US: IRS Corrects Final Regulations on FATCA Reporting and Withholding
In Announcement 2013-14, the Internal Revenue Service (IRS) corrected final regulations (T.D.9610) regarding information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on payments to FFIs and other
See MorePeru- Decree on VAT Collection System published
The Supreme Decree 243-2013-EF of Peru has been published which will enter into force on 30 October 2013. The Decree has established computational rules for the application of the VAT Collection System in relation to the importation of goods with
See MoreSwitzerland-US: Exchange of notes to FATCA agreement
The Swiss parliament sanctions a changed Implementation Act on 27 September 2013, concerning the Switzerland and United States FATCA Agreement (2013) of 14 February 2013. The Swiss financial institutions have to impose FATCA which is effecting
See MoreExchange of Information Agreement between Argentina and Aruba signed
Argentina and Aruba signed an exchange of information agreement relating to tax matters on 30 September 2013. The agreement aims to combat tax evasion by the exchange of tax information. The agreement applies to all taxes imposed by Aruba. In
See MoreCanada-Malaysia Tax Treaty Signed
Canada and Malaysia has signed a declaration of intent on October 7, 2013 to conclude a new tax agreement that will deduct tax obstacles and inspire to increase trade and investment. The new agreement will include provisions consistent with the
See MoreBrazil: Procedure to file requests for tax consultations
Brazil issued Normative Instruction 1,396/2013 on 30 September 2013.This Instruction regulates the administrative procedure to consult the federal tax authority on the interpretation of the tax and customs legislation concerning taxes administered
See MoreBrazil: Tax authority has issued ruling on tax treatment
The Federal Tax Authority issued Ruling No. 58/2013 on 27 August 2013, published in the Official Gazette on 30 August 2013, concerning the tax treatment of amounts deposited into escrow accounts associated with specific conditioned
See MoreBrazil: Tax Authority has published guidance on Transitory Tax Regime
Tax Authority has published guidance on the Transitory Tax Regime in the Official Gazette on 17 September 2013, introduced the Federal Law 11,941/2009. One of the main motives of Law 11,941/2009 was to make the Brazilian GAAP more adaptable with the
See MoreBrazil: Daimler to Build New Factory
It has been published that, German auto-maker Daimler AG said early in October that it plans to set up a new Mercedes-Benz assembly plant in Brazil on 7 October 2013. One of the aims of this move is to reduce the impact of Brazil’s country’s
See MoreBrazil: Changes to transfer pricing regulations
Brazil issued Normative Instruction 1,395/2013 on 30 September 2013.This Instruction introduced changes to Normative Instruction 1,312/2012 regarding the prices that must be used in cross-border transactions involving the sale and purchase of goods,
See MoreArgentina-changes to the wage limits for family allowances
The government of Argentina has announced changes to the family allowances regime which are effective from 1 September 2013. The family allowances limit has been increased to $15,000(previously $8,400) for each spouse and $30,000(previously
See MoreArgentina –Extension of the Foreign-Currency Tax Amnesty Program
In Argentina, a tax amnesty program has been extended until the end of this year for those Argentines who have undeclared foreign currency. The government introduced the amnesty In June 2013. According to the amnesty those who have professed
See MorePGA Highlights: September 2013
In United States, following events have been occurred under the several PGA during the month of September 2013. Agencies Summary Link Federal Register Importation of Potatoes From Mexico: This action would allow the importation of potatoes
See MoreUnited States: ADD/CVD Roundup for September 2013
Following table shows the Federal Register notices related to ADD/CVD cases for September 2013 in United States. Country Product Investigations Case Number Links China (PRC) High Pressure Steel Cylinders Rescission of Countervailing Duty
See MoreUruguay – Taxation procedure of public companies transferred to foreign country
An advisory firm of Uruguay recently issued a report concerning the transfer of public companies to a foreign country (and vice-versa). Generally those companies are no longer subject to Uruguay’s corporate income tax (since the company is no
See MoreCanada: Tax cuts for Manufacturers
The Ministry of Finance of Canada has declared the tax deductions provided to the manufacturing and processing sector on September 18, 2013 to write off investments in new equipment and machinery will be prolonged by two years. An extension to the
See MoreCanada – New way of voluntary disclosure in Quebec
New Voluntary Disclosure (LM-15-V) application has been introduced by the Revenue Quebec for taxpayers who want to justify their tax status on or after September 19, 2013. Additional information on the application of the voluntary disclosure
See MoreCanada – Evaluation of GST/HST information
The Canadian Revenue Agency has began to judge the “hefty penalties” regarding the GST/HST annual information return that many large businesses and financial institutions in Canada are needed to report. The penalties (which can be as high as
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