US: Senate Finance Committee approves tax reform bill
On November 16, 2017, the US Senate Finance Committee completed its tax reform and approved the bill. The bill, approved by the Finance Committee ("the SFC Bill"), contains a number of changes to the original proposed reform ("Chairman's Mark") as
See MoreMexico: Congress approves budget for 2018
Mexico’s Congress gave final approval to the federal budget for 2018 on 15th November
See MoreUS: IRS releases practice units on APAs for tangible goods transactions
On November 6, 2017, the Internal Revenue Service (IRS) released two new international Practice Units (IPUs) in connection with Advance Pricing Agreements (APAs) for inbound and outbound tangible goods transactions. The IPUs provide a summary of the
See MoreColombia: New guidance for CbC reporting
In accordance with the amendments introduced by Article 108 of Law 1819 of 2016 modified article 260-5 of the Tax Code, the Colombian national tax authority (DIAN) announced that the new conditions must be fulfilled by taxpayers who are subject to
See MoreColombia: New interest rate for late payment of tax
On 27 October 2017, according to Resolution 1447, the Colombian Tax Authority (DIAN) has announced that the yearly late tax payments interest rate is reduced to 29.44% from 29.73% for November 2017 set by the Financial Superintendence of
See MoreCanada: Federal Govt. announces cannabis tax plan
The federal government proposed a new excise duty framework that imposes duties on cannabis products on November 10, 2017. A Bill C-45 (referred to as the “Cannabis Act”), “an Act respecting cannabis and to amend the Controlled Drugs and
See MoreUS: Tax reform bill published
The long awaited US tax reform bill was released by House Republicans on 3 November 2017. The impact on the deficit is estimated at $1.5tn over 10 years. The corporate tax rate would be reduced from the current 35% down to just 20% starting in 2018.
See MoreArgentina: Treasury Minister announces tax reform plan
The Treasury Minister, Nicolas Dujovne, on October 31, 2017, announced a tax reform plan. This proposed tax reform includes tax procedure law, corporate income tax reduction, criminal law, individual income tax, social security contributions,
See MorePGA Highlights: October 2017
In the United States the following events have taken place under the several PGA during the month of October 2017. Agencies Summary Federal Register Removing the prohibition on the importation of jadeite or rubies mined or extracted from
See MoreUnited States: ADD/CVD Roundup for October 2017
Following table shows the Federal Register notices related to ADD/CVD cases for October 2017 in United States. Country Product Investigations Case Number Details Argentina Biodiesel Preliminary Affirmative Determination of Sales at Less Than
See MoreBrazil: Government changes tax rules on the oil and gas tax industry
Brazil has published the National Congress Act 53 of 10th October 2017 in the Official Gazette for extending the Provisional Measure (PM) 795/2017 of 18th August 2017. Provisional Measure (PM) 795/2017 provided for the tax treatment of oil
See MoreUS: IRS reminds tax preparers to renew PTIN
The Internal Revenue Service, on 26 October 2017, reminded the nation’s more than 727,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2018. All current PTINs will expire Dec. 31,
See MoreUS: Senate approves multi-trillion -dollar budget
On October 19, 2017, the Senate approved a $ 1 trillion budget that Donald Trump has described as "the first step toward massive tax cuts" - a largely symbolic move that enables Republicans to pass the US tax code without a single Democratic
See MoreEl Salvador: Tax authority issues tax havens list for 2018
The Tax Administration of El Salvador issued an annual guide (Resolution No. DG-001/2017) on 28 September 2017. The guidelines set out a revised list of countries, states or territories that are considered to be preferential tax regimes, low or
See MoreCanada: Government intends to reduce small business tax rate
The Government is working to build a fairer and more efficient tax system that benefits all Canadians. As one of its first actions, the Government raised taxes on the wealthiest one per cent in order to cut taxes for the middle class. The Government
See MoreCosta Rica: The income tax on foreigners investing in securities market is 8%
Foreign investors in Costa Rica will now have the same percentage as the revenue tax for local people. The Attorney General's office in Costa Rica confirmed that the withholding tax rate of 8% laid down in Article 23 of the Costa Rican Income Tax
See MoreCosta Rica updates the income tax clauses for tax year 2018
On 27 September 2017, Costa Rican government published the income tax brackets for tax year 2018. Tax brackets are adjusted yearly, effective 1 October to 30 September of the following year due to changes of consumer price index. For corporate
See MoreEcuador: New tax measures for 2018
On 11 October 2017, according to a press release, Ecuadorian President Lenin Moreno proposed some economic measures with tax reform plan. Key issues of this proposal are following: corporate tax rate will increase to 25% from 22%, advance
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