US: Tax refunds totaling $1 Billion for 2013 non-filers
The Internal Revenue Service announced on March 1, 2017 that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. In cases where a
See MoreUS: IRS issues revised guide on foreign tax credits (FTCs) for individual
The US Internal Revenue Service (IRS) has released a revised version of its tax guide on foreign tax credits (FTCs) for use by individuals when preparing their 2016 tax returns. The guide provides information on how to choose to take the FTC or the
See MoreArgentina: DJAS and DAPE systems eliminated
The General Resolution No. 4008-E was published on 6th March 2017 in the Argentine Official Gazette. According to that resolution, Argentina has abolished the Early Declaration System for Services (DJAS) and the Early Declaration for Payments Abroad
See MoreDTA between Qatar and Paraguay initialed
An Income Tax Treaty between Qatar and Paraguay has been initialed on 8th March 2017 for avoiding double
See MoreCanada: Guidance about CbC reporting
The Canada Revenue Agency (CRA) has released a Guide ‘RC4651’ on 2nd March 2017 regarding Country-By-Country Reporting (CbCR) in Canada, which is only available in electronic format. This is a new filing obligation for multinational enterprise
See MoreBrazil declare targeting plan for tax inspections in 2017
The tax authorities declared the aim plan for tax inspections in 2017 on 2nd March 2017. According to the tax plan focus will be given to following specific topics, taxation of CFC profits tax planning involving company reorganizations and
See MoreEcuador publishes income tax refund process
The Internal Revenue Service (SRI) of Ecuador published Resolution NAC-DGERCGC17-00000121 in the Official Gazette, on 20 February 2017. The Resolution establishes the process to request a tax refund of the income tax paid in excess. The key
See MoreUnited States: ADD/CVD Roundup for February 2017
Following table shows the Federal Register notices related to ADD/CVD cases for February 2017 in United States. Country Product Investigations Case Number Details Brazil Frozen Warmwater Shrimp Antidumping Duty Order, Finding, or Suspended
See MoreUS: IRS reminds international taxpayers of filing obligations
The Internal Revenue Service on 23 February 2017 reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a
See MoreVenezuela: Resolution SNAT/2017/0003 about value of tax unit gazetted
The Resolution SNAT/2017/0003 was published on 24th February 2017 in the Official Gazette that implements a 69.5% increase in the value of a tax unit (TU). Some amounts relating to stamp duties, penalties and other aspects of tax are adjusted on a
See MoreCanada, Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Canada and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Canada and Singapore will be able to begin from 2018, the
See MoreDominican Republic: Notice on deduction of transfer tax on industrialized goods and services
The Directorate General of the Internal Revenue issued a notice on 17 February 2017 explaining that qualifying companies can deduct the 9% withholding tax on the transfer of industrialized products and services from their gross tax payable for the
See MorePGA Highlights: February 2017
In the United States the following events have taken place under the several PGA during the month of February 2017. Agencies Summary Federal Register Importer of controlled substances application: The registered bulk manufacturers of the
See MoreColombia sets maximum deductible amount to investment for 2017
Under the recently published Administrative Regulation 16 of 2016, the National Council of Tax Benefits in Science, Technology and Innovation (CNBT) has set out the maximum amounts deductible for investments made in science, technology and
See MoreBrazil approves a proposal for re-opening of special regime
The Chamber of Deputies has sanctioned a proposal for the re-opening in 2017 regarding the special regime for regularization of non-notified assets abroad on 15th February 2017. The proposal was approved by the Senate on 23rd November 2016. The
See MoreColombia: DIAN issues tax calendar for 2017
The Colombian National Tax Authority (DIAN) published an official announcement providing the tax calendar for tax year 2017, on 22 February 2017. This calendar provides the deadlines for personal tax, corporate tax, withholding taxes, income tax for
See MoreCanada: The Province Budget 2017-18 for British Columbia issued
The Province Fiscal Budget 2017-18 was presented on 21st February 2017 by the Ministry of Finance of British Columbia. This budget includes a number of tax measures. The short summary of this budget are given below: Business taxation With effect
See MoreColombia: Key changes on international mergers and spin-offs
According to a recently published Ruling 2242 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the tax effects of international mergers and spin-offs. In accordance with article 319-8 of the Tax Code (TC), the transfer of assets
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