US – Home Office Deduction Simplified
In the internet age the number of people able to run businesses from their home has increased. The Internal Revenue Service has reminded United States taxpayers with home-based businesses that this year, for the first time, they can choose a
See MoreUS: Finland and Chile Sign FATCA Pacts
On March 5, 2014 the United States signed intergovernmental agreements (IGAs) with Finland and Chile to implement the Foreign Account Tax Compliance Act (FATCA). To date, twenty four of these bilateral agreements have been signed between the US and
See MoreUS: American Citizens Abroad Argues for Residence-Based Taxation
An organization known as American Citizens Abroad (ACA) has provided testimony to the Senate Homeland Security and Governmental Affairs Permanent Investigations Subcommittee following its recent hearing on offshore tax evasion. The ACA has
See MoreUS: 2015 Budget would increase taxes for the wealthy
The Budget 2015 proposals would reduce the United States medium-term fiscal deficit by increasing revenues, particularly on the wealthiest taxpayers, but are unlikely to reach Congress. The US deficit would fall from 3.7 percent of gross domestic
See MoreUruguay’s Tax Authority Reveals 2014 Targets
The Uruguayan tax authority (DGI) has recently revealed its 2014 audit targets. For 2014, the DGI indicated that it plans to conduct 1,350 tax audits in the year. This includes 90 audits for taxpayers whose turnover exceeds UYU50m (USD2.2m), and at
See MorePeru ratifies tax treaty with Portugal
The ratification of the tax treaty with Portugal by the Peruvian president was published in the Official Gazette on 6 March 2014. The tax treaty was signed on 19 November 2012 and approved on 26 December 2013 by the Peruvian Congress. Under Article
See MoreMexico – Government and taxpayers reach agreement on tax certainty
The 2014 tax reform provisions have brought significant changes to the tax system in Mexico. New changes will affect both business and individual taxpayers. In response, taxpayers have filed for injunctive relief against certain measures under the
See MoreMexico: Annual tax return application available for individuals
The Mexican Tax Administration Service (SAT) has informed taxpayers who derived income from salaries in 2013 that they will receive their tax refund within the following 5 days after submitting the tax return. The deadline for submitting the annual
See MoreColombia: FTA with Colombia Passes Parliamentary Hurdle
Costa Rica's legislature approved a free trade agreement (FTA) with Colombia at its first reading on March 3, 2014. The FTA, which was initialed by both countries on May 23, 2013, is considered an important step to Costa Rica joining the Pacific
See MoreChile – amends FTC rules
Chile has amended Article 41A of the Income Tax Law to reduce the caps on bilateral and unilateral foreign tax credits for certain types of income. The changes to the income tax law affect the credit claimed for income taxes paid or withheld
See MoreCanada: New tax on digital imports
Canada is considering a sales tax on E-commerce supplies made by foreign businesses to residents of Canada. At present people that import digital services should self-assess GST unless the services are used at least 90% for business purposes.
See MoreCanada: First Meeting in connection with Colombia FTA
An initial meeting has been held in connection with the negotiation of a free trade agreement (FTA) between Canada and Colombia. Colombia is Canada’s fifth-largest trading partner in Latin America and is an established market for Canadian
See MoreCanada signs FIPA with Cameroon
The Canada-Cameroon Foreign Investment Promotion and Protection Agreement (FIPA) was recently signed at the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show and Investors Exchange in Toronto. The FIPA is a
See MoreCanada: No tax rate changes in Manitoba 2014 budget
On 6 March 2014, Manitoba Finance Minister delivered the province’s 2014 budget. The 2014 budget does not include any corporate or individual income tax rate changes, but proposes changes to certain tax credits, including the Co-op Education and
See MoreCanada expand Commercial Ties with China
The Canadian Minister of State (Foreign Affairs and Consular) has recently concluded a four-day visit to Hong Kong, Guangzhou and Beijing, China, where she met with government and business leaders. The visit aimed to help position Canada as a
See MoreCanada: 100% surtax may be imposed on selected U.S. imports
Canada may go ahead with the imposition of a 100% surtax on selected U.S. imports in the first half of 2015. The surtax may affect Canadian businesses that import or export products. This proposed measure is a result of the United State's refusal to
See MoreColombia: Information regarding comparable data range and segmented data uses
In accordance with the Regulatory Decree 3030 of December 2013, there is an economic link between the parties if the transaction is between a branch and home office, a transaction involving a permanent establishments, a related party transaction
See MoreCanada: Budget 2014 incorporates transfer pricing rules and financial services
It has been announced by the OECD that the Budget for 2014 includes the announcement of a consultation on international tax planning by multinational enterprises as input into Canada's participation in the action plan on the basis of erosion and
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