Chile passes tax compliance bill with income, VAT, transfer pricing measures
Chile’s Senate has approved the Tax Compliance Bill on 24 September 2024, which will be presented to the Lower House for final approval. The newly approved tax measures include modifications to the general anti-avoidance rule (GAAR), statute of
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Brazil extends tax incentives for semiconductor industry
Brazil has extended the tax incentives for the semiconductor and information and communication technology sectors until 31 December 2029, published in Law No. 14.968, dated 11 September 2024 in the Official Gazette. The incentives include the
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Panama introduced procedure to allow transfer of tax credits
Panama’s tax administration (Dirección General de Ingresos, DGI) introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another
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Dominican Republic extends CbC reporting deadline
The Dominican Republic's Directorate General of Internal Revenue (DGII) announced a second extension for the submission deadline of Country-by-Country (CbC) reports, published in Notice 16-2024, dated 30 August 2024. The new deadline for
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Uruguay ratifies income, capital tax treaty with Colombia
Uruguay ratified the income and capital tax treaty with Colombia through Law No. 20367 on 23 September 2024, the news was reported on Uruguayan parliament's website, The treaty was signed 19 November 2021, in Bogotá, Colombia. Both countries
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El Salvador passes tax incentives for major real estate projects
El Salvador’s Congress (Legislative Assembly of El Salvador) approved a decree titled “Special Provisions for the Promotion and Granting of Tax Incentives to Foster the Development of High-Rise Real Estate Projects” on 23 September
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Uruguay extends CIT and Net Wealth Tax exemptions, updates definition of Shared Services Centre
The Ministry of Economy and Finance in Uruguay updated the definition of “Shared Services Centre” and extended tax exemptions for Corporate Income Tax (CIT) and Net Wealth Tax, through the publishing of Decree No. 257/024 in the Official
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Ecuador mandates new reporting requirements for final beneficiaries and corporate composition
Ecuador's Internal Revenue Service (SRI) has introduced Resolution NAC-DGERCGC24-00000033, outlining the Report of Final Beneficiaries and Corporate Composition (REBEFICS) requirements. It mandates all Ecuadorian companies, as well as foreign
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Uruguay extends reduced VAT for tourism until April 2025
Uruguay’s Ministry of Economy and Finance has extended the 9% VAT reduction for certain tourism operations until 30 April 2025, provided that the payment is made using electronic payment methods such as credit cards, debit cards or e-money payment
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Dominican Republic approves 2025 draft budget, projected 4% increase
The Dominican Republic’s Council of Ministers, presided over by President Luis Abinader, approved the draft General Budget Law for 2025 on 26 September 2024. According to Finance Minister José Manuel Vicente, the government’s plan for
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Puerto Rico consults implementation of Pillar Two GloBE rules
Puerto Rico's Department of the Treasury has initiated a Public Consultation on the Implementation of the Pillar Two GloBE Rules in Puerto Rico, set to conclude on 10 October 2024. Pillar Two ensures that particular taxpayers are subject to a
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Costa Rica updates beneficial ownership registry rules, extends 2024 filing deadline
Costa Rica’s General Directorate of Taxation (DGT) and the Costa Rican Institute on Drugs (ICD) updated the regulations governing the beneficial ownership registry; they jointly issued Resolution No. MH-DGT-RES-0020-2024 / DG-336-2024 in the
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Uruguay, US ratify exchange of information agreement
Uruguay has ratified the US-Uruguay Exchange of Information Agreement (2023) through Law No. 20351. The legislation is currently pending publication in the Official Gazette. Signed on 24 October 2023, under the agreement Uruguay and the US will
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US: IRS publishes guidance for tax-exempt bond issuers to claim refunds
The IRS published a guidance (Rev. Proc. 2024-37) for issuers of tax-exempt and other tax-advantaged bonds for claiming refunds of any overpayment of certain amounts paid to the US government on 18 September 2024. The guidance pertains to issuers
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Argentina: Budget Bill 2025 proposes scrapping foreign currency purchase tax
The Argentine National Executive Branch presented the 2025 Budget Bill to Congress, which made no significant changes to the current tax framework except for eliminating the tax on foreign currency purchases (PAIS tax rate) starting 1 January
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US proposes new regulations for electric vehicle charging stations
The Department of Treasury and Internal Revenue Service released IR-2024-240 on 18 September 2024, announcing proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended
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Chile updates annual global tax affidavit form
Chile's Internal Revenue Service (SII) has released SII Exempt Resolution No. 84 of 30 August 2024, which includes an updated Form No. 1913 (Annual Affidavit of Global Tax Characterisation) along with filing instructions. The Form No. 1913 is
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Brazil updates reporting requirements for legal entities with tax benefits
Brazil published Normative Instruction No. 2.216 in the Official Gazette, on 5 September 2024, which updates and supersedes the annex of Normative Instruction No. 2.198 from 17 June 2024 (Declaration of Incentives, Waivers, Benefits, and Immunities
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