US: IRS proposes new corporate alternative minimum tax (CAMT) rules
The US Internal Revenue Service (IRS) issued IR-2024-235 on 12 September 2024, proposing regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum
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Venezuela further extends VAT, customs duty exemption on imports of certain goods
Venezuela has extended its VAT and customs duty exemptions on certain imports through Decree No. 4.985, published in the Official Gazette on 30 August 2024. This latest decree continues the exemptions initially granted by Decree No. 4.907, which
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Chile revises income tax form for select taxpayers
Chile’s Tax Authority (Servicio de Impuestos Internos - SII) has issued Resolution Ex. SII 87-2024 regarding the updates made in tax Form No. 1943 and certificates Nos. 57 and Nos. 58. The revised tax forms include new fill-out instructions for
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US, Thailand FATCA enters into force
The US Department of the Treasury announced on 6 September 2024 that the Intergovernmental Agreement (IGA) between the US and Thailand for implementing FATCA came into effect on 28 April 2024. However, Thailand is considered to have had the IGA in
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Argentina ratifies income tax treaty with Turkey
Argentina has ratified the pending income tax treaty with Turkey on 9 September 2024. The announcement was made in Law 27754, published in Argentina’s Official Gazette. The Argentina-Turkey tax treaty, signed on 1 December 2018, is the first
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Venezuela further extends VAT, customs duty exemption on imports of certain goods
Venezuela has extended its VAT and customs duty exemptions on certain imports through Decree No. 4.985, published in the Official Gazette on 30 August 2024. This latest decree continues the exemptions initially granted by Decree No. 4.907, which
See MoreUS, Croatia tax treaty likely by 2025, says US ambassador to Croatia
At a recent seminar on Croatian companies entering the US market, the US Ambassador to Croatia, Nathalie Rayes, announced that the anticipated tax treaty between Croatia and the US could be ratified within 2025. “More than a hundred American
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Brazil considering tax hike without legislative approval
Brazil's government is considering tax increases that can be enacted without congressional approval to address this year's budget deficit, according to two reports from the finance ministry received on 6 September 2024. Officials have indicated
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Peru sets new VAT registration rules for B2C digital services
Peru's tax authority, SUNAT, has issued Superintendency Resolution No. 000173-2024/SUNAT, outlining the registration procedure for non-domiciled (non-resident) suppliers to collect VAT (IGV) when providing B2C digital services under Legislative
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Argentina lowers tax rate (PAIS) on foreign currency for imports and freight services
The Argentine National Executive Branch published Decree 777/2024 in the Official Gazette on 2 September 2024. This decree amends the tax rates applicable to certain foreign currency purchases (Impuesto PAIS) related to payments made abroad for
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Brazil: Government presents budget for FY 2025
On 30 August 2024, the Federal Government of Brazil submitted its draft budget proposal for the fiscal year (FY) 2025 to the National Congress. The 2025 budget bill offers updated projections for GDP growth, inflation, and other economic
See MoreArgentina, Vietnam negotiating income tax treaty
Argentina and Vietnam have initiated negotiations for an income tax treaty, according to various reports. The aim of establishing a double tax treaty is to eliminate double taxation and avoid tax evasion between the two countries. Both nations
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Peru implements 18% VAT for digital services
The Ministry of Economy has announced new regulations (Supreme Decree No. 157-2024-EF) for VAT collection on digital services provided by non-resident entities and the import of intangible goods. The decree was published in the Official Gazette on
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India, Panama interested to conclude tax treaty
The General Directorate of Revenue of Panama's Ministry of Economy and Finance announced that India and Panama have shown interest in establishing a tax treaty, following a meeting between officials from both nations held at Panama on 28 August
See MoreBrazil consults transfer pricing rules for intragroup services, unilateral APAs
Brazil's Federal Revenue Service (RFB) announced a public consultation on draft guidelines for transfer pricing regulations for intragroup services and unilateral advance pricing agreements under Brazil's new transfer pricing regime on 29 August
See MoreUS: TIGTA urges IRS to review procedures on MNCs tax avoidance strategies
The Treasury Inspector General for Tax Administration (TIGTA) has recommended the Internal Revenue Service (IRS) to reassess its examination procedures to effectively address the tax avoidance strategies employed by large multinational corporations
See MoreBrazil to tax big tech firms if revenue declines
Brazil's Ministry of Finance announced that it plans to present proposals to Congress to tax big tech companies and implement a global minimum tax of 15% for multinational corporations on 2 September 2024. These new tax measures will be enforced
See MoreBrazil to increase income tax on banks
Brazil's government introduced a bill to Congress to raise revenue through increased income taxes, mainly targeting banks with a significant tax rate hike, on Friday, 30 August 2024. The proposed legislation seeks to adjust the social
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