US: CRS reviews marginal effective tax rates on investment, expiring tax cuts
The Congressional Research Service (CRS) released a report (R48153) on 13 August 2024, examining tax rate differences by asset, sector, and source of finance. The report also evaluates the relative incentives for investment. The Tax Cuts and Jobs
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Canada: PBO predicts CAD 17.4b revenue boost from capital gains tax hike
Canada’s Parliamentary Budget Officer (PBO) published an estimate that the increased capital gains inclusion rate, implemented in the 2024 Budget, will boost income tax revenues by CAD 17.4 billion from 2024-25 to 2028-29. The PBO issued this
See MoreUS: Senate fails to pass Taiwan double-tax relief bill
The US Senate failed to pass the legislation (H.R. 7024) featuring the US-Taiwan Expedited Double-Tax Relief Act on 1 August 2024. This legislation, known as the Tax Relief for American Families and Workers Act of 2024, aims to establish tax
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Colombia offers interest, penalty relief for delayed returns and payments
The Colombian tax authority (DIAN) announced on 8 August 2024, that it is extending the deadline for submitting income tax returns of natural or similar persons, assets abroad, gasoline and diesel fuel, and withholding tax without interest and
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Panama extends CRS filing deadline
Panama’s tax administration (Dirección General de Ingresos—DGI) has extended the common reporting standard (CRS) filing deadline for the fiscal year 2023 until 2 September 2024. The previous reporting deadline was set for 31 July
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US: Kamala Harris promises to increase corporate tax rate
US Vice President Kamala Harris, during her campaign on the first day of the Democratic National Convention in Chicago, on Monday, 19 August 2024, said that she will increase the corporate tax rate from 21% to 28%. However, Harris has committed
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Guatemala launches tool for third-party RTU management for taxpayers
Guatemala’s tax agency, Superintendencia de Administración Tributaria (SAT), has launched a new tool enabling authorised third parties to manage taxpayers' Unified Tax Registry (RTU) through SAT's virtual platform. The tool was introduced
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Ecuador introduces new rules for large taxpayers on income tax, remittance credits
The Ecuadorian Tax Authority, Servicio de Rentas Internas (SRI), has introduced a Resolution No. NAC-DGER CGC24-00000030 which allows large taxpayers to utilise credit notes from the remittance tax to offset their income tax obligations. The
See MoreCanada seeks comments on new entrepreneurs’ incentive
Canada’s Department of Finance has put forward a proposal to enhance the Canadian Entrepreneurs' Incentive as part of recently released draft legislative measures on 12 August, 2024. The Department is seeking public comments on these changes
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Puerto Rico extends deadline for 2023 financial statements filing, property tax filing
Puerto Rico’s Department of State announced on 12 August 2024, that it extended the deadline for filing the 2023 annual report with audited financial statements to those corporations or legal entities that accepted the second extension to
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Panama, Brazil negotiate income tax treatyÂ
Panama's Ministry of Economy and Finance, in a release, stated that officials from Panama and Brazil convened, on 12 August 2024, to discuss the negotiation of an income tax treaty. Panama’s General of Revenue, Camilo Valdés Mora, and the
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Argentina sets deadlines for new tax, customs, social security regularisation
The Argentine tax authority (AFIP), in a release, on 15 August 2024, provided clarification about the "My Facilities" system, which taxpayers must utilise to participate in the regularisation regime for tax, customs, and social security obligations
See MoreUS: IRS consults updated draft form for reporting digital asset transactions
The US Internal Revenue Service released IR 2024-204 on 9 August 2024, which contains an early draft of the updated Form 1099-DA. This form is for brokers to report certain sale and exchange transactions of digital assets that take place beginning
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US: California to rejoin IRS direct file programme
RegFollower Desk The Franchise Tax Board (FTB) of California announced that it will continue to work with the IRS to offer many California taxpayers the option of a simple way to file both their federal and state tax returns using the IRS Direct
See MoreUS: Kansas updates transition rules after separating from federal interest deductions
The Kansas Department of Revenue published Notice 24-16, on 7 August 2024, providing guidance on business interest deductions for tax years 2021 and beyond. For tax years 2018, 2019, and 2020, Kansas was coupled with the federal code and only
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US: IRS urges early registration for 2023 payment, transfer claims
The US Internal Revenue Service released IR-2024-210, which strongly urges qualifying businesses, tax-exempt organisations, and state, local, and Indian tribal governments to complete the pre-filing registration process now for projects placed in
See MoreUS: Connecticut joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 9 August 2024, that Connecticut will join the IRS Direct File for Filing Season 2025. The IRS Direct File was made possible by President Biden’s Inflation
See MoreCanada consults on 2024 budget additions, including Pillar Two UTPR
Canada's Department of Finance, in a release, announced a public consultation on a legislation that includes new measures for Budget 2024 on 12 August, 2024. This follows the enactment of several budget measures in June 2024 under the Fall
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