Dominican Republic: DGII invites for public comments regarding CbC reporting requirements
Recently, the Directorate General of Internal Revenue (DGII) declared a public consultation on a draft general standard regarding country-by-country (CbC) reporting. The DGII invited for public comments up to 7 September 2021. The CbC report
See MoreColombia issues Resolution on transfer pricing return and CbC notifications
On 11 August 2021, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued Resolution No. 000072 setting out the procedure of the submission of the transfer pricing return and CbC notification for the tax
See MoreColombia introduces new tax incentives for the maritime sector
On 4 August 2021, Colombia has issued Law 2133, which is aimed at creating incentives in the development of naval activities in Colombia that keep the maritime economy of the country related. The income from the international maritime transport
See MoreBolivia: National Tax Service extends due date of financial reports and other reports
On 27 July 2021, the National Tax Service declared the issuance of Resolution No. 102100000009 of 27 July 2021. According to the Resolution, the paper filing or electronically filing of financial statements and other reports is extended until 31
See MoreEcuador: SRI extends administrative deadlines due to COVID-19 pandemic
In this COVID-19 outbreak, on 29 July 2021, the Internal Revenue Service (SRI) published Resolution NAC-DGERCGC21-00000036. The SRI extends the suspension of the periods and terms of all tax administrative processes and the limitation periods of
See MoreColombia submits a new Tax Reform Bill to Congress
On 20 July 2021, the Colombian Executive branch has submitted a new tax reform bill (the Social Investment Act) to Congress. The Bill modifies corporate income tax (CIT), value-added tax (VAT), and tax evasion measures. The main tax measures of
See MoreArgentina: AFIP establishes reporting regime for e-payment services
On 22 July 2021, the Federal Administration of Public Revenue (AFIP) Officially published Resolution 5029/2021 to announce that online payment service providers have to comply with new information regime for electronic payment processing services,
See MoreCanada: The Budget implementation Bill 2021 receives Royal Assent
On 29 June 2021, the 2021 Budget Implementation Act (“Bill C-30”) received Royal Assent, which includes certain tax measures that were proposed in the 2021 Federal Budget, the 2020 Fall Economic Statement, and the 2019 Federal Budget. Bill
See MoreBrazil: Executive Branch sends second phase of draft tax reform to Congress
On 25 June 2021, the Executive Branch sent the second stage of the tax reform proposal to Congress. This Tax reform includes the following changes: Government proposed to reduce the corporate income tax rate from 15% to 12.5% in 2022 and to 10%
See MoreUS: Treasury, IRS extend safe harbor for renewable energy projects
On 29 June 2021, the Department of the Treasury and the Internal Revenue Service issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic. In prior IRS notices, the Treasury
See MoreUS: IRS releases draft instructions Schedules K-2 and K-3 for international tax reporting
On 30 June 2021, the Treasury and the IRS released early draft instructions for the Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The early release drafts of the instructions provide a preview
See MoreMalaysia: BEPS MLI enters into force
On 29 June 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, the MLI entered into
See MoreCanada: CRA replaces and abolishes a Circular regarding MAP
On 1 June 2021, the Canada Revenue Agency (CRA) published Information Circular IC71-17R6, which replaces and cancels Information Circular 71-17R5 dated January 1, 2005. This Circular describes several changes related to MAP. MAP filing
See MoreOECD: VAT Digital Toolkit for Latin America and the Caribbean
On 23 June 2021 the OECD published a Value Added Tax (VAT) Digital Toolkit for Latin America and the Caribbean. VAT is on average the main source of tax revenue in the Latin America and Caribbean (LAC) region. VAT collection amounted to 27.7% of
See MoreCosta Rica gazettes resolution reducing interest rate for late tax payments and refunds
On 16 June 2021, the Costa Rican Ministry of Finance has published a Resolution RES-DGH-010-2021 and RES-DGA-222-2021 providing a reduction of interest rate from 10.31% to 10.20% for late tax payments and refunds of overpayments. The rate is
See MoreDominican Republic: DGII publishes additional tax relief during COVID-19 pandemic
On 16 June 2021, the Directorate General of Internal Revenue (DGII) Officially published Resolution No. DDG- AR1-2021-00006, which includes additional relief such as companies whose income for the fiscal year 2020 do no in excess of DOP
See MoreArgentina: AFIP extends the deadline of TP filing reports
On 18 June 2021, the Federal Administration of Public Revenues (AFIP) Officially published General Resolution 5010/2021, which extends the deadline for filing transfer pricing reports and related forms F. 2668 and F. 2672 for tax years ended
See MoreColombia further extends the payment deadline for micro and small companies
On 4 June 2021, the Colombian Ministry of Finance and Public Credit has published Decree No. 612 by which the corporate income tax payment of micro and small companies has been extended amid the COVID-19 pandemic. Previously, Decree No.
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