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United States: IRS Updates FAQs on Section 163(j) Business Interest Deduction Limitation

United States /

The IRS published updated Frequently Asked Questions (FAQs) on August 19, 2026 (IR-2026-94) addressing the limitation on the deduction for business interest expense under IRC Section 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) and further modified by the CARES Act and Inflation Reduction Act. The FAQs clarify computational mechanics for the

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United States: Treasury Proposes Regulations Safeguarding Refundable Credits from Ineligible Claimants

United States /

On August 19, 2026, the Treasury Department and IRS issued proposed regulations (IR-2026-93) implementing federal law restrictions on refundable tax credit eligibility for individuals not lawfully present in the United States. The regulations, authorized under the Working Families Tax Cuts (WFTC) and consistent with the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) Sections 401

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Panama: Panama Cabinet Submits Digital Economy Tax Reform Bill 30-26 to National Assembly

Panama /

The Council of Ministers approved Bill 30-26 on 19 August 2026, sending it to the National Assembly for debate. The bill amends the Fiscal Code to modernize the taxation of digital economy operations, ensuring parity between domestic and foreign digital service providers regarding ITBMS (VAT) and income tax obligations. Key Takeaways Leveling the Playing Field:

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Panama: Panama Tax Lottery Second Regional Draw Held in Panama City Region

Panama /

The General Directorate of Revenues (DGI) executed the second 2026 Regional Tax Lottery draw for Region 1 (Panama City) on 19 August 2026, ahead of the Colón draw scheduled for 20 August. The initiative continues the government’s fiscal culture program that rewards consumers requesting authorized electronic fiscal invoices (FE) for purchases subject to ITBMS. Key

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Chile: Chile and Switzerland Technical Forum Examines Advance Transfer Pricing Benefits

Chile /

On 18 August 2026, the Chilean Internal Revenue Service (SII), in partnership with the Swiss Federal Tax Administration, concluded a landmark technical forum dedicated to the operational implementation and benefits of advance transfer pricing agreements under the bilateral tax treaty governing income taxation between the Republic of Chile and the Swiss Confederation. The forum was

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Paraguay: Paraguay MEF Disburses 117 Billion Gs to State Suppliers via Treasury Transfers

Paraguay /

As of 18 August 2026, the Ministry of Economy and Finance of Paraguay (MEF), through its Directorate General of Public Treasury (DGTP), executed a disbursement exceeding 117.453 billion Gs to State providers and creditors. The transfer corresponds to Solicitudes de Transferencia de Recursos (STRs) processed under three Funding Sources: Source 10 “Treasury Resources”, Source 20

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Paraguay: Paraguay Fiscal Deficit Accumulated to July 2026 Stands at 1.2% of GDP

Paraguay /

As of the close of July 2026, the Central Administration of Paraguay recorded a cumulative fiscal deficit of 4.714 billion Gs (USD 736.3 million), equivalent to 1.2% of Gross Domestic Product (GDP). The result emerged within a context of moderate revenue growth and expenditure execution, with emphasis on strategic sectors, social protection programs, pharmaceuticals, and

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Turks and Caicos Islands: Turks Caicos Relief Programme Batch 2 List Released

Turks and Caicos Islands /

On 18 August 2026, the Ministry of Finance released the second batch of approved beneficiaries for the Cost of Living Relief Programme, significantly expanding the programme’s reach to an additional 3,200 households. This release follows the initial Batch 1 publication on 14 August and reflects the Ministry’s commitment to a phased, transparent rollout. The Batch

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Uruguay: Uruguay DGI Primary Tax Second Installment Due Date August 31 2026

Uruguay /

Uruguay DGI announces August 31 2026 deadline for second Primary Tax installment. Taxpayers must comply under national revenue law to avoid penalties. Payment accepted via official online portal or authorized collection networks. Key Takeaways Deadline: Second Primary Tax installment due August 31 2026; late payments incur interest and penalties per DGI regulations. Payment Methods: Official

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Turks and Caicos Islands: Turks Caicos Relief Programme Batch 2 List Released

Turks and Caicos Islands /

On 18 August 2026, the Ministry of Finance released the second batch of approved beneficiaries for the Cost of Living Relief Programme, significantly expanding the programme’s reach to an additional 3,200 households. This release follows the initial Batch 1 publication on 14 August and reflects the Ministry’s commitment to a phased, transparent rollout. The Batch

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