US: IRS Launches CbC reporting pages on IRS.gov
The Internal Revenue Service on 30 June 2017 announced the launch of Country-by-Country Reporting pages on irs.gov. These pages provide background information on Country-by-Country Reporting, frequently asked questions and other helpful resources,
See MoreIMF report comments on Nicaragua’s fiscal position
On 22 June 2017 the Executive Board of the IMF concluded consultations with Nicaragua under Article IV of the IMF’s articles of agreement and a report has been issued. The report notes that Nicaragua’s economic performance in 2016 was robust
See MoreBrazil publishes private ruling on royalty and technical service payments
Brazil has published Private Ruling 316 of 20 June 2017 on royalty and technical service payments and payments for services under cost sharing agreements. The ruling explicates the accountabilities for social security contributions (PIS/COFINS) on
See MoreCosta Rica: Tax administration temporarily suspends filing date for TP information return
The Costa Rican Tax Administration has temporarily suspended the filing date for the transfer pricing information return. On 5 June 2017 Resolution DGT-R-28-2017 was published in the Official Gazette to give effect to this measure. The resolution
See MoreCanada: Minister announces consultation on changes to the Voluntary Disclosures Program
Although most Canadians pay their tax and expect a responsive and fair tax system, some net high wealth individuals are continuing to find ways to avoid paying the tax they owe, placing an unfair burden on the country. The Canadian Government and
See MoreArgentina: Multilateral Convention on BEPS signed
Argentina has signed the multilateral instrument on 7 June 2017, aiming to facilitate the implementation of tax related measures to Prevent Base Erosion and Profit Shifting (MLI). At the signing ceremony, Argentina introduced its 17 tax treaties
See MoreBrazil: The Federal Government establishes the Special Tax Regularization Program
On 31st May 2017 the Federal Government published Provisional Measure No. 783, which established the Special Tax Regularization Program (PERT). Under the program's rules, taxpayers may settle debts with the Federal Revenue Service and the Attorney
See MoreUS: Interest rates on tax underpayments and overpayments for the third quarter of 2017
The Internal Revenue Service on 9 June 2017 announced that interest rates for tax underpayments and overpayments will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: four percent for overpayments (three percent
See MoreMexico signs Multilateral Convention on BEPS
Mexico has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI") on 7th June 2017. The signing of the MLI will modify over 1,100 international
See MoreChile signs OECD Multilateral Treaty on Double Taxation
Chile has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). More than 68 countries, including Chile, signed the Convention on 7 June 2017 at
See MoreCosta Rica signs OECD Multilateral Instrument
Costa Rica has signed the Multilateral Convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). More than 68 countries, including Costa Rica, signed the Convention on 7
See MoreCanada signs OECD Multilateral Treaty on Double Taxation
Canada has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). More than 68 countries, including Canada, signed the Convention on 7 June 2017
See MoreCanada: An arrangement signed with U.S. regarding the exchange of CbC Reports
The competent authorities of Canada and the United States of America (U.S.), on 7th of June 2017, signed an arrangement on the exchange of Country-by-Country Reports. The information exchanged is subject to the privacy and other provisions of the
See MoreCanada: DTA negotiations with Switzerland
The Finance Department of Canada has declared that negotiations to update its Double Tax Agreements (DTA) with the Swiss Confederation will be held in June 2017. The main objective of this release is to ensure that persons whose interests are
See MoreCanada: DTA negotiations with Germany
The Finance Department of Canada has declared that negotiations to update its Double Tax Agreements (DTA) with Germany will be held in June 2017. The main objective of this release is to ensure that persons whose interests are affected have an
See MoreGuatemala: Tax fines and surcharges terminated
Public Finance Ministry of Guatemala published Governmental Agreement No. 82-2017 on 4 May 2017, which terminated tax fines, penalties and surcharges for three months starting from 20 May 2017. According to the agreement tax fines, penalties and
See MoreBahamas: Budget Communication 2017-18
The Bahamas 2017-18 Budget was submitted to the National Assembly on May 31, 2017. The budget included an increase in customs and excise duties and licensing taxes and the introduction of electronic customs procedures. The main changes are as
See MoreSouth Africa and U.S. sign an agreement on the exchange of country-by-country reports
The competent authorities of South Africa and the U.S. have concluded an arrangement on the exchange of Country-by-Country Reports. On June 5, 2017 the South African Revenue Service (SARS) released the text of the arrangement. According to SARS the
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