US: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
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Kenya and US to strengthen business and trade ties
Kenyan President William Ruto announced that Kenya will engage in a new round of trade negotiations with the US on Friday, 24 May 2024, during a visit to the US. These talks aim to promote new business agreements and to strengthen economic ties
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US: Working groups to examine TCJA provisions
US Senate Finance Committee ranking member Mike Crapo (R-Idaho) has reportedly established “working groups” of Republican taxwriters to examine various tax provisions affecting individuals, estates, and passthrough entities. These provisions
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Argentina: President Milei vows significant tax cuts if congress backs reforms
Argentina’s President Javier Milei announced on Saturday, 25 May, 2024, his intention to implement a "significant" tax reduction plan if Congress approves the legislation to scale back the state’s intervention in the economy. Milei proposes a
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US: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
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US publishes list of boycott countries
The US Treasury Department issued a notice on Tuesday, 21 May, 2024, in the Federal Register, regarding the current list of countries that need participation in, or cooperation with, an international boycott. The list includes Kuwait, Iraq,
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US: JCT releases overview of federal tax system (2024)
The United States’ Joint Committee on Taxation (JCT) released an annual overview of the four main elements of the federal tax system on Thursday, 23 May, 2024. The main elements include an income tax on individuals, estates, trusts, and
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US: IRS extends transitional relief for certain dividend equivalent rules
The US Internal Revenue Service (IRS) has declared that the Treasury and IRS plan to amend section 871(m) regulations, as stated in Notice 2024-44. This amendment will postpone the effective and applicability dates of specific provisions. This
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Argentina and South Korea to advance tax treaty talks
Argentina and South Korea officials met to discuss bilateral cooperation, focusing on advancing negotiations for an income tax treaty between the two countries, on 13 May, 2024. Any tax treaty resulting from the negotiations must undergo
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Argentina set to initiate automatic financial data exchange under FATCA with the US
Argentina set to initiate the inaugural automatic exchange of financial information under the Intergovernmental Agreement (IGA) between Argentina and the US for FATCA implementation. The Argentine tax authority (AFIP) in a release announced that
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US: USTR issues notice on section 301 proposed tariff changes and machinery exclusion process
The United States Trade Representative (USTR) Katherine Tai issued a notice regarding the statutory review of tariff actions in the Section 301 investigation of China’s acts, policies, and practices related to technology transfer, intellectual
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US: Senator Wyden broadens big pharma tax investigation, targets Pfizer
The US Senate Finance Committee Chair Ron Wyden announced that he is expanding the ongoing investigation into the tax practices of multinational pharmaceutical companies with a new letter sent to the CEO of Pfizer on Monday, 20 May, 2024. An
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US: House of Representatives approve disaster tax relief bill
The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024. This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal
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US: Tennessee introduces bill to allow cities to reduce or exempt food sales tax
The state of Tennessee has introduced House Bill 2641 which allows specific municipalities to exempt the city sales tax on food and food ingredients. The Bill also authorises municipalities to impose a reduced sales tax rate if a full exemption
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US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
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US: Alabama enacts legislation for state and local transient occupancy tax collection
The state of Alabama has enacted legislation mandating that accommodations intermediaries collect state and local transient occupancy taxes starting 1 January, 2025. According to the bill, accommodation intermediaries must collect taxes on the
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US: IRS extends tax relief for Iowa taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024. Individuals and households
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US: IRS and Treasury announce 2024 solar and wind capacity limitation carryover amounts
The US Department of the Treasury and the Internal Revenue Service (IRS) issued Announcement 2024-25 on Friday, 17 May, 2024, which provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been
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