Tax Reform 2024

Tax Reform 2024

On January 29, 2024, the Government introduced the Tax Compliance Legislation to Congress. This legislative proposal is a key commitment from the Agreement for Economic Growth, Social Progress, and Fiscal Accountability (New Tax Pact).

The framework of this bill is organized around several core pillars:

  1. Modernization of the tax administration and the Tax and Customs Courts
  2. Combatting informality
  3. Tax offenses
  4. Aggressive tax planning
  5. Enhanced powers for the Taxpayer’s Advocate
  6. Regularization of tax obligations
  7. Institutional strengthening and integrity.

Key features of the bill include amendments to banking secrecy laws, the administrative enforcement of the General Anti-Avoidance Rule, and provisions for anonymous reporting of tax violations.

Additionally, it is expected that by March 2024, the Government will announce a second bill to amend the income tax law.