Canada: New Brunswick Budget 2017 presented
The New Brunswick Province Budget 2017 was delivered on 7th February 2017 by the Finance Minister. The budget decreases the small business income tax rate from 3.5% to 3% that will be effective from 1st April
See MoreCanada: Carbon levy has been implemented in Alberta
The Alberta has executed the Climate Leadership Act along with associated regulations that forces to pay a carbon levy on fuels consumed in Alberta. It is part of Alberta’s broader climate change initiatives intended to reduce greenhouse gas
See MoreEl Salvador: Publishes late payment interest rates
Recently, the Government of El Salvador gazetted the late payment interest rates for 2017 tax year. The applicable rates are: 6.37% - applies for late payments of taxes from 1 February to 31 July 2017; and 10.37% if the late payments are
See MoreBrazil published special programme for payment of federal tax debts
Normative Instruction 1,697/2017 published in the Official Gazette on 1 February 2017 regarding special programme for the payment of federal tax and non-tax debts. According to Normative Instruction payment of the debts may be made as follows:
See MoreUnited States: ADD/CVD Roundup for January 2017
Following table shows the Federal Register notices related to ADD/CVD cases for January 2017 in United States. Country Product Investigations Case Number Details Belgium Stainless Steel Plate in Coils Continuation of Antidumping Duty Orders
See MoreChile: Tax treatment of bonds issued
The Finance Ministry has announced the adjustments declared by Law 20,956 on 30th January 2017 to the tax treatment of bonds that was issued by both the Central Bank and Treasury. Note that, the Central Bank and Treasury are obliged to withhold 4%
See MoreCanada: Probable changes expected in federal budget 2017
The Federal Budget 2017 will have been delivered by the Ministry of Finance of Canada soon. Till now the detailed of budget are unknown. The changes related to business tax, mining industry, personal tax, non-profit organizations and international
See MoreBrazil publishes capital gains on exchange of shares
Private Ruling 88/2017, released in the Official Gazette on 31 January 2017 regarding the tax treatment of exchange of shares transactions in Brazil. This public ruling imposes on non-resident shareholders. According to the rule, 15% income tax rate
See MoreCanada: Special insurance premium taxes charged
The federal government and some province governments of Canada charge a tax regarding insurance premiums. Due to risks in the province, companies in Alberta must self-assess a 50% tax on certain insurance premiums. This requirement is applicable on
See MorePanama: Tax credit procedure for VAT (ITBMS)
On 23 January 2017, tax authorities of Panama published a Resolution 201-0261 that launched the procedure for VAT withholding agents applying for the tax credit. The Resolution is effective as of 24 January 2017 and VAT (ITBMS) withholding agents
See MoreArgentina: New extension regarding VAT refunds rejects
A new extension of the VAT refund for purchases paid with debit cards has been rejected by the Executive Power and it was established by Decrees 1387/2001, 1402/2001 and 1548/2001. In accordance with Resolution 153/2016, the Ministry of Economic
See MoreArgentina: Resolution 3,982.E regarding Simplified System published
The General Resolution 3,982.E has been published in the official bulletin of 6th January 2017 and came into force on the same date. It re-categorizes all taxpayers (excluding corporations) registered in the Simplified System. If taxpayers believe
See MorePGA Highlights: January 2017
In the United States the following events have taken place under the several PGA during the month of January 2017. Agencies Summary Federal Register Delay of effective date for TSCA import certification process revisions: The U.S. Customs and
See MoreCanada: Trump Import Tariffs impact
The US President gave warning of raised import tariffs on Mexican exports to the United States. He also made an indication that Canadian exports could be subject to the same tax treatment. He said that he would impose 35% import tariff from
See MoreUS: IRS launches tax filing season for 2017
The US Internal Revenue Service (IRS) launched the 2017 tax filing season on 23 January 2017. Taxpayers have until April 18, 2017, to file their 2016 tax year returns and pay any taxes due. The deadline is later this year than the usual April 15,
See MoreEcuador introduces new TP regulations to exports
The Internal Revenue Service of Ecuador has issued a Resolution that was published in the official gazette on 30 December 2016. The Resolution launches transfer pricing (TP) regulations applicable to exports of bananas, oil, petrol, gold, silver,
See MoreChile and Korea (Rep.): Social Security Agreement enters into force
The Social Security Agreement of 2015 between Chile and Korea (Rep.) has to be entered into force on 1st February 2017 and it will be applicable from the same day of its entry into
See MoreMexico provides guidance on electronic receipts
The tax administration (Servicio de Administración Tributaria) of Mexico has been issued guidance regarding tax matters in January 2017. The guidelines set standards for compliance with the rule for electronic or digitized tax revenues. A tax
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