Colombia: Tax reform 2016 and Transfer Pricing Updates
In accordance with law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016, introduces the following main changes to the transfer pricing regime. According to article 260-3 of the Tax Code (TC), as amended by the tax
See MorePanama ratifies DTA with Vietnam
On 7 February 2017, Panama ratified the Double Taxation Agreement (DTA) with Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreTIEA between Japan and Panama expected to be entered into force
On 12 March 2017, the Tax Information Exchange Agreement (TIEA) between Japan and Panama will enter into force. For criminal tax matters, the agreement generally applies from 12 March 2017 and for all other tax matters from 1 January 2013. This
See MoreUS: IRS releases its ‘dirty dozen’ list of tax scams for 2017
The Internal Revenue Service yesterday warned taxpayers to be alert to unscrupulous tax return preparers touting inflated tax refunds. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for 2017. The “Dirty
See MoreColombia introduces new incentives for small enterprises
According to law 1819 of 2016, adopting the structural tax reform bill introduces amendments to the corporate income tax incentives applicable to small enterprises benefiting from Law 1429 of 2010, as follows: Years of incorporation Current
See MoreColombia: Fail to collect VAT is subject to a prison sentence between 48 to 108 months
The Colombian National Tax Authority (DIAN) issued a Press Release regarding the criminal offence introduced by Law 1819 of 2016 in the case of not collecting VAT and consumption tax, on 6 February 2017. In accordance with Press Release, as of 1
See MorePanama adopts fiscal transparency compliance policy
On 2 February 2017, According to Executive Decree 10, Panama's fiscal transparency compliance policy is adopted that was issued by the President and published in the Official Gazette. It includes joining the OECD Automatic Exchange of Information
See MoreColombia: Taxpayers can adjust the value of their fixed assets to 7.08%
On 30 December 2016, the Colombian National Tax Authority (DIAN) published a Decree 2202 of 2016 that regulates articles 70 and 73 of the Tax Code (TC) related to fixed asset value adjustments and the determination of taxable income or capital gains
See MoreUS: FATCA agreement signed with Ukraine
An intergovernmental agreement between Ukraine and the United States was signed on 7 February 2017 to improve international tax compliance with respect to the US Foreign Account Tax Compliance Act (FATCA). The agreement helps to reduce the
See MoreCanada: CbC report form published
A form entitled ‘RC 4649’ and instructions for completing the country-by-country (CbC) report has been published on 3rd February 2017 by the Canada Revenue Agency (CRA) for reporting the income allocation, tax allocation and business activities
See MoreCanada: 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
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