On 25 September 2024, the Congress approved the tax reform contained in the Tax Compliance Bill (the Bill). With this, the Bill is ready to become law, upon enactment by the President of the Republic and its publication in the Official Gazette.

Some of the main aspects covered by the Bill include:

• Modifications to the corporate reorganization rules, including legal recognition of international reorganization processes.
• Changes to the foreign investment rules through amendments to the CFC and tax haven rules.
• New tax amnesty for declaration of foreign assets, subject to a 12% sole tax. This special regime would be available only until November 30, 2024
• New interest rate applicable to tax debts and incorporation of a transitional window for remission of interest and fines subject to agreements with the tax authorities.
• Adjustments to the procedure for lifting bank secrecy.
• Introduction of the rewarded anonymous whistleblower, with certain exceptions.
• Adjustments to the regulation of digital platforms, particularly related to marketplaces and operators of electronic means of payment.
• Changes in the governance of the SII and modifications to the General Anti-avoidance Rule.

If you want to know more details, read our informative page here.