US: Nebraska cuts top corporate tax rate
On 26 May 2021, Nebraska Gov. Pete Ricketts signed Legislative Bill 432 which provides for a reduction of top corporate income tax rates over the next two years. Accordingly, for tax years beginning on or after Jan. 1, 2022, the rate will reduce
See MoreOECD welcomes Costa Rica as its 38th Member
On 15 May 2021, Costa Rica has formally become an OECD Member, the 38th country to do so in the Organisation’s 60-year history. Costa Rica’s accession, extending the OECD’s membership to 38 countries, will take effect after the country
See MoreUS: Interest rates remain the same for the third quarter of 2021
On 27 May 2021, the Internal Revenue Service announced that interest rates will remain the same for the 3rd quarter beginning from 1 July 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation),0.5% for the
See MoreArgentina: AFIP prolongs payment facility for SMEs
On 17 May 2021, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4992/2021 of 17 May 2021 for extend a payment facility for small and medium enterprises (SMEs). This payment facility was scheduled to expire in
See MoreArgentina: Chamber of duties approves a bill regarding progressive CIT rates
On 20 May 2021, the Chamber of Duties approved a revised draft bill, which introduces new progressive corporate income tax rates starting from 1 January 2021. The bill has been sent to the Chamber of Senators for final approval. According to the
See MoreArgentina: Government extends validity of incentives on production and use of biofuels
On 8 May 2021, the tax authority Officially published a Decree 322/2021 of 8 May 2021, to extend the time period of the Promotion Regime for the Sustainable Production and Use of Biofuels established by Law No. 26,093 of 12 May 2006, up to 12 July
See MoreArgentina: AFIP extends corporate return deadline
On 14 May 2021, the Federal Administration of Public Revenue (AFIP) Officially published a General Resolution 4988/2021, which extends the due date of submitting corporate tax return and the affidavit of tax on the earnings and the payment of the
See MoreBolivia: Tax Authority extends deadline for submitting financial reports
On 28 April 2021, the Tax Authority Officially published a Resolution No. 102100000006, which extends the deadline to submit financial reports and supporting documentation until 31 May 2021 related to their corporate income tax filing for fiscal
See MorePeru: SUNAT clarifies interest deduction for thin capitalization rules
On 12 May 2021, the Peruvian Tax Administration (SUNAT) has issued Report No. 015-2021-SUNAT / 7T000 (the Guideline)regarding various queries related to the application of the limit for the deduction of interest expenses are answered, referred to
See MoreArgentina: AFIP extends deadline of transfer pricing return submission
On 30 April 2021, the Federal Administration of Public Revenue (AFIP) made an announcement that it will exceptionally extend the expiration of the presentation of the obligations provided for in the Transfer Pricing Regime established by General
See MoreParaguay releases sixth TP method for commodity transactions
On 16 April 2021, the tax authority of Paraguay has published General Resolution No. 86 with effect from 17 April 2021, regarding the application of the special transfer pricing (TP) rules, related to the sixth method, for certain commodity
See MoreColombia: President announces withdrawal of tax reform after protests
On 2 May 2021, Colombian President Ivan Duque has announced that he would withdraw the proposed tax reform which was submitted to Congress on 15 April 2021. This decision came at such a time when multiple deaths occurred around the country since
See MorePeru: SUNAT issues guidance on comparability analysis using multi-year data
On 29 April 2021, the Peruvian tax authorities (SUNAT) has issued Administrative Guidance No. 036-2021-SUNAT/7T0000 providing guidance in relation to the use of multi-year data in determining arm's length transfer pricing. The guideline provides
See MoreOECD: Revenue Statistics for Latin America and the Caribbean 2021
On 22 April 2021 the OECD published Revenue Statistics in Latin America and the Caribbean 2021 . This is a joint publication of the OECD with the Inter-American Center of Tax Administrations (CIAT), the Economic Commission for Latin America and the
See MoreCosta Rica extends the filing due date for ultimate beneficiary owner return
On 29 April 2021, Costa Rica published the Resolution No. DGT-ICD-R-17-2021 extending the due date for filing the ultimate beneficial owner return in the registry for the year 2021. Originally, the deadline to comply with this obligation was on
See MoreChile: Tax authority extends deadline of income tax return and payments for SMEs
On 30 April 2021, the Tax authority declared that taxpayers may file their 2021 income tax declaration until 31 May 2021, as a way to facilitate compliance with this tax responsibility, which occurs in a period marked by the health emergency and
See MoreDominican Republic: DGII issues a Decree to amend TP rules
On 21 April 2021, the Directorate General of Internal Revenue (DGII) published Decree 256-21, which makes modification on articles 5, 7, 10 and 18 of the transfer pricing (TP) regulation, established by means of the Decree no. 78-14, of March 14,
See MoreColombia extends payment deadline for micro and small companies
On 9 April 2021, the Colombian Ministry of Finance and Public Credit has published Decree No. 374 by which the corporate income tax payment of micro and small companies has been extended amid COVID-19 pandemic. The first installment is between 9
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