Uruguay approves tax information exchange agreement with the US
Uruguay's Chamber of Senators approved a tax information exchange agreement with the US on 7 August 2024. Signed on 24 October 2023, this marks the first agreement of its kind between the two nations. It aims to enhance cooperation in tax matters
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Colombia clarifies currency requirements for foreign branches of local companies
The Colombian tax authority ( DIAN) has issued Ruling 524 on 8 July 2024, which clarifies the currency regulations for foreign branches of Colombian companies. This ruling specifies that transactions conducted by foreign branches in currencies
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Google ads to cost more in Canada
According to a new Google update on jurisdiction-specific surcharges guidance, Google Ads will implement an additional fee for ads displayed in Canada. This surcharge aims to help offset the costs associated with complying with the country's new
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US: IRS, Treasury issue final regulations for digital asset reporting regulations
The US IRS and the Treasury Department, on 9 July 2024, published ‘“Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realised and Basis for Digital Asset Transactions”, outlining the final regulations regarding
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US: IRS, Treasury propose dual consolidated loss rules
The US Internal Revenue Service (IRS) and the US Department of Treasury have released Rules Regarding Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, in which it proposed regulations that offer guidance on the dual
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Puerto Rico: Nonprofit releases report on Pillar Two global minimum tax
Puerto Rican organisation Espacios Abiertos (Open Spaces) has released a report that quantifies and analyses the effect of the 15% global minimum tax (GMT) and the opportunities and risks that it represents for Puerto Rico. The study also discusses
See MoreUS introduces PSAs on beneficial ownership reporting requirements for local businesses
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced, on 8 August 2024, the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new
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US: IRS unveils measures to support small businesses, curb employee retention credit misuse
The US IRS has announced new measures aimed at assisting small businesses and preventing improper payments within the Employee Retention Credit program yesterday, 8 August 2024. These measures also include accelerating more payments and continuing
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Nicaragua announces tax incentives for tourism projects
Nicaragua published Law No. 1210 (General Law on Tourism) and Law No. 1211 (Law on Incentives for Tourism Developments), in the Official Gazette on 2 August, 2024. Law No. 1210 introduces new regulations for the tourism sector that will replace
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Brazil announces updates to e-invoicing prompted by tax reforms
Brazil’s government has submitted regulations to Congress regarding implementing a new dual value-added tax (VAT) system as part of its tax reform bill. Earlier, Brazil’s lower house of Congress, on 10 July 2024, passed legislation to
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Chile issues guidance on optional tax for accumulated profits
Chile’s tax authority (Servicio de Impuestos Internos - SII) published Circular No. 34 of 30 July 2024 in the Official Gazette on 1 July 2024. It offers guidance on the optional substitute tax for final taxes (impuesto sustitutivo de los impuestos
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Argentina: Foreign affairs committee approves BEPS agreement
Argentina's Chamber of Deputies' Budget and Finance Committee approved the draft legislation for ratifying the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 31 July,
See MoreUS: Joint Committee details tax incentives for economic development, financing
The US Joint Committee on Taxation (JCT) published the Tax Incentives for Economic Development and Financing, which explains the present-law tax incentives for qualified opportunity zones, the new markets tax credit, the rehabilitation credit for
See MoreUS: IRS clarifies mutual agreement procedure relief requirements under tax treaty with Germany
The IRS Office of Chief Counsel (OCC) issued a letter on 11 April, 2024, addressing an inquiry regarding the 1989 US-Germany income tax treaty. The letter outlines the requirements for obtaining tax relief under Article 25 (Mutual Agreement
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Bolivia extends corporate income tax deadlines
Bolivia’s National Tax Service has extended the deadlines for corporate income tax (IUE) until 30 August 2024, published Resolution No. 102400000016 on 27 July 2024. Under Resolution of the Directory (RND) No. 101800000004 of 2 March, 2018, the
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Colombia: DIAN clarifies tax incentives for ZOMAC zones in new ruling
The Colombian tax authority (DIAN) recently issued Ruling 531 on 10 July 2024, clarifying tax incentives for businesses in zones affected by armed conflict (ZOMAC). The ruling details reduced tax rates for new micro and small enterprises in ZOMAC
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Peru introduces new VAT rules for digital services, online purchases
The government of Peru has enacted Legislative Decree No. 1623, dated 2 August, 2024, to implement new rules for collecting Value Added Tax (IGV) on digital services provided by non-domiciled suppliers to Peruvian residents. This regulation targets
See MoreUS: Senate approves $12.3 billion IRS budget for FY 2025
The US Senate Appropriations Committee passed the Fiscal Year 2025 Financial Services and General Government Appropriations Act on 1 August, 2024. The act provides USD 27.885 billion to fund the operations of the Department of the Treasury, the
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