Argentina publishes guidance on the tax deduction incentive for start-ups
The Ministry of Production has recently released proper instructions regarding tax deduction incentive. This incentives assists to investments in eligible start-ups and it was declared by Law 27.349. This gives a tax deduction equal to up to 75% of
See MoreUS: IRS increases the fees for advance pricing agreements
On 6 February 2018, the Internal Revenue Service (IRS) announced that fees for Advance Pricing Agreements (APAs) are expected to increase in a two-step process. For APA requests submitted after June 30, 2018, the fees will increase as follows:
See MoreCanada: MLI ratification process begins
The Parliamentary Secretary on behalf of the Minister of Foreign Affairs, Matt DeCourcey, had presented the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on January 31, 2018,
See MoreCanada: British Columbia issues draft budget 2018-19
The Finance Minister of British Columbia, Carole James, presented the province’s fiscal budget 2018-2019 on February 20, 2018. The summary of this budget is given below: A new child care program that makes care effectively free for some
See MoreJamaica and five more countries sign MLI to implement tax treaty related BEPS measures
On 24 January 2018, the Ministers and high-level officials from Jamaica, Malaysia, Panama, Barbados, Côte d’Ivoire and Tunisia have signed the BEPS Multilateral instrument (MLI) to amend double tax treaties to bring into effect changes designed
See MoreCanada: CRA announces prescribed interest rates for 2018
The Canada Revenue Agency (CRA) has announced the recommended annual interest rates for the first quarter (Q1) on December 15, 2017. It will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. The
See MoreCanada: Federal Budget 2018 is to be scheduled on February 27, 2018
On February 14, 2018, the Finance Minister, Bill Morneau, announced that the Federal Budget 2018 will be presented on February 27, 2018, in the House of Commons. According to the Budget 2018, the Government will take some steps towards equality, and
See MoreEcuador publishes coefficients for presumptive assessment
On 26 January 2018, the Internal Revenue Service (SRI) of Ecuador has published a Resolution No. NAC-DGERCGC18-00000018 to commence the coefficients for presumptive tax assessments for the tax year 2017. The coefficients for 2017, which vary by
See MoreCosta Rica: Tax administration Gazettes CbC reporting resolution
On 2 February 2018, Costa Rica published the Resolution no.DGT-R-001-2018. Resolution No.DGT-R-001-2018 requires multinationals to submit a CbC report in accordance with the OECD's recommendations for the erosion and profit shifting base (BEPS)
See MoreUnited States: ADD/CVD Roundup for January 2018
Following table shows the Federal Register notices related to ADD/CVD cases for January 2018 in United States. Country Product Investigations Case Number Details Argentina Biodiesel Countervailing Duty Orders C-357-821 See the Federal Register
See MoreUS: President signs Tax Cuts and Jobs Act
Congress has passed the Tax Cuts and Jobs Act(the Act), and the President signed it on December 22, 2017. The most important changes in the area of corporate taxation are: Main corporate tax rate: Under the new Act, the corporate tax rate
See MorePGA Highlights: January 2018
In the United States the following events have taken place under the several PGA during the month of January 2018. Agencies Summary Federal Register Scheduling of upcoming public hearing: The Commission has scheduled a public hearing for March
See MorePeru: Tax authority issues ruling on deadline for submitting local file
On 18 January 2018, the Peruvian tax authorities (SUNAT) issued Ruling N° 014-2018/SUNAT requiring taxpayers to electronically submit the local file on an annual basis in June of the following year. The due date for the submission of the first
See MoreUS: IRS issues guidance on penalties for understatement of income tax
On 29 January 2018, the US Internal Revenue Service (IRS) has issued the Revenue Procedure 2018-11 to recognize circumstances under which the disclosure on a taxpayer’s income tax return with respect to an item or position is adequate for the
See MoreDominican Republic: DGII publishes TP reporting threshold for 2018
The General Directorate of Internal Taxes (DGII) published the Transfer pricing (TP) reporting threshold for 2018 on 19 January 2018. According to the DGII, the adjusted amount that will govern for 2018 corresponds to the sum of DOP 11,015,961.
See MoreGeorgia: Parliament amends the Tax Code
The Parliament approved amendments to the Tax Code which will be entering into force the moment it receives the signature of the President and receives the publication in the Official Gazette. The Parliament adopted the amendments made to the Tax
See MoreIndia: CBDT signed first bilateral APA with US
On 5 January 2018, the Indian Central Board of Direct Taxes (CBDT) signed the first bilateral advance pricing agreement (APA) with the United States. The CBDT has also indicated that there are many more bilateral APAs with the United States
See MoreBrazil publishes provisional measure on special tax regime
Brazil's provisional measure 795/2017 was turned into Law 13.586 / 2017, as published in the Official Journal of 29th December 2017. Provisional Measure 795/2017, initially released on 18th August 2017, provides for the tax treatment of exploration
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