US: IRS extends tax relief for Massachusetts taxpayers impacted by storms and floods
On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September,
See More
US negotiates CbC exchange deal with Dominican Republic
As per an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the US has initiated negotiations with the Dominican Republic for a competent authority arrangement concerning the exchange of Country-by-Country (CbC)
See More
Chile extends SME tax rate cuts for 2023/24
Chile implemented a reduced corporate tax rate of 10% for qualifying SMEs under the Pro Pyme regime as part of Law No. 21.256 of 2020 in response to the COVID-19 pandemic. The reduced rate, initially effective from 2020 to 2022, was extended by Law
See More
US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
See MoreUS proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
See More
US: IRS reminds overseas taxpayers deadline for 2023 tax returns
The US Internal Revenue Service issued a notice on Tuesday, 28 May, 2024, which reminded taxpayers living and working outside the United States to file their 2023 federal income tax return by 17 June, 2024. This deadline applies to US citizens
See More
Costa Rica, Iceland TIEA goes into effect
The tax information exchange agreement (TIEA) between Costa Rica and Iceland took effect on 10 September, 2023. Applicable to criminal tax matters from the date it went into force, the agreement extended to other matters starting 1 January,
See More
Peru and Switzerland begin talks to revise tax treaty in accordance with OECD standards
Peru and Switzerland officials are set to commence talks on 3–6 June, 2024, aiming to amend their 2012 tax treaty in alignment with OECD BEPS
See More
Argentina lowers interest rates for late tax payments
Argentina has lowered the interest rate on late tax payments from 1 June to 31 July, 2024. New late payment rates The compensatory interest rate for general late payments has been reduced to 6.41% per month for the period from 1 June to 31
See MoreUS: IRS extends tax relief for Texas residents impacted by adverse weather
The US Internal Revenue Service (IRS), on Tuesday, 28 May, 2024, in a release (TX-2024-13) announced tax relief for individuals and businesses in Texas affected by severe storms, straight-line winds, tornadoes, and flooding that began on 26 April,
See More
Brazil: Congress moves to implement tax on inexpensive online orders
Brazil's lower house of Congress approved a bill that introduces 20% import tax on international online purchases under USD 50 on Tuesday, 28 May, 2024. The bill must be voted in the Senate before it can come into effect. This new import tax
See More
Spain: Lower House approves tax treaty with Paraguay
The Spanish Congress of Deputies (the lower house of parliament) passed the law to ratify the pending income tax treaty with Paraguay on Tuesday, 23 May, 2024. Signed on 25 March, 2023, this tax agreement is a first between the two nations. It
See MoreUS: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
See More
Kenya and US to strengthen business and trade ties
Kenyan President William Ruto announced that Kenya will engage in a new round of trade negotiations with the US on Friday, 24 May 2024, during a visit to the US. These talks aim to promote new business agreements and to strengthen economic ties
See MoreUS: Working groups to examine TCJA provisions
US Senate Finance Committee ranking member Mike Crapo (R-Idaho) has reportedly established “working groups” of Republican taxwriters to examine various tax provisions affecting individuals, estates, and passthrough entities. These provisions
See More
Argentina: President Milei vows significant tax cuts if congress backs reforms
Argentina’s President Javier Milei announced on Saturday, 25 May, 2024, his intention to implement a "significant" tax reduction plan if Congress approves the legislation to scale back the state’s intervention in the economy. Milei proposes a
See MoreUS: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
See MoreUS publishes list of boycott countries
The US Treasury Department issued a notice on Tuesday, 21 May, 2024, in the Federal Register, regarding the current list of countries that need participation in, or cooperation with, an international boycott. The list includes Kuwait, Iraq,
See More