US: New Jersey introduces tax credits for AI businesses
New Jersey’s Governor Phil Murphy has signed Bill S3432/A4558, which introduces the Next New Jersey Program on 25 July 2024. The Next New Jersey Program is aimed at attracting fresh investments into the state's artificial intelligence (AI)
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Spain, Paraguay tax treaty enters into force
The Spain and Paraguay tax treaty will enter into force on 14 October 2024. Signed on 25 March 2023, the treaty will generally take effect on 14 October 2024 for other taxes and on 1 January 2025 for taxes assessed both on and off a fiscal year
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Dominican Republic updates inflation adjustments and exchange rates for fiscal year 2024
The Dominican Republic's Directorate General of Internal Revenue (DGII) has released Resolution No. DDG-AR1-2024-00005, establishing key financial adjustments for the fiscal year ending June 2024. This resolution introduces a general inflation
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Colombia proposes updates to electronic invoicing rules
Colombia's National Tax and Customs Directorate (DIAN) has issued a draft resolution aimed at updating and expanding the electronic invoicing system on 9 July 2024. The proposed changes would amend Resolution 165 of 2023, focusing on electronic
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Argentina establishes public beneficial ownership registry
Argentina’s tax authority, Federal Public Revenue Administration (AFIP), in a release, announced the enactment of the Public Registry of Final Beneficiaries under General Resolution No. 5529/2024 on 19 July 2024. The provisions of the Act are
See MoreUS: Washington increases sales tax rates
The Washington District of Columbia has increased the sales tax rate from 6% to 6.5%, effective 1 October 2025. The sales tax rate will be further to 7% on 1 October 2026. The increase follows the district's 2025 budget by the City Council and is
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US: Nebraska governor to reduce property taxes up to 50%
Nebraska Governor Jim Pillen, in a release, has convened a special legislative session to discuss the possibility of reducing local property taxes by 40-50% on 30 July 2024. This significant property tax reduction plan is part of Pillen’s
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Mexico, US renew maquiladora tax agreement
The Mexican Tax Administration (SAT) announced the second renewal of the Qualified Maquiladora Approach Agreement (QMA) with the US Internal Revenue Service (IRS). The SAT stated that the latest renewal preserves the core aspects of the QMA's
See MoreUS: FinCEN informs financial institutions on beneficial ownership information rules
The US Financial Crimes Enforcement Network (FinCEN) released a notice to customers of financial institutions about reporting beneficial ownership information on 26 July, 2024. The Corporate Transparency Act requires certain entities, including
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Bulgaria approves pending CbC report exchange agreement with the US
Bulgaria's Council of Ministers approved the pending Intergovernmental Agreement (IGA) with the US regarding the exchange of Country-by-Country (CbC) reports. Bulgaria’s Ministry of Finance signed a country-by-country (CbC) exchange agreement
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Netherlands: Curaçao, Suriname sign tax treaty
The Netherlands announced in the Official Gazette on 25 July, 2024, that it signed a tax treaty to prevent double taxation between Curaçao and Suriname. As a constituent country of the Kingdom of the Netherlands, Curaçao can negotiate bilateral
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Venezuela implements 0% tax on select large financial transactions
Venezuela published Decree 4972 in the Official Gazette on 12 July, 2024, which reduces the tax rate to 0% from 2% for large financial transactions. The 0% tax rate applies to specific transactions which are mentioned in paragraphs one to four
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Canada: Digital platforms to report seller information by January ‘25
Canada enacted the Digital Services Tax Act (DSTA) on 20 June 2024, which came into effect by Order in Council on 28 June 2024. Starting in the 2024 calendar year, new tax reporting requirements mandate digital platforms to collect and verify
See MoreIMF Report Assesses the US Economy
On 17 July 2024 the IMF issued a report following consultation with the US government under Article IV of the IMF’s articles of agreement. The US economy has performed strongly in the past few years. Economic activity and employment now exceed
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Bulgaria approves CbC exchange agreement with US
Bulgaria’s Council of Ministers approved the Bulgaria – United States Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports on 17 July, 2024. This automatic exchange of CbC reports will enhance international tax transparency
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Costa Rica, Switzerland to restart tax treaty talks
The Swiss Federal Council, in a release on 15 July 2024, has announced that Costa Rica and Switzerland officials have restarted negotiations for an income tax treaty between the two countries. Officials from both nations discussed bilateral and
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Argentina removes five countries from non-cooperative jurisdictions list
Argentina has issued Decree 603/2024 of 10 July 2024, updating the list of non-cooperative jurisdictions for tax purposes as defined under Decree 862/2019. In this revised non-cooperative jurisdictions list, it removed Burkina Faso, Benin, Papua New
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Mexico mandates new registration requirements for foreign digital service providers
The Mexican tax administration (SAT) has introduced two new requirements for registering foreign digital service providers operating within the country. These measures are aimed at ensuring better compliance and clarity in the operations of such
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