Brazil, Mexico Clash over Auto Agreement
According to reports on 19 March 2012 the Mexican government has resisted the Brazilian government's request to significantly limit car imports for the next three years in talks initiated after Brazil threatened to walk away from a long-standing
See MoreUS Senate Passes Highways Tax Bill
On March 14, 2012, the United States Senate passed, on a bipartisan basis, a bill to provide for an extension of highway-related taxes and the funding of infrastructural spending by the Federal Highway Trust Fund (FHTF), which included an anti-tax
See MoreUS: IRS has new online tool for “Lower-Paid Taxpayers”
As part of its effort to improve service to taxpayers, the United States Internal Revenue Service (IRS) has announced the availability of a new online tool to help taxpayers to find more easily a location for volunteer tax preparation
See MoreFTA between Peru and Mexico Comes Into Force
An updated free trade agreement (FTA) between Peru and Mexico, which extends preferences to 12,000 tariff lines, entered into force on February 1, 2012. The agreement, signed on April 6, 2011, supersedes the existing 8th Economic Complementation
See MoreArgentina: Import Taxes on Luxury Vehicles are increased
To support its domestic car manufacturing industry the Argentine government has announced a change to the country’s customs duty regime and introduced higher taxes on imported vehicles and motorbikes. According to the statement through a
See MoreBudget deficit is shrinking in Canada
According to the latest Fiscal Monitor published by the Canadian Ministry of Finance the Canadian monthly budgetary deficit has fallen remarkably per annum. According to them the revenue increased by 8.1% each year as a result of higher personal
See MoreCanada: Corporate tax filing rules amended
The tax deferral rules are to be amended in Canada’s corporate partnership to extend the time available to companies to file an alignment election. According to the existing regime corporate partners can choose the fiscal period of their
See MoreTax Cuts in Brazil
The Brazilian Finance Minister announced a number of tax cuts, including financial transactions tax, known as IOF. According to this plan, foreign purchases of corporate bonds with maturities of over four years, and local equities, would be no
See MoreAnnulment of contractors’ tax by US
The United States Congress has finally approved a legislation to repeal the 3% withholding tax on payments made to contractors providing services to government entities. The bill was passed in the House of Representatives on a bipartisan vote. When
See MoreBrazil: Auto Tax is Suspended by Court
It has been published on 24 October 2011 that the tax hike proposed by the Brazilian government on the manufacture of foreign cars has been suspended. The Brazilian Supreme Court has ruled the planned tax increase to be unconstitutional due to its
See MoreCanada: Budget to be implemented for 2011
A motion to implement Budget 2011 has been tabled on October 3, 2011, by the Canadian Minister for Finance. The Notice of Ways and Means Motion includes the previously announced tax measures referenced in Budget 2011 to implement. The Ministry
See MoreTax Treaty Amended between Mexico and Singapore
Amendments in the Mexico-Singapore Tax Treaty has been approved by the Mexican Senate and published in the Federal Official Gazette. It is expected that these amendments will increase cooperation between the two countries for sharing information on
See MoreIndia-Uruguay: Signed DTA
The Government of India has signed an agreement with Uruguay for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTA). According to the DTA the business profits will be taxable in
See MoreUK-Belize Tax Information Exchange Agreement entered into force
From the 1 August 2011, a Tax Information Exchange Agreement between the UK and Belize entered into force. The agreement was signed in London on 25 March
See MoreCanada promotes fire-fighter tax credit
Canada’s Ministry for National Revenue has highlighted a new tax credit targeting volunteer fire-fighters. This is a part of their ongoing promotion of the government’s Budget measures. Speaking at a fire station Canada’s Minister for National
See MoreCanada: New tax credit highlights
In the recently reintroduced 2011 federal Budget the Canadian government has announced its new children’s arts tax credit. According to that parents can claim money spent on programmes focusing on fine arts, music, performing arts, outdoor
See MoreFTA with Peru has been approved by the South Korean Parliament
South Korea’s National Assembly has ratified the bilateral free trade agreement (FTA) between South Korea and Peru after previously being passed by the foreign affairs and trade committee. It was signed on March 21 in Seoul. Except for a few
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