Colombia: Information regarding comparable data range and segmented data uses
In accordance with the Regulatory Decree 3030 of December 2013, there is an economic link between the parties if the transaction is between a branch and home office, a transaction involving a permanent establishments, a related party transaction
See MoreCanada: Budget 2014 incorporates transfer pricing rules and financial services
It has been announced by the OECD that the Budget for 2014 includes the announcement of a consultation on international tax planning by multinational enterprises as input into Canada's participation in the action plan on the basis of erosion and
See MoreUS – Tax Reform Discussion Draft
The House of Representatives Ways and Means Committee Chairman has issued a comprehensive income tax reform discussion draft, which proposes to reduce maximum tax rates and simplify the tax code. The discussion draft suggests that six different
See MoreUS: IRS Mentions Smooth Start to Tax Filing Season
The United States Internal Revenue Service (IRS) recently announced that it had received one-third of the individual income tax returns it had expected to receive during the whole 2014 filing season in the first three weeks. During each week in this
See MoreUruguay – Relief from compliance in respect of marketing and advertising expenses
Taxpayers are no longer required to submit certain information to the tax administration (Dirección General de Impuestos—DGI) with respect to income tax deductions or value added tax (VAT) calculations related to expenses incurred for marketing
See MoreMexico-Peru DTA
The 2011 double taxation agreement (DTA) concluded by Mexico and Peru entered into force on 19 February 2014 and will apply as from 1 January 2015. When in effect, the treaty will provide for a 10% withholding tax on dividends paid to a company
See MoreMexico promises an unchanged tax regime until 2018
Following the completion of tax reforms, the Mexican Government has now signed a Tax Certainty Agreement under which Mexico's tax system is to remain unchanged throughout the remaining period of the current government. This means that the tax regime
See MoreCosta Rica completes ratification of the TIEAs with Nordic countries
Through a publication in the Official Gazette, bilateral Tax Information Exchange Agreements (TIEAs) with Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden entered into force for Costa Rica, on 29 January 2014. These TIEAs were
See MoreChile: New tax reporting format
The tax authorities have provided a new reporting format for the declaration that Chilean individuals and foreign individuals that have been domiciled or resident in Chile for more than 3 years must file a return by 19 March 2014 to report foreign
See MoreCanada: Tax Break for 2015-16 financial year
Canada's Finance Minister has said that his "number one priority" is reducing the taxes faced by Canadian families. Tax cuts are to take preference over plans to lower the country's debt or boost government spending. After the tax cuts are achieved,
See MoreCanada: Insurance companies, banks, and security dealers face new indirect tax challenges
Many insurance and financial institutions have a high compliance burden from indirect taxes, owing to the need to distinguish between taxable and exempt supplies and the restriction that many face in reclaiming all the VAT paid on their inputs.
See MoreCanada: Draft Legislation Concerning Taxation of Canadian Banks With Foreign Affiliates
On February 27, 2014, Canada’s Department of Finance released draft legislative proposals relating to the taxation of Canadian banks with foreign affiliates. The proposals contain modifications to those released for consultation on November 27,
See MoreCanada Highlights Trade and Investment Opportunities with Southeastern Europe
Canada’s Parliamentary Secretary to the Minister of International Trade has highlighted Canada’s growing trade relationship with Southeastern Europe during remarks he delivered at the NATO Council of Canada Conference on Investment and Business
See MoreColombia: Updates on documentation threshold’s, audit penalty and APA
According to the Regulatory Decree 3030 of December 2013, transactions over 32,000 UVT by type of transaction are subject to transfer pricing analysis only if the total amount of the transactions exceeds 61,000 TVU. In the case of transactions with
See MoreUnited States: ADD/CVD Roundup for February 2014
Following table shows the Federal Register notices related to ADD/CVD cases for February 2014 in United States. Country Product Investigations Case Number Links Australia Electrolytic Manganese Dioxide Final Results of the Expedited First
See MorePGA Highlights: February 2014
In United States, The following events have been taken place under the several PGA during the month of February 2014. Agencies Summary Link Federal Register Change in Size Requirements for Importing Oranges: This rule relaxes the minimum size
See MoreMexico: Electronic Invoicing mandatory
From 1 April 2014, individual taxpayers involved in business, providing professional services etc. must issue electronic invoices. The Mexican tax administration service has made available a free mobile application to record income and expenses,
See MoreUS: Proposes tax break for investment in infrastructure fund
The US is planning a tax break for US companies if they invest in the fund to be set up by the proposed bipartisan Partnership to Build America Act. US companies would be able to repatriate a certain dollar amount in overseas and will be able to
See More