Panama extends CbC reporting deadline and notification
On 27 December 2019, Directorate General of Revenue of Panama has issued Resolution No. 201-9116 and 201-9117, with effect from the date of publication. Resolution No. 201-9116 extends the filing of Country by Country (CbC) reporting until 31
See MoreCosta Rica: Ministry of Finance publishes draft resolution on APA guidelines
In December 2019, the Costa Rican Ministry of Finance released a draft resolution regarding the procedures for processing advance pricing agreements (APAs). The draft guidelines state that APA applications would need to be addressed to the
See MoreArgentina: Tax Authority publishes Law 27541 for implementing tax reform 2020
On 23rd December 2019, Argentina published Law 27541 regarding Social Solidarity and Productive Reactivation in the Official Gazette, which contains measures on corporate income tax, personal income tax, dividend withholding tax etc. The Law was
See MoreTax treaty between Colombia and the UK enters into force
On 16th December 2019, the Double Taxation Agreement (DTA) between Colombia and the United Kingdom (UK) was entered into force and applies from 1 January 2020. The DTA contains Dividends rate 0% if the beneficial owners is a pension fund or scheme,
See MoreArgentina: AFIP declares further extensions to TP filing deadlines
On 16 December 2019, the Tax Authority (AFIP) announced further extensions to timeline to transfer pricing (TP) filing returns for the financial years ending on December 31, 2018. Previously, under General Resolution 4538/2019 of 30 July 2019
See MoreColombia: Congress approves new tax reform bill in first debate
On 3 December 2019, the Colombia Congress has approved new tax reform bill 2019 (Law No. 1943 of 2018) in first debate. The Colombian Government submitted the new tax reform bill to Congress on 22 October 2019 due to procedural flaws as stated
See MoreArgentina: Executive Power publishes Executive Branch Decree 862/2019
On 9th December 2019, the Executive Power published Executive Branch Decree 862/2019 in the Official Gazette, which approves a new revised text of the regulatory decree of the Income Tax Act and incorporated provisions that were contained in
See MoreUS: IRS issues final regulations on the base erosion and anti-abuse tax
On 2 December 2019, the Internal Revenue Service (IRS) issued final regulations and proposed regulations on the base erosion and anti-abuse tax. The Tax Cuts and Jobs Act (TCJA) made major changes to the tax law including revamping the U.S.
See MoreMexico implements economic package 2020
On 9 December 2019, Mexico has published a decree to implement economic package 2020 which was approved by Mexican Congress on 30 October 2019. This Decree will enter into force on January 1, 2020. The economic package consists of the following
See MoreUS: IRS publishes interest rate on overpaid and underpaid for first quarter of 2020
On 6 December 2019, The Internal Revenue Service announced interest rates for overpayments and underpayments that will remain the same for the calendar quarter beginning January 1, 2020. Accordingly, 5% for overpayments (4% in the case of a
See MorePeru: SUNAT issues report on interest deduction limitations
On 29 November 2019, the Peruvian Tax Administration (SUNAT) has published Report No. 171-2019-SUNAT/7T0000 on its website regarding exception for the taxpayers engaged in public infrastructure projects, public services and applied research and
See MoreEcuador: Tax Policy Committee issues Resolution on tax incentives for micro and Small business
On 26 November 2019, the Tax Policy Committee published Resolution CPT-RES-2019-005 regarding the application of tax incentives in case of micro and small enterprises, which entered into force on the similar day of its publication in the Official
See MoreUS: IRS and treasury issue final regulations on the foreign tax credit
On 2 December 2019, the Internal Revenue Service issued final regulations on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign
See MoreCanada: BEPS multilateral instrument (MLI) enters into force
On 1 December 2019, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Canada. On 29 August 2019, Canada deposited its ratification instrument for
See MoreColombia introduces new tax incentives for special economic zones (SEZs)
On November 24, the Colombian Ministry of Finance and Public Credit (MinHacienda) issued Decree No. 2112 of 2019, by which Colombia introduces new tax incentives for commercial companies established in special economic zones (SEZs). The Decree
See MoreEcuador presents new tax reform Bill
On 21 November 2019, the Ecuadorian National Assembly presented a new draft of the Tax Reform Bill on "Tax Simplicity and Progressiveness" following the rejection of the previous draft law on economic growth reform submitted to Congress on 18
See MoreUS: IRS issues a notice requesting comments on CbC form
On 6 November 2019, the US Internal Revenue Service (IRS) published a notice requesting comments concerning IRS Form 8975 regarding CbC report. The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent
See MoreCosta Rica ratifies the BEPS MLI
On 12 November 2019, Costa Rica enacted Law No. 9751 by publishing the official gazette No.215. The law ratifies the Multilateral Instrument to Implement Tax Treaty Related Measures to Prevent BEPS (the MLI). Costa Rica must submit the ratified
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