Brazil: Updates fictitious credit for CFC rule
Normative Instruction 1,674/2016 released in the official Gazette on 29 November 2016 and in force on the same date of publishing. Normative Instruction 1,674/2016 adjusts the option that, resident companies to submit the profits derived by the
See MoreMexico: Amendments to tax reform package
The Decree including the tax reform package for 2017 was released in the Official Gazette on 30 November 2016. According to the decree the Legal representatives must acquire a taxpayer registration number and an electronic signature. The instructive
See MoreBolivia: Publishes audit procedure rules
The National Tax Service published Resolution No. 10-0032-16 (the Resolution) on 27 November 2016. The Resolution contains the formalities to be observed by the tax authorities during an audit procedure carried out to verify tax liabilities
See MoreProtocol to DTA between Belgium and Canada approved
The Belgian parliament has approved the amending protocol of Income and Capital Tax Treaty (2002) between Belgium and Canada on 24th November 2016. It was signed on 1st April 2014 for the avoidance of double taxation and the prevention of fiscal
See MoreMexico: Publishes tax reform package for 2017
Mexico’s Government on 30 November 2016 Publishes the Decree containing the tax reform package for 2017 in the Official Gazette. The reform will be effective as of 1 January 2017. The main amendments to the income tax law are summarised
See MoreUS: TIGTA urged the IRS to ensure the protection of data the IRS transfers to external partners
The Treasury Inspector General for Tax Administration (TIGTA) in a final report issued November 3 concluded that transfer pricing issues are not being properly evaluated by the Internal Revenue Service because of various procedural barriers at the
See MoreColombia: Tax reform bill 2016
The comprehensive tax reform bill 2016 recently submitted by the government of Colombia to the Congress with the following corporate income tax issues: Rates: The bill proposes to unify the income tax and the Fairness Tax into a single income tax
See MoreArgentina: Income tax exemption announced
The Minister of Finance announced a future implementation of an income tax exemption on 22nd November 2016. The future implementation regarding income tax exemption is that second installment of the 13th month salary to be paid during December. In
See MoreUS: US signed FATCA agreement with Saudi Arabia
Saudi Arabia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, 15 November 2016. Details of agreement will be reported
See MoreMexico: Tax Authorities issues proposed regulations
Mexican Tax Authorities issued proposed regulations regarding the “additional information” that could be requested as part of the new transfer pricing obligations, which require Mexican taxpayers to submit a master file, local file and
See MoreIMF comments on Jamaica’s economic reform agenda
On 11 November 2016 the IMF issued a press release in connection with the approval of a stand-by arrangement to support the continued economic reform agenda in Jamaica. The IMF commented that macroeconomic stability has been achieved with low
See MoreDTA between Chile and China (People’s Rep.) enters into force
The Income Tax Treaty (2015) between Chile and People's Republic of China has been entered into force on 8th August 2016 and it generally applies from 1st January
See MoreCosta Rica: Resolution on transfer pricing return procedure entered into force
Costa Rican tax authority has Gazetted the resolution N ° DGT-R-44-2016 on September 13, 2016 that regulates the transfer pricing return in Costa Rica entered in force. With the publication of resolution N ° DGT-R-44-2016, technical and practical
See MorePanama: TP documentation requirements and Arm’s length principle
Decree 390 was published in the Official Gazette on 25 October 2016 to regulate the arm’s length principle established in the Fiscal Code and establishes Transfer Pricing documentation requirements. The Decree will enter into force on 1 January
See MoreUS: US signed FATCA agreement with Antigua and Barbuda
Antigua and Barbuda and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, 7 November 2016. Details of agreement will be reported subsequently. Under the agreement, Foreign Financial Institutions (FFIs) in Antigua and
See MoreUS: FATCA agreement between US and St. Lucia entered into force
Foreign Account Tax Compliance Act (FATCA) agreement between US and St. Lucia has been entered into force on 1 September, 2016. The agreement was signed on 19 November 2015 to improve international tax compliance with respect to the US Foreign
See MoreUS: FATCA agreement between US and Panama entered into force
Foreign Account Tax Compliance Act (FATCA) agreement between US and Panama has been entered into force on 25 October, 2016. The agreement was signed on 27 April, 2016 with the aim of exchange of information related to
See MoreUnited States: ADD/CVD Roundup for October 2016
Following table shows the Federal Register notices related to ADD/CVD cases for October 2016 in United States. Country Product Investigations Case Number Details Argentina Lemon Juice Continuation of Suspension of Antidumping
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