Argentina: AFIP publishes Resolution regarding new transfer pricing rules
On 15 May 2020, the Argentine tax authorities (AFIP) Officially published General Resolution 4717/2020 of 14 May 2020, which governs the control of transfer prices of international transactions. The new resolution replaces General Resolution No.
See MorePeru: SUNAT issues Decree on tax payment deferral regime amid COVID-19
On 10 May 2020, the Peruvian Tax Administration (SUNAT) has issued Legislative Decree No. 1487, through which the tax payment deferral regime is established in response to COVID-19. the deferral regime of the tax debts administered by SUNAT, which
See MoreColombia extends annual financial statements filing deadline amid COVID-19
On 8 May 2020, Colombia has issued Circular Letter 100-000009 extending the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The deadline for companies (including branches of foreign companies) for filing
See MoreUruguay further extends tax returns submission deadlines amid COVID-19 pandemic
The Directorate General of Taxation (DGI) of Uruguay has published Resolution 707/2020 of 20 April 2020. The resolution extends deadline for annual tax payment and returns due to COVID-19 pandemic. This includes that taxpayers, except those
See MoreBrazil: A draft Bill published to introduce digital service tax
On 4 May 2020, Mr. João Maia, a Brazilian politician and Brazilian Congressman, proposed a Bill no. 2358/2020 to introduce the digital service tax (DST) and was submitted it in the Chamber of Deputies. The proposed tax, known as the contribution
See MoreUS: Tax court ruled in favor of the IRS for Whirlpool vs Commissioner case
On 5 May 2020, the US tax court made a decision in favor of the IRS a case involving the Whirlpool Financial Corp. and related foreign affiliate corporations. The Court upheld the Internal Revenue Service's (IRS) application of the Subpart F
See MorePeru extends carry forward loss period in response to COVID-19
On 8 May 2020, Peru has published Legislative Decree No. 1481 in the official gazette extending the carry forward loss period in response to COVID-19. It is established that loss incurred in the 2020 taxable year, can be carried forward for up to
See MorePeru: SUNAT further modifies tax filing deadline amid COVID-19 pandemic
On 29 April 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 075-2020/SUNAT in the Official Gazette modifying previous Resolution No. 055-2020/SUNAT and 065-2020/SUNAT in response to COVID-19 pandemic. The Resolution further
See MoreGuatemala: SAT provides tax payment procedures amid COVID-19 pandemic
Recently, the Guatemala tax authority (SAT) has provided tax payment procedures for individual and corporate taxpayers in response to COVID 19 pandemic. Taxpayers will download form SAT-821; send to the corresponding email, according to their
See MoreColombia modifies deadlines for filing annual financial statements amid COVID-19
On 24 April 2020, Colombia has issued Circular Letter 100-000008 modifying the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The Circular Letter modifies the previous Circular Letter 100-000007 of 8 April
See MoreMexico extends individual tax return filing deadline amid COVID-19
On 22 April 2020, the Mexican Tax Administration (SAT) has issued a press release extending tax return filing deadline for individual amid COVID-19 pandemic. SAT has extended the period of submitting tax returns from 30 April 2020 to 30 June
See MoreCanada: CRA announces some tax relief measures during COVID-19 pandemic
The Canada Revenue Agency (CRA) has recently announced few tax relief measures. These includes: On 21 April 2020, the CRA launched general guidance concerning the Canada Emergency Wage Subsidy (CEWS) and a calculator for determining the subsidy
See MoreUS: IRS publishes FAQs on transfer pricing documentation best practices
On 14 April 2020, the United States (US) Internal Revenue Service (IRS) has posted on its website new frequently asked questions (FAQs) outlining best practices and common error in preparing transfer pricing documentation. The IRS states that
See MoreColombia issues Decree subject to insolvency regime amid COVID-19
On 15 April 2020, Colombia has issued Decree 560 of 2020 regarding insolvency processes, which are intended to mitigate the extent of the effects on companies affected by the declaration of a state of emergency due to COVID-19. The corporate
See MorePuerto Rico: Governor signs amendments to the Tax Reform
On 19 April 2020, the Puerto Rican Office of the Governor has announced that Governor Wanda Vázquez Garced has signed tax reform bill for individuals and businesses. The bill includes the following tax measure: an additional reduction of 3% on
See MoreDominican Republic: DGII grants new facilities to taxpayers due to COVID-19 impact
On 12 April 2020, the General Directorate of Internal Taxes (DGII) approved new tax relief measures in response to coronavirus outbreak. This includes: the submission due date of Form IR-17 or other withholding and complementary remuneration,
See MoreColombia: Abbreviated tax refund procedure due to COVID-19 Pandemic
On 10 April 2020, Colombia has published Decree 535 regarding the abbreviated procedure of return and/or compensation of balances in favor of taxpayers of income and complementary tax and of sales tax (VAT), within the framework of the state of
See MoreCOVID-19: US IRS extends additional key tax deadlines for certain individuals and businesses
On 9 April 2020, the Department of Treasury and the Internal Revenue Service published a notice that extends additional key tax deadlines for individuals and businesses. In March 2020, the IRS announced that taxpayers generally have until July
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