Colombia updates interest rate for late payment
The Financial Supervisory Authority of Colombia published a Regulation 1155 of 2017 concerning the effective monthly interest rate for late payment of income taxes, on 30 August 2017. Late payment of income taxes is subject to 30.22% interest rate
See MoreCosta Rica : MoF increases the interest rate for late payments and refunds
The Ministry of Finance (MoF) has increased the interest rate for late advance tax payments and refunds of overpayments from 11.73% to 12.8%. The rate is effective from 1 October
See MoreUnited States: ADD/CVD Roundup for August 2017
Following table shows the Federal Register notices related to ADD/CVD cases for August 2017 in United States. Country Product Investigations Case Number Details Argentina Biodiesel Preliminary Affirmative Countervailing Duty Determination and
See MorePGA Highlights: August 2017
In the United States the following events have taken place under the several PGA during the month of August 2017. Agencies Summary Federal Register Extension of test program on Electronic Foreign Trade Zone: This document declares U.S. Customs
See MoreMexico announces incentives for special economic zones
On 10 February 2017, the Ministry of Finance announced the creation of special economic zones (ZEEs). Legal entities and individuals with entrepreneurial activities in a ZEE would enjoy an income tax exemption during a 10-year period and a 50%
See MoreBrazil announces a strategy to simplify tax complex control system
Brazil’s Inland Revenue provided four fiscal simplification measures aimed at reducing costs for businesses and enhancing the business environment of the country on 7th August 2017 at a meeting and those are given below: Improving the
See MoreUnited States: ADD/CVD Roundup for July 2017
Following table shows the Federal Register notices related to ADD/CVD cases for July 2017 in United States. Country Product Investigations Case Number Details Belgium Citric Acid and Certain Citrate Salts Determinations A-423-813 See the
See MorePGA Highlights: July 2017
In the United States the following events have taken place under the several PGA during the month of July 2017. Agencies Summary Federal Register Upcoming public hearing on 2016/2017 GSP review: The GSP Subcommittee of the Trade Policy Staff
See MoreUnited States: ADD/CVD Roundup for June 2017
Following table shows the Federal Register notices related to ADD/CVD cases for June 2017 in United States. Country Product Investigations Case Number Details Argentina Biodiesel Postponement of Preliminary Determinations of Countervailing Duty
See MorePGA Highlights: June 2017
In the United States the following events have taken place under the several PGA during the month of June 2017. Agencies Summary Federal Register Effective date for the ACE system as the the sole CBP-authorized EDI system: The U.S. Customs
See MoreUS: 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
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