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:
- Modernization of the tax administration and the Tax and Customs Courts
- Combatting informality
- Tax offenses
- Aggressive tax planning
- Enhanced powers for the Taxpayer’s Advocate
- Regularization of tax obligations
- 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.