Canada: CAD 2.88 billion deficit in April-June 2024
Canada's finance ministry reported that its budgetary balance shifted to a CAD 2.88 billion (USD 2.14 billion) deficit in the first quarter of the fiscal year 2024 yesterday, 30 August 2024. This change was mainly driven by an increase in programme
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US: Washington exempts child care businesses from business and occupation tax
The Washington State Department of Revenue published a special notice introducing a new business and occupation (B&O) tax exemption for child care businesses on 26 August 2024. This new exemption goes into effect on 1 October 2024, and aims
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El Salvador, Peru resumes talks for FTA
Peru’s government announced that El Salvador and Peru will restart negotiations for a free trade agreement (FTA) on 22 August 2024. This decision follows a meeting between officials from both nations in El Salvador. Both countries aim to
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US seeks USMCA dispute settlement talks over Canada’s digital services tax
The US Trade Representative Katherine Tai announced that the US has requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement (USMCA) regarding Canada’s recently enacted digital service tax (DST) on 30
See MoreEl Salvador to grant tax exemption for fintech, digital finance firms
El Salvador's Ministry of Economy has reportedly presented a draft bill to the Legislative Assembly, proposing new tax incentives for fintech and digital financial service companies. The bill, titled “Law for the Promotion of Fintech Entities
See MoreUS: Maine joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 27 August 2024, that Maine will be the latest state to join the IRS Direct File for Filing Season 2025. Following a successful Pilot Program in 12 states that saw
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US: IRS struggles to tackle tax avoidance by multinational corporations
The US Treasury Inspector General for Tax Administration (TIGTA) issued a partially redacted report on 26 August 2024, highlighting the challenges the US Internal Revenue Service (IRS) encounters in tackling tax avoidance strategies deployed by
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Costa Rica establishes objective selection criteria, specific risk criteria for report under CRS
Costa Rica published Resolution MH-DGT-RES-0019-2024 in the Official Gazette on 23 August 2024, establishing objective selection criteria and specific risk criteria for overseeing the reporting of financial accounts under the Common Reporting
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Argentina annuls intermediary withholding of VAT, income tax
Argentina’s tax authority (AFIP) announced, in a release, that the withholding regimes for value-added tax (VAT) and income tax on electronic payments will be repealed, effective from 1 September 2024. This follows after Argentina’s Ministry
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Venezuela grants one-year income tax exemption for cooperative associations
Venezuela's Official Gazette published Decree No. 4.976, introducing a one-year income tax exemption for cooperative associations on income earned within Venezuela on 12 August 2024. The exemption, effective from the date of publication and
See MoreUS: SST Board finds Georgia, Nebraska, Ohio sales tax systems non-compliant, seeks public input
The US Streamlined Sales Tax Governing Board (SST) has found potential non-compliance with the Streamlined Sales and Use Tax Agreement (SSUTA) in Georgia, Nebraska, and Ohio during its 2024 Annual State Compliance Review. The SST has requested
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Ecuador clarifies invoice, VAT rules for land transport services
Ecuador's Internal Revenue Service (SRI) has issued Circular NAC-DGECCGC24-00000005 on 15 August 2024, clarifying the requirements for invoices and receipts related to land transport services, particularly concerning the deduction of costs and the
See MoreUS: Wisconsin to join IRS 2025 direct filing season
The US Department of the Treasury and Internal Revenue Service (IRS) announced that Wisconsin is the next state to join the IRS Direct File for Filing Season 2025 on 21 August 2024. IRS Direct File was made possible by President Biden’s
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Guatemala, Ukraine to continue FTA negotiations
Ukraine's Ministry of Economy announced that Guatemala and Ukraine will continue negotiations for a free trade agreement (FTA) and deepening bilateral economic cooperation on 17 August 2024. This was agreed upon in a meeting in the Dominican
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Brazil plans to increase taxes to fund extended social contribution regime
Brazil’s Finance Minister Fernando Haddad has reportedly unveiled plans to raise levies on interest on equity and the social contribution on profits (CSLL). The tax hike is aimed to offset the costs associated with the partial extension of the
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Argentina introduces regulations to incentivise large investments
Argentina’s Executive Branch, through Decree 749/2024, has approved regulations under the RIGI - the Incentive Regime for Large Investments, as outlined in Law 27,742, on 23 August 2024. The RIGI regime aims to generate the conditions of
See MoreUS releases report on Inflation Reduction Act
The US Internal Revenue Service (IRS) released IR-2024-223 on Friday, 23 August 2024, publishing its Inflation Reduction Act two-year report card. The IRS has made significant progress on a range of improvements, including that all taxpayers can
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Colombia clarifies reporting obligations for overseas assets
Colombia’s National Tax Authority (DIAN) has clarified that overseas assets and shares held in a foreign company owned by Colombian companies must be reported in the tax return. The clarification was published in Opinion 100208192-628 of 2024
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