Canada: 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
See MoreDTA between UK and Uruguay now in force
The comprehensive Double Taxation Agreement (DTA) between UK and Uruguay has taken effect from 1 January 2017. The UK and Uruguay signed a convention to avoid double taxation and prevent fiscal evasion related to taxes on income and on capital on 24
See MoreColombia: Tax administrative summary of tax reform 2016
According to law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016, which introduces the following major changes to the tax administration, tax procedures and penalties: Tax administration The tax reform introduces
See MorePanama approves TIEA with Japan
On 23 January 2017, the National Assembly of Panama approved the Tax Information Exchange Agreement (TIEA) with Japan. Furthermore, On August 25, the Government of Japan and the Government of the Republic of Panama signed the Exchange of Information
See MorePanama approves DTA with Vietnam
On 23 January 2017, the National Assembly of Panama approved the double tax agreement (DTA) with Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreTIEA between Argentina and UAE enters into force
The Exchange of Information Agreement regarding tax matters (TIEA) of 2016 between Argentina and United Arab Emirates has been entered into force on 17th January 2017 and it also effects from 17th January
See MoreBelgium ratifies TIEA with Aruba
On 12 January 2017, Belgium ratified the Tax Information Exchange Agreement (TIEA) with Aruba. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities including automatic exchange of
See MoreUAE ratifies TIEA with Colombia
On 15 January 2017, the United Arab Emirates (UAE) ratified the Tax Information Exchange Agreement (TIEA) with Colombia by way of Decree 227-2016. Furthermore, this Agreement provides for the effective exchange of information regarding tax matters
See MoreUS: IRS issues final and temporary regulation on dividend equivalents from U.S. sources
The IRS on 19 January 2017 issued final and temporary regulations (TD 9815). The final and temporary regulations provides guidance to nonresident alien individuals and foreign corporations that hold certain financial products providing for
See More