Canada announces legislation to implement digital services tax
On 28 November 2023, Ms. Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the Notice of Ways and Means Motion to introduce the Fall Economic Statement Implementation Act, 2023. This legislation, which delivers on key
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US: IRS keeps interest rates on overpaid and underpaid tax unchanged for Q1 2024
On 17 November 2023, the U.S. Internal Revenue Service announced that interest rates will remain unchanged for overpaid and underpaid tax for the calendar quarter beginning 1 January 2024. This means the interest rates remain the same as per the
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Mexico raises WHT rate on interest paid by financial institutions for FY 2024
On 13 November 2023, Mexico published the Federal Revenue Law for 2024 in the Official Gazette. Accordingly, Mexico increased the withholding tax (WHT) rate on interest payments made by financial institutions from 0.15% to 0.50% for fiscal year (FY)
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Uruguay enacts accountability bill 2022
On 8 November 2023, the Parliament in Uruguay passed Accountability Bill Law 20,212, which includes amendments to the tax regulations. On June 30, 2023, the Executive Power presented the accountability bill to the Parliament for deliberation. The
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Argentina announces tax Incentives to boost organic food production
On 12 October 2023, Argentina published Law 27734 in the Official Gazette, which outlined the establishment of a tax incentive regime to enhance organic food production. The incentives will be distributed to eligible producers and/or processors of
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US: IRS introduces new measures to ensure tax payment by major corporations
On 20 October 2023, the US IRS announced new initiatives funded by the Inflation Reduction Act. These initiatives. These new initiatives aim to ensure that large corporations pay their outstanding taxes and intensify IRS efforts in pursuing
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Jamaica set to implement Pillar 2 qualified domestic minimum top-up tax
On 31 October 2023, Mrs. Marlene Nembhard-Parker, Deputy Commissioner General, Legal Support Services of Tax Administration Jamaica said that Jamaica plans to introduce a Qualified Domestic Minimum Top-up Tax (QDMTT) under the OECD Pillar 2 Global
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Argentina introduces new advance tax payment for financial services companies
On 28 September 2023, the Argentine Federal Tax Authority (AFIP) released General Resolution No. 5424/2023 (the Resolution), introducing a new income tax prepayment requirement for companies primarily engaged in "Financial Intermediation and
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Chile declares revised tax return deadlines for 2024
On 4 October 2023, the Chilean federal tax agency published Resolution No. 116 with revised filing deadlines of different forms for the 2024 tax year. The deadlines of forms are as follows: March 1: Forms 1811, 1822, 1834, 1891, 1900, 1902,
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Mexico unveils tax incentives for key export sectors
On 11 October 2023, the Mexican government published a Decree in the Official Gazette offering tax incentives to vital sectors of the export industry. The Decree came into force on 12 October 2023. Eligible taxpayers Companies that manufacture
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US and Israel sign agreement on the exchange of CbC reports
The Internal Revenue Service (IRS) of the United States has released the competent authority arrangement concerning exchanging Country-by-Country (CbC) Reports with Israel. As per the IRS CbC Reporting Jurisdiction Status Table, this arrangement
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Brazil releases normative instruction for its new transfer pricing rules
On 28 September 2023, Brazil published Normative Instruction Nº 2,161 (IN 2,161/23) that governs Brazil’s recently established new transfer pricing law. The new legislation explicitly adopts the arm's length principle into the Brazilian legal
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El Salvador: MoF extends tax amnesty up to 30 September 2023
The Ministry of Finance of El Salvador has introduced a new tax amnesty regime allowing taxpayers to settle their outstanding tax and customs obligations up to 30 September 2023. The El Salvador tax authorities will waive all incurring interest,
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El Salvador: Ministry of Finance releases tax havens list for 2024
On 29 September 2023, El Salvador's Ministry of Finance released a new General Guide on tax havens for the 2024 fiscal year. This guide lists jurisdictions and territories deemed as tax havens due to their low or zero-tax regimes. Payments
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Ecuador: SRI gazettes resolution amending transfer pricing rules
On 13 September 2023, Ecuador's Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC23-00000025, which modifies the transfer pricing rules. The resolution includes following measures: Taxpayers who have conducted transactions with
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Argentina: AFIP extends tax payment deadline under the special regime for small taxpayers
On 4 September 2023, the Argentine Federal Administration of Public Revenue (AFIP) published General Resolution 5411 which extends the due date for paying the tax payment within the simplified tax scheme for the following monthly periods:
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US: IRS announces that businesses of cash payment over $10000 must electronically file from 2024
On 30 August 2023, the U.S. Internal Revenue Service (IRS) announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new
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Dominican Republic signs MCAA for the exchange of CbCR
On 5 September 2023, the OECD updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), showing that the Dominican Republic joined the agreement on 6 July 2023.
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