Mexico sets threshold for reporting customized transactions under MDR
On 2 February 2021, Mexico has published Agreement 13/2021 in the Official Gazette. The Agreement sets threshold for reportable cross-border arrangements under the Mandatory Disclosure Regime (MDR). This Agreement is applicable from 3 February
See MoreDominican Republic: DGII publishes thresholds for TP reporting and some tax issues
On 4 February 2021, the Directorate General of Internal Revenue (DGII) published Resolution No. DDG- AR1-2021-00002, which provides various tax issues, including new transfer pricing thresholds and updates to its tax haven list. Transfer pricing
See MoreUruguay extends CbC reporting deadline to 28 February 2021
On 19 January 2021, Uruguay's Directorate General of Taxation (DGI) has published Resolution No. 075/2021 regarding the extension of the Country-by-Country (CbC) reporting deadline to 28 February 2021 for reporting fiscal years ending between 1
See MoreUS and Argentina sign CbC exchange arrangement
On 27 January 2021, US and Argentina have signed a competent authority agreement to exchange country-by-country reports. The purpose of the agreement is to increase international tax transparency and improve access of their respective tax
See MorePeru sets deadlines for individual and CIT returns for 2020
On 30 December 2020, the Peruvian tax authorities (SUNAT) has issued Resolution No. 000229 -2020/SUNAT in the official gazette regarding the deadlines for individual and corporate tax (CIT) returns for 2020. The Resolution includes an
See MoreParaguay introduces new guidance on TP law
On 30 December 2020, the tax authority of Paraguay issued Decree 4644/2020, providing further guidance on the technical aspects of Paraguay’s transfer pricing (TP) provisions included in Law 6380. Law No. 6,380/2019 modernized the Paraguayan
See MoreEcuador: Government make rules on advance income tax payments
On 22 December 2020, the Government Officially published a Resolution No. NAC-DGERCGC20-00000071 to describe the rules for income tax payments voluntarily instead of mandatory advance income tax payments. The Tax reform law 2020 repealed this
See MoreColombia increases the value of tax unit for 2021
On 11 December 2020, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued Resolution No. 000111 in the official website. The Resolution increases the tax unit value (Unidad de Valor Tributario - UVT)
See MorePanama declares revised tax rates for SMEs
On 17 December 2020, Panama has published Law No. 189 which introduces reduced income tax rates for companies and individuals qualifying as SMEs with effect from 1 January 2020, subject to the following conditions: The SME's gross annual
See MoreBolivia: Government publishes Budget Law for 2021
On 28 December 2020, the Government Officially published the Budget Law for 2021 and Law No. 1355, which effects from 1 January 2021. Under Law No. 1355, a 5% VAT refund is introduced on sales prices for low-income individuals with monthly income
See MoreArgentina: AFIP further extends the deadline for beneficial ownership declaration
On 31 December 2020, the Federal Administration of Public Revenue (AFIP) Officially published General Resolution 4897/2020 of 29 December 2020, which extends the initial reporting deadline of beneficial ownership declaration for 2019 and, with
See MoreColombia issues a decree on the tax return and TP documentation deadline
On 17 December 2020, the Colombian Ministry of Finance and Public Credit has issued Decree 1680 specifying the deadlines for filing and payment of the tax return (declaration) in 2021 and the deadline for transfer pricing (TP) documentation,
See MoreCosta Rica publishes interest rate for late tax payments and refunds of overpayments
On 18 December 2020, Costa Rica's Ministry of Finance has published the Resolution DGH-054-2020 and DGA-542-2020 providing reduced the interest rate for late tax payments and refunds of overpayments to 10.31% (from 10.54%). The rate is based on the
See MorePeru increases the value of tax unit for 2021
On 15 December 2020, Peru issued Supreme Decree No. 133-2013-EF in the Official Gazette. The Decree increases the tax unit value (Unidad Impositiva Tributaria – UIT) from PEN 4,300 to PEN 4,400 for the year 2021. The UIT is used for different
See MorePeru: SUNAT publishes frequently asked question on CbC Report
On 16 December 2020, the Peruvian tax authorities (SUNAT) has released frequently asked questions (FAQ) in Spanish providing an elaborate description of country-by-country (CbC) reporting, including the format of CbC report, local filing
See MoreArgentina: AFIP again extends the deadline for beneficial ownership declaration
On 12 December 2020, the Federal Administration of Public Revenue (AFIP) Officially published General Resolution 4878/2020 of 12 December 2020, which provides new definitions and rules for beneficial ownership disclosures. According to the new
See MoreArgentina: Government publishes Budget Law for 2021
On 14 December 2020, the Government Officially published Law 27591 of 14 December 2020, including budget measures for 2021 to Congress amid continuing pandemic and political uncertainties. The measures are given below: The VAT and customs duties
See MorePeru joins CRS Multilateral Competent Authority Agreement
On 10 December 2020, the Organization for Economic Co-operation and Development (OECD) published an update regarding signatories of the multilateral competent authority agreement (MCAA) on automatic exchange of financial account information and
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