released a report titled Expiring Provisions of P.L. 115-97 (the Tax Cuts and Jobs Act): Economic Issues on 26 November 2024. Most provisions affecting the individual income tax in the 2017 tax law
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US: IRS Criminal Investigation publishes FY24 report detailing global reach, billion-dollar impact
The US Internal Revenue Service Criminal Investigation (IRS-CI) in the notice IR-2024-307 on 5 December 2024 published its Fiscal Year 2024 (FY24) Annual Report that details significant cases involving crimes ranging from tax fraud to cybercrime,
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Argentina, Slovenia consider signing income tax treaty
In a LinkedIn post, Slovenia’s Minister of Finance, Klemen Boštjančič, stated that officials from Argentina and Slovenia convened recently to negotiate an income and capital tax treaty between the two countries. Double tax treaties (DTTs)
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Canada suspends tax treaty with Russia
Canada has provided a formal notice to Russia, on 18 November 2024, to confirm the suspension of the Agreement Between the Government of Canada and the Government of the Russian Federation for the Avoidance of Double Taxation and the Prevention of
See MoreUS: Treasury, IRS finalise rules on tax credit for clean energy investments
The US Department of the Treasury and Internal Revenue Service (IRS) have released the final rules for the Section 48 Energy Credit – also known as the Investment Tax Credit (ITC), on 4 December 2024. The rules were scheduled to be published in
See MoreUS: IRS extends filing research credit claim deadline to January 2026
The US Internal Revenue Service (IRS) has extended the transition period for refining Section 41 research credit refund claims, addressing the additional information requirements introduced in October 2021. The extension was highlighted in a
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Canada: Parliamentary Budget Officer revises fiscal multiplier estimates
Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s
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Brazil: Chamber of Deputies approve tax treaty with Norway, amending protocol with Sweden
The Brazilian Chamber of Deputies approved an amending protocol with Sweden on 26 November and a tax treaty with Norway on 27 November. Signed on 4 November 2022, the agreement with Norway aims at avoiding double taxation of income and
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