Ecuador: SRI issues decree on advance income tax payments
On 5 July 2019, the Ecuadorian Internal Revenue Service (Servicio de Rentas Internas-SRI) issued Executive Decree No. 806 of 25 June 2019 in its official website. The decree introduces new schedule for advance income tax payments. The payment of
See MoreBrazil updates its blacklist removing San Marino
On 28 June 2019, The Department of Federal Revenue (RFB) of Brazil has published Normative Instructions No. 1896 of 27 June 2019 in the official gazette amending Normative Instructions Nº 1037. Through the instruction RFB removes San Marino from
See MoreBolivia issues resolution for tax certificates procedure
On 29 June 2019, Bolivian National Tax Service issued Resolution No. 101900000011 in the official website introducing procedure and requirement for certificates of tax residence, tax debt, and foreign accreditation. The resolution clarifies the
See MoreBrazil publishes new tax incentive regulation for oil and gas sector
On 17 June 2019, the Minister of Mines and Energy signed Regulation No 252, which regulates the process of setting priority projects in the oil, gas and biofuel sectors for issuing incentive debentures. The regulation will help unlock investment in
See MoreEcuador releases advance tax refund procedure for FY 2018
On 4 June 2019, the Ecuadorian Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC19-0000022 dated 30 May 2019 concerning refund procedures for overpaid advance income tax in financial year (FY) 2018. According to the resolution,
See MoreCanada: Federal budget 2019 bill enacted
On 21 June 2019, Canada’s corporate income tax measures as included in three federal bills are deemed to be substantially enacted. The summary corporate tax measures are following: Increasing 15% tax credit for mineral
See MoreUruguay: New incentive for software development
Uruguay has published Decree No 96/2019 of 22 April 2019 amending exemption incentive for software development with effect from 1 January 2018 to comply with BEPS Action 5. The decree applies retroactively from 1 January 2018. The Decree
See MoreColombia: DIAN publishes procedures to submit the TP return, Master file, Local file and CbC report
On 22 May 2019, the Colombian tax authority (DIAN) published regulations for the submission of the Local file and Master file, the Transfer pricing (TP) return, and the Country-by-Country (CbC) report notification corresponding to the 2018 tax year
See MoreArgentina: Tax ruling on BEPS Action 5 minimum standard
On 30 May 2019, the Argentine tax authority published General Resolution No. 4497 (GR 4497/2019) in the official gazette amending the binding ruling (as established by Article 4 of Law No. 11,683) regulations, which adapts the Argentine tax
See MoreArgentina enacts law on knowledge-based economy
Argentina has published Law 27,506 in the official gazette enacting Decree No. 408/2019 , establishing promotional regime on tax benefits for the Knowledge Economy. The purpose of the law is to the promote of the country’s knowledge-based and
See MoreArgentina: AFIP modifies transfer pricing local compliance obligations
On 10 June 2019, the Federal Administration of Public Revenues (AFIP) published General Resolution No. 4502 in the official gazette amending transfer pricing local compliance obligations. The resolution overruled some information including
See MorePanama implements CbC reporting requirements
On 27 May 2019, the Ministry of Economy and Finance of Panama published Executive Decree No. 46 in the official gazette. The decree was issued regarding implementation of country-by-country (CbC) reporting with following
See MorePeru: SUNAT publishes new tax guidance on indirect transfers for entities
On 4 June 2019, the Peruvian tax authority (SUNAT) published new guidance (Informe No. 046-2019-SUNAT/7T0000) for the determination of the market value of shares in relation to the rules for the taxation of the indirect transfers of shares in
See MorePanama updates form for related-party transactions
In Panama, an information return (Form 930) on the transactions conducted with related parties resident abroad should be filed within six months of the close of the fiscal year. The taxpayers, whose transactions with related parties that took place
See MoreArgentina modifies TP documentation requirements
On 27 May 2019, the Federal Administration of Public Revenue (AFIP) has published General Resolution 4496 (GR 4496) in the official gazette amending General Resolution 1122 (GR 1122). The resolution explains requirements, deadline, thresholds for
See MoreArgentina issues decree regarding exemption to the tax on debits and credits
Argentina issued Decree No. 373/2019 on 27 May 2019, which includes new exemption from tax on debits and credits for those accounts used for the provision of financial services by complementary financial services agencies. The decree was issued
See MorePuerto Rico proposes tax incentives for qualifying Opportunity Zones
On 14 May 2019, Governor of Puerto Rico signed the Senate Bill 1147 (the Opportunity Zones Development Act), offering tax incentives for investments in qualifying Opportunity Zones. The act permits the investors following benefits: The new act
See MoreBrazil publishes general rules regarding shareholder interest on net equity
On 6 May 2019, Brazil has published general rules 7018 of 21 March 2019 in the official gazette clarifying calculation and deduction of interest on net equity. The calculation will take into account for the following equity
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