Russian banks help IRS after new FATCA law passed
The State passes legislation allowing Russian banks to pass information on their U.S. clients to the IRS, as demanded by the Foreign Account Tax Compliance Act (FATCA). FATCA will come into force on July 1, 2014, and by this time the law that
See MorePeru: Extension of VAT withdrawal regime on certain construction activities
The Peruvian tax office has confirmed that the VAT regime of Peru will be extended to cover activities like installation of electricity lines, urban construction works, and public building
See MorePeru: New tax stability contracts for large scale mining projects
The government of Peru has proposed a new tax stability contract for large scale mining projects. The tax stability contract would try to keep the taxation rates on investments of at least $500m unchanged for a period of 15 years. The proposal also
See MoreCanada: Decision in Marzen Aluminum transfer pricing case has released
The Tax Court of Canada has published its judgment in Marzen Artistic Aluminum Ltd. v The Queen (2014 TCC 194) on 10 June 2014 regarding a case of transfer pricing adjustment made by the Canada Revenue Agency (CRA) in respect of fees paid by
See MoreBrazil: Tax Credits Program for Exporters
Brazil government will renew a tax credit program for manufactured goods exporters from June 18, 2014. This program will fix the tax credit rate of 0.3% for this year which was varying from 0.1% to 3% on foreign sales. It is also announced that IPO
See MoreCanada: Filing trust elections for employee benefit, foreign is due 26 June
Employee benefit plan gives benefit to employees who render services to Canadian resident employers, or a stock plan administered through a non-resident trust, require to review if the trust is deemed to be a Canadian resident and under Canada's new
See MoreCanada: Indirect tax challenges for real estate sector
Industry of real estate business may face indirect tax—GST/HST and QST—challenges. The indirect tax rules specific to the real estate industry were further complicated by numerous recent changes—i.e., changes that may significantly increase
See MoreVenezuela: Customs system changes regarding foreign exchange rates
Venezuela’s tax and customs administration (SENIAT) has declared changes to both versions of its automated customs system (Sistema Aduanero Automatizado or SIDUNEA) naming S++ and SW under foreign exchange agreements that is used to determine the
See MoreBrazil: Tax exemption to encourage Initial Public Offerings
On June 16 of 2014 the Ministry of Finance confirmed that the initial public offerings (IPOs) of smaller company’s investment will be cut from the capital gain tax by 15% and the capital gains tax will not have an effect on infrastructure
See MoreOECD agrees with US tax reform
The Organization for Economic Cooperation and Development's (OECD) chimes in on US tax reform. OECD’s Secretary-General Angel Gurría presented the latest economic survey of the United States which identifies some tax-based reforms required to
See MoreCanada confirming South Korean FTA Terms
The Canadian Government has arranged the final text of its Free Trade Agreement (FTA) with South Korea and upon its entry into force; South Korea will immediately exclude 81.9 % tariff lines duties. Once whole implementation, South Korea will have
See MoreUnited States: ADD/CVD Roundup for May 2014
Following table shows the Federal Register notices related to ADD/CVD cases for May 2014 in United States. Country Product Investigations Case Number Links Australia Electrolytic Manganese Dioxide Notice of Commission Determination To Conduct
See MoreUS Treasury fact sheet to support Education Tax Credit Claims
In order to raise the awareness of students and their families, the US Treasury Department has published a fact sheet to educate colleges and universities, tax preparers, software providers and other stakeholders, on the complex rules addressing
See MoreChile: Claim for education tax break rise of 16%
Chile's Internal Revenue Service (SII) reported that 284,494 taxpayers have claimed a tax rebate for expenses regarding children’s education this year, an increase of 16% from previous year. The total amount claimed was CLP25.45bn (USD45.84m),
See MoreUS: IRS announces Taxpayer Bill Of Rights
On June 10, IRS declared the "Taxpayer Bill of Rights" intending to provide United States’ taxpayers with a better understanding of their rights. There are multiple existing rights under the Taxpayer Bill of Rights which are scattered throughout
See MoreCanadian Tax Freedom Day delayed in 2014
After accounting for all taxes, the research organization said that the average family (with two or more people) will pay CAD43,435 (USD39,763) in taxes in 2014 which is equal to 43.5% of their annual income. The tax burden is going to be heavier if
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
See MoreChile revives negotiation on Free Trade Zone in Antofagasta for Paraguay
Chilean Foreign Minister and his Paraguayan counterpart recently revived negotiations on a free zone for Paraguayan businesses stayed at the Chilean port of Antofagasta. The proposal is actually drafted in 1968 to denominate the port of Antofagasta
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