Brazil: Tax Earnings Up on Income Tax Collection
Brazil’s tax administration, the country’s federal tax revenue rose 2.68% year-on-year to BRL 83.2bn in August 2013, has released on 26 September 2013. The statistics show that from January to August the government collected BRL722.2bn in tax
See MorePGA Highlights: August 2013
In United States, following events have been occurred under the several PGA during the month of August 2013. Agencies Summary Link CBP Special Import Quota for Upland Cotton: Special import quota for upland cotton has been
See MoreUS – Final regulations on determining amount of tax paid for purposes of the foreign tax credit
Final regulations (T.D. 9634) providing guidance on determining the amount of taxes paid for purposes of the foreign tax credit (FTC) has been issued by the IRS. These final regulations adopt without substantive changes, the proposed regulations
See MoreRelaxation of VAT penalties in Peru
The Peruvian tax authority published Resolution No. 277-2013/SUNAT which became in force from 8 September 2013. The resolution has relaxed the application of penalties in the VAT Collection
See MoreCanada: Insurance premium rate for employment
Canada’s Finance Minister has announced the employment insurance premium rate for employees that will be fixed for 3 years. According to the announcement, the employment insurance premium rate for employees will remain at its current level of
See MoreBrazil: Determination of capital gains for non-residents
The Resolution Ruling COSIT 16/2013 was issued by the Federal Revenue Office on 9 September 2013 and published in the Official Gazette. The ruling confirmed that capital gains obtained by non-residents must be determined according to the regulations
See MoreIncome Tax Treaty between Belgium and Uruguay signed
The Income Tax Treaty between Belgium and Uruguay was signed on 23 August 2013. Under the treaty the definition of a permanent establishment includes a building site, construction or installation project that continues for six months. The definition
See MoreArgentina:Approval of the tax reform bill by the House of Representatives
A tax reform bill proposing significant changes to the income tax law regarding the taxation of dividends and capital gains was submitted to the Argentine Congress on 27 August 2013. The Argentine House of Representatives approved the tax reform
See MoreUnited States: ADD/CVD Roundup for August 2013
Following table shows the Federal Register notices related to ADD/CVD cases for August 2013 in United States. Country Product Investigations Case Number Links Argentina Lemon Juice Continuation of Suspended
See MoreArgentina: Changes to Income Tax and Family Allowances
The Argentine government announced changes to the income taxes. According to the new amendments exemptions from taxes will be offered and the level of non-taxable income for higher earners will be raised. According to Decree 1242/2013, workers with
See MoreCanada – New withholding rules and information collecting rules under the FATCA
Under the U.S. Foreign Account Tax Compliance Act (FATCA), Canadian banks and certain other non-U.S. entities must allow with new rules of withholding and information collecting requirements that take effect on June 30, 2014. In respect of FATCA
See MoreCanada: New exempt life insurance policy rules proposals
A number of amendments that would implement changes to the elimination test and other life insurance policy holder taxation rules have been published by the Canada’s Finance Department. Again, the proposals would amend the rules applying to the
See MoreMexican Tax Authority increases focus on auditing supply chain structures
Recent developments within the Mexican Tax Administration Services (SAT) demonstrate an increased focus on auditing supply chain restructurings. This is in line with international trends in transfer pricing, for example the report on business
See MoreSwitzerland agrees plans for settling US Tax conflict
The Federal Council of Switzerland has agreed to plans for reconciling the Confederation’s tax conflict with the US. The Council of the Federal Finance Department has established a mutual statement designed to draw a line under past dispute over
See MoreBrazil: Guidance Issued on the Pricing of Interest Bearing Transactions
The Brazilian Ministry of Finance has issued an ordinance 427/2013, On 2 August 2013, which finally define and clarifies the interest rate spread and that was mentioned but not specified in Law 12.766/2012. Under Ordinance 427/2013 where the
See MoreCanada – Amends to foreign affiliate dumping rules proposed by the Government
The draft legislation has introduced on August 16, 2013, to make revisions to the foreign affiliate dumping (FAD) rules that were first declared as part of the 2012 federal budget and enacted on December 14, 2012 according to Bill C-45 and it would
See MoreColombia: Agreement with World Bank on Tax Matters
The World Bank signed an agreement with Colombia on August 19, 2013. This is to improve its tax collection. The agreement will be in force between August 2013 and August 2015. In order to strengthening the tax system, the World Bank will supply
See MoreUruguay enacts limits on tax incentives
Uruguay has issued Decree No. 226/013 which introduces a new ceiling on the tax credit for donations to art and cultural projects. The new ceiling applies from 14 August 2013. Under the new provisions, the maximum amount of tax credit on donations
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