Canada: Offering PRPP legislation in British Columbia
In British Columbia, legislation offering Pooled Registered Pension Plans (PRPP) to persons and considered substantively enacted for purposes of IFRS and ASPE as of May 29, 2014. It allows small- and medium-sized business employees and self-employed
See MoreCanada: Mining tax changes in Quebec budget
According to the 2014-15 Quebec budget, Quebec has declared several measures that will impact on the mining industry and it proposes to deduct tax credits and confirms that the mining tax regime would be effective from January 1, 2014. The budget
See MoreUAE and US Signed Provisional FATCA Agreement
The United Arab Emirates (UAE) and US signed an Intergovernmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) of United States. The US congress enacted FATCA in 2010, taking effect on July 1, 2014, desire to ensure
See MoreSouth Africa and US signed IGA
The Government of US and South Africa signed an inter-governmental agreement (IGA) on June 9, 2014. The provision of reciprocal exchange of information includes in the agreement, where financial institutions in South Africa require report
See MoreCanada: Tax Rules that put pensioners at risk
The pension rules in Canada have failed to cope up with long life expectancies, and impose Registered Retirement Income Fund (RRIF) holders to operate tax-deferred assets down rapidly. Federal tax rules need those with tax-deferred savings to either
See MoreUruguay-Temporary reduction of VAT on purchase by debit cards and credit cards
The government of Uruguay is planning to temporarily cut VAT by 4% on purchase by debit cards and by 2% on that for credit cards. The Economy Minister announced on 5 June 2014 that all debit card and electronic payment purchases with indexed units
See MoreChile: TP Return is due end of June
The rules in Chile regarding transfer pricing for cross-border transactions were revised in September 2012. By the 2012 tax reform, there is a new requirement for particular taxpayers (for example, those with income above a specific threshold amount
See MoreSouth Africa and United States signed agreement to share tax information
U.S. Ambassador to South Africa Mr Patrick H. Gaspard and South African Minister of Finance, Mr Nhlanhla Nene signed an intergovernmental agreement, on June 9, 2014, to improve international tax compliance and to implement the Foreign Account Tax
See MoreSwitzerland and United States FATCA agreement enters into force
The Federal Council decided, on June 6, 2014, that the FATCA agreement between Switzerland and the United States came into force on June 2, 2014. This agreement was approved by the parliament in September 2013. The FATCA execution in Switzerland is
See MoreBrazil: Tax exemption from Foreign Loans
The Finance Minister of Brazil declared that the government has announced to cut some tax on foreign loans and from the Tax on Financial Transactions (IOF) on 4 June of 2014 and introduced a new Decree No. 8263The 6% IOF will no longer applicable
See MoreCanada – Tax deduction for SMEs from Quebec 2014-15 budget
The Minister of Finance and the Economy of Quebec has delivered the province’s 2014 budget on June 4, 2014. The budget contains a declaration for a deduction of income tax rate for manufacturing small and medium-size enterprises (SMEs) in Quebec,
See MoreCanada – Newfoundland Budget substantively enacted in 2014
Newfoundland Bill 13 containing tax changes has declared as Newfoundland Budget in the 2014. As Newfoundland has a majority government, the bill is allowed substantively enacted for motives of IFRS and ASPE as of May 26, 2014. Bill 13 contains
See MoreCanada: Searching for Block Expanded Expat Voting Rights
The Government desires to appeal a recent court judgment stating that expats who have been outside the country for more than five years should be approved to vote and it was said by Canada's Minister for Democratic Reform. The shortcomings were
See MoreVenezuela – Regulations regarding commercial property leases
A new legislative decree has published in late May 2014 including changes to the rules regarding commercial property leases in Venezuela. As determined by the tax authorities, the decree also establishes the invoice provided by the landlord to the
See MoreMexico: Presented Further Maquila VAT Refunds
The finance minister of Mexico has introduced a 16% VAT on imports through maquila and it will start from 1 July 2014 and government expected it will providing quick VAT refund on import in the Mexico through a 100% tax credit. The government
See MoreCanada: New guidance regarding contemporaneous documentation
The CRA’s updated Transfer Pricing Memorandum (TPM-05R) clarifies the CRA’s process for requesting contemporaneous documentation and includes specifically four new sections, such as method of delivery, three-month delivery, documents provided to
See MoreIRS warns filing deadlines for US Expats
US citizens and resident living overseas who are eligible for an automatic two-month extension after the regular April 15 tax filing date must file their 2013 federal income tax returns by June 16. Since 15 June is Sunday this year taxpayers get one
See MoreTurkey enlisted as having FATCA in effect
Turkey has reached an intergovernmental agreement (IGA) with the United States to execute the Foreign Account Tax Compliance Act (FATCA), and has agreed to be listed on the website of the US Treasury Department as a jurisdiction that is supported as
See More