US: IRS announces suspension of tax treaty with Russia
The US IRS has released Announcement 2024-26 regarding the suspension of the 1992 tax treaty with Russia. The suspension will take effect on 16 August, 2024, for taxes withheld at source and in respect of other taxes, and will continue until the two
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Canada implements legislation for global minimum tax, digital service tax
Canada's Department of Finance announced that the Fall Economic Statement Implementation Act, 2023 (Bill C-59) and the Budget Implementation Act, 2024, No. 1 (Bill C-69) received royal assent on 20 June, 2024. The key measures from the 2023 Fall
See MoreUS: Supreme Court upholds mandatory repatriation tax
On 20 June, 2024, the U.S. Supreme Court delivered its opinion on Moore v. United States. This case addresses the one-time mandatory repatriation tax enacted under the 2017 Tax Cut and Jobs Act. As previously reported, the repatriation tax
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US: IRS issues guidelines on inventory valuation methods
The US Internal Revenue Service (IRS) has released an updated practice unit on inventory valuation methods, specifically addressing the Lower of Cost or Market (LCM) approach. The practice unit's general overview comprises the following: There
See MoreUS: California’s Senate Bill 167 introduces revenue raising measures
The US state of California’s Senate Bill 167 proposes several revenue raising measures. The bill, which is still pending signature, pertains to corporate income tax and suspends net operating losses (NOLs) for the 2024, 2025, and 2026 tax
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Brazil sets new reporting rules for tax-benefited legal entities
On 4 June 2024, Brazil published Provisional Measure No. 1.227 of 4 June 2024 in the Official Gazette. This bill introduces new reporting rules for legal entities that benefit from tax incentives, tax waivers, and other tax-related
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Ecuador: SRI updates 2023 tax compliance report deadlines
Ecuador's Internal Revenue Service (SRI) in a notice, announced an updated annex for the annual tax compliance report for the fiscal year ending 31 December 2023. The notice outlines submission deadlines, which range from 10 July to 28 July,
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US: Treasury confirms suspension of tax treaty with Russia
On 17 June 2024, the US Department of Treasury announced that the United States had provided formal notice to the Russian Federation to confirm the suspension of the operation of Paragraph 4 of Article 1 and Articles 5-21 and 23 of the Convention
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US: IRS and Treasury issues guidance to tackle abusive basis shifting in partnerships
On 17 June, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS), in a release, announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships. This initiative is one step
See MoreUS: IRS and Treasury issue guidelines on partnership basis shifting transactions
On 17 June 2024, the Department of the Treasury and the Internal Revenue Service (IRS) in a release—FS-2024-21 issued a guidance on the inappropriate use of partnership rules to inflate the basis of the underlying assets without causing any
See MoreUS schedules FATCA IDES testing for July
The FATCA (Foreign Account Tax Compliance Act) International Data Exchange Service (IDES) will undergo its next testing phase, as announced by the IRS yesterday, 13 June 2024. FATCA IDES will be migrating to an updated system and vendor on
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Argentina, Tunisia end tax treaty negotiations
According to a release from Argentina's Ministry of Foreign Affairs, International Trade, and Worship, officials from Argentina and Tunisia convened on 11 June 2024 to discuss an income tax treaty. Foreign Minister Diana Mondino and the
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Ecuador updates transfer pricing report guideline, introduces new penalties
The Internal revenue service (SRI) has issued “Resolution No. NAC-DGERCGC24-00000020” in the Ecuadorian Official Gazette on 28 May, 2024, which outlines details of the transfer pricing annex concerning related party transactions and the
See MoreUS: IRS extends tax relief for Arkansas taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – AR-2024-01 – published on 6 June 2024, announced tax relief for individuals and businesses in parts of Arkansas that were affected by severe storms, straight-line winds, tornadoes, and
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US: Bernie Sanders urges Biden administration to back G20 initiative for a global minimum tax on the ultrawealthy
US Senator Bernie Sanders, along with his colleagues from both the Senate and the House, issued a statement urging President Biden and Treasury Secretary Janet Yellen, on 11 June, 2024, to back Brazil's G20 initiative for a global minimum tax on the
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Colombia issues resolution on international tax information exchange
Colombia's tax authority (DIAN) has released Resolution No. 000096 on 31 May, 2024, providing an update on the exchange of tax information with international jurisdictions. This resolution is key in assessing the cooperation of various nations in
See MoreCanada: Parliament tables capital gains inclusion rate
Canada’s Department of Finance announced that the Notice of Ways and Means Motion was tabled in Parliament on 10 June, 2024, to deliver greater tax fairness and implement the changes in capital gains taxation announced in Budget 2024. The
See MoreUS: Treasury unveils FY 2025 tax proposals in “Green Book”
The US Department of the Treasury released the Fiscal Year 2025 Budget and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals”, or the ‘Green Book’, today, 11 June, 2024. In the fiscal year 2025 budget,
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