US: IRS extends the tax relief measures for taxpayers in disaster area
On 24 February 2023, the Internal Revenue Service announced that tax relief measures for disaster area taxpayers in California, Alabama and Georgia has been further extended to 16 October 2023. Previously, the deadline had been postponed to May 15
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US: IRS and Treasury issue final regulations on e-file for businesses
On 21 February 2023, the Department of the Treasury and the Internal Revenue Service issued final regulations T.D. 9972 amending the rules for filing returns and other documents electronically (e-file). These regulations will require certain filers
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US: IRS publishes interest rates on overpaid and underpaid tax for Q2 of 2023
On 13 February 2023, the Internal Revenue Service announced the interest rates for the calendar quarter beginning April 1, 2023. The rate will remain same as first quarter. Here is a complete list of the new rates: 7% for overpayments (payments
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Germany: Lower house of parliament adopts CbC exchange agreement with USA
On 9 February 2023, the German lower house of parliament (Bundestag) has approved a law to ratify the pending agreement with the USA on the exchange of CbC reports. The agreement was signed on 14 August 2020. The agreement will enter into force when
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Puerto Rico: Governor proposes tax relief for individuals and corporations
On 6 February 2023, Mr. Pedro Pierluisi, Governor of Puerto Rico unveiled a set of proposals aimed at enhancing and streamlining Puerto Rico's tax system. The proposals include reducing the tax burden for individuals and corporations by over $500
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US: Tax court approves agreement resolving APA cancellation case
On 3 February 2023, the US Tax Court issued a rule approving an agreement between Eaton Corporation and the IRS to adjust Eaton's tax bill for 2005 and 2006 to USD 8.8 million. The proposal stems from lengthy litigation in both the Tax Court and
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El Salvador: Ministry of Finance announces interest rate for late tax payments
On 1 February 2023, the El Salvador Ministry of Finance has released a notice on the applicable interest rates for late tax payments for the period from 1 February 2023 to 31 July 2023. This includes an annual interest rate of 6.35%, 60 days after
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Jamaica: TAJ reminds tax filing deadline for the tax year 2022
On 2 February 2023, Tax Administration Jamaica (TAJ) reminded the taxpayers that the income tax filing deadline is 15 March 2023. The taxpayers are being reminded that filing their annual income tax return for the year 2022 and declaring their
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Peru extends tax incentives for R&D investments until 2025
On 30 December 2022, Peru published Law No. 31659 in the Official Gazette modifying Law No. 30309. The Law promotes scientific research, technological development and technological innovation (R&D investments). The tax benefits are extended for
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Uruguay declares minimum monthly advance tax for FY 2023
On 16 January 2023, the government of Uruguay has released Decree No. 419/022, which outlines the minimum amounts of monthly advance payment for corporate income tax (IRAE) for the financial year (FY) 2023. The minimum payments are determined in the
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Peru extends tax incentives for real estate investment funds until 2026
On 29 December 2022, Peru published Law No. 31650 in the Official Gazette modifying Legislative Decree 1811. The Law approves the extension of the validity of tax incentives to promote real estate investment funds until 31 December 2026. The Law is
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US: IRS invites to comments on CbC report form
As part of its continuing effort to reduce paperwork and respondent burden, on 5 January 2023, the Internal Revenue Service invited the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing
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El Salvador: MoF announces deadline to file withholding tax form
On 12 January 2023, the Ministry of Finance has published a press release informing to the withholding tax agents that annual income tax withholding form (F910) is available on its website from 17 January 2023 to 31 January 2023 for the tax year
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US businesses not obligated to report digital asset transactions until regulations are established
On 16 January 2024, the US Treasury Department and IRS declared that businesses in the US are not required to report transactions involving digital assets the same way as they must report the receipt of cash until the Treasury and IRS issue
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Argentina: AFIP introduces new mandatory disclosure regime for international transactions
On 27 December 2022, Argentina's federal tax authority (AFIP) released General Resolution No.5306/2022, establishing a new mandatory disclosure regime for certain international transactions. It has replaced the previous mandatory reporting regime
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Dominican Republic: DGII extends exemptions for agricultural sector
On 5 January 2023, the Dominican Tax Authorities (DGII) published General Rule No. 01/2023 regarding temporary exemptions for the agriculture sector. The major benefits include following measure: Exemption from the requirement to pay income tax
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Colombia issues decree on the tax return and TP documentation deadline in 2023
On 16 December 2022, the Colombian Ministry of Finance Published Decree 2487 specifying the deadlines for filing and payment of the tax return (declaration) in 2023 and the deadline for transfer pricing (TP) documentation. Some of the key deadlines
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Peru extends the due date for monthly tax obligations of December 2022
On 3 January 2023, the Peruvian tax authorities (SUNAT) issued Resolution No. 000001-2023/SUNAT in the Official Gazette extending the due date for monthly tax obligations of December 2022. Accordingly, SUNAT has extended the deadline to the
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