Colombia modifies thin capitalization rule
On 29 May 2020, the Government of Colombia has issued Decree 761 of 2020, through which the thin capitalization rule established in article 118-1 of the Tax Statute is modified. The decree was substantially ratified by the Law 2010 of 2019 as Law
See MoreCanada: The CRA extends tax return deadline until 1 September 2020
On 1 June 2020, the Canada Revenue Agency (CRA) published updated information on their website regarding the extension of corporate tax return or information return submission deadline for businesses, trusts, or partnerships until 1 September 2020
See MorePuerto Rico extends sales tax exemption in response to COVID-19 pandemic
On 2 June 2020, the Puerto Rico Treasury Department has announced a new period of exemption from payment of sales and use tax in response to COVI-19 pandemic. Through Administrative Determination 20-16, the Treasury Department extends the sales
See MoreColombia: Measures regarding indirect tax in response to COVID-19 pandemic
On 21 May 2020, the Colombian Ministry of Finance and Public Credit has published Decree 682 through which it establishes some measures on the consumption tax in the sale of food and beverages, as well as on the sales tax on the leasing of
See MoreColombia extends annual financial statements filing deadline again amid COVID-19
On 26 May 2020, Colombia has issued Circular Letter 100-000010 extending the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The deadline for companies (including branches of foreign companies) for filing
See MoreBolivia: Government declares to extend tax filing deadline for corporations
The Government body has recently announced following tax relief measures amid coronavirus pandemic: On 28 May 2020, the Minister of Economy and Finance announced that the national government will issue a Supreme Decree 4249 that postpones the
See MorePanama further extends return submission deadline
On 27 May 2020, Executive Decree No. 298 was approved, which adopted tax measures in response to COVID-19 pandemic. The Individual and corporate income tax returns filing deadline for taxable year 2019 is further extended until 17 July 2020.
See MoreColombia extends payment deadline for MSMEs amid COVID-19 pandemic
On 13 May 2020, the Colombian Ministry of Finance and Public Credit has published Decree 655 by which the payment of the second installment of income tax has been extended until November 2020 for micro, small and medium-sized enterprises (MSMEs)
See MoreCanada: CRA extends the corporate individual tax return deadline
On 25 May 2020, the Canadian Revenue Authority (CRA) announced new extended deadlines for corporations and trusts in response to COVID-19 pandemic. According to the announcement, the CRA will allow an extension up to 1 September 2020 for
See MoreEl Salvador provides additional time for filing and payment of 2019 AITR
On 14 May 2020, the legislative assembly passed Legislative Decree No. 643 which provides additional relief to taxpayers in light of the ongoing coronavirus (COVID-19) situation. The relief includes additional time to 30 June 2020 for taxpayers
See MoreUS: IRS announces to change the procedures for filing MAP and APA
On 11 May 2020, IRS officials announced certain modifications to procedures for filing documents under Rev. Proc. 2015-40, 2015-35 IRB 236 (mutual agreement procedure (MAP) requests), and Rev. Proc. 2015-41, 2015-35 IRB 263 (advance pricing
See MoreEcuador: SRI publishes a Resolution to extend the TP report filing deadline
On 6 May 2020, the Internal Revenue Service (SRI) published Resolution NAC-DGERCGC20-00000032 , which extends the deadline of Annex on Related Party Operations and the Comprehensive Transfer Pricing Report for fiscal year 2019 between 10 and 28
See MoreCanada: Federal Court of Appeal makes a decision on a case regarding GAAR
On 5 May 2020, the Federal Court of Appeal has made a decision on a case entitled, “2018 TCC 187”, which was against the tax authorities, but in favor of the Tax Court of Canada's decision or the taxpayer. The Federal Court finds that the loss
See MoreBrazil: Ministry of Economy extends the installment terms of tax deadlines
On 12 May 2020, the Ministry of Economy announced an extension of the deadlines for tax installments due in May, June, and July 2020 up to the last business days of August, October and December 2020. The extended dates are provided by Ordinance No.
See MoreArgentina: AFIP publishes Resolution regarding new transfer pricing rules
On 15 May 2020, the Argentine tax authorities (AFIP) Officially published General Resolution 4717/2020 of 14 May 2020, which governs the control of transfer prices of international transactions. The new resolution replaces General Resolution No.
See MorePeru: SUNAT issues Decree on tax payment deferral regime amid COVID-19
On 10 May 2020, the Peruvian Tax Administration (SUNAT) has issued Legislative Decree No. 1487, through which the tax payment deferral regime is established in response to COVID-19. the deferral regime of the tax debts administered by SUNAT, which
See MoreColombia extends annual financial statements filing deadline amid COVID-19
On 8 May 2020, Colombia has issued Circular Letter 100-000009 extending the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The deadline for companies (including branches of foreign companies) for filing
See MoreUruguay further extends tax returns submission deadlines amid COVID-19 pandemic
The Directorate General of Taxation (DGI) of Uruguay has published Resolution 707/2020 of 20 April 2020. The resolution extends deadline for annual tax payment and returns due to COVID-19 pandemic. This includes that taxpayers, except those
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