Canada: Business income taxation changes in Budget 2016
The Finance Ministry presented the Budget for 2016 on 22nd March 2016. Details regarding business income taxation are summarized below: New incentives have been proposed in the Budget 2016 in relation to electric vehicle charging stations,
See MoreCanada: Proposal regarding CbC reporting in Budget 2016
Canadian Budget for 2016 proposes new legislation to strengthen transfer pricing documentation by introducing country-by-country reporting for large MNEs. The new transfer pricing documentation rules will follow the base erosion and profit shifting
See MoreOECD: Latin American Revenue Statistics
The OECD has published the revenue statistics for Latin American and Caribbean countries. The report entitled Revenue Statistics in Latin America and the Caribbean was produced by the Inter-American Centre of Tax Administration (CIAT), the Economic
See MoreEcuador published new rules about annual contribution to supervisory body
On 24 February 2016, New Resolution SCVS-INAF-DNF-16-006 was published in the Official Gazette, issued by the Supervisory Body of Companies, Securities and Insurances, established the amounts for the year 2016 of the annual contribution need to be
See MoreUS: President Obama Submitted his Administration’s Fiscal year 2017 Budget
President Obama has submitted his Administration's fiscal year 2017 budget to the US Congress. The proposal would raise $955 billion over ten years by closing certain loopholes for wealthy taxpayers. For example, it would: Raise the top tax
See MoreUS: Transfer Pricing Adjustments for Consolidated Group Members
The U.S. Tax Court has issued an opinion concluding that the IRS Commissioner—in exercising authority under Code section 482 and adjusting the reported prices for items transferred among taxpayers and their foreign affiliates—is not required to
See MoreOECD: Meeting of Task Force on Tax and Development
The OECD’s Task Force on Tax and Development met on 1 March 2016 to discuss the inclusive framework for implementing the OECD’s recommendations on base erosion and profit shifting (BEPS) on a global basis, including the initiatives to support
See MoreUnited States: ADD/CVD Roundup for February 2016
Following table shows the Federal Register notices related to ADD/CVD cases for February 2016 in United States. Country Product Investigations Case Number Details Australia Certain Uncoated Paper Antidumping final determination. A-602-807 See
See MorePGA Highlights: February 2016
In the United States the following events have taken place under the several PGA during the month of February 2016. Agencies Summary Federal Register Amendment to the international traffic in arms regulations: This proposed Rule has been given
See MoreChile: IRS established an obligation to submit a new affidavit aligned with BEPS
According to tax audit strategy of Chile, the Internal Revenue Service (IRS) has improved its formal requirements for Chilean taxpayers. On 24th December 2015, the IRS established an obligation to submit an affidavit F.1913 (Annual Return of Global
See MoreCanada: Increased HST rate in New Brunswick
In New Brunswick the rate of harmonized sales tax (HST) for companies that do business in the province is to increase from 13% to 15% with effect from July 1, 2016. New Brunswick announced this HST rate increase in its 2016
See MoreVenezuela: Tax plan to fight tax evasion, avoidance and fraud announced
The President has announced six general economic measures including a tax plan naming "Tax Revolution" in order to fight tax evasion, tax avoidance and tax fraud on February 17, 2016. One of the declared tax measures is the outline of an electronic
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
See MoreTIEA between Belize and Czech Republic signed
An Exchange of Information Agreement regarding tax matters between Belize and the Czech Republic has signed on February 12, 2016 in Mexico
See MoreChile: Law to simplify structural tax reform of 2014 published
Law No. 20.899 was published in the Official Gazette on 8th February 2016. This Law simplifies the implementation of the tax reform 2014 in matters regarding provisions of the tax code, income tax and VAT, among others. Under the tax reform of 2014
See MorePeru- New filing conditions and requirements for the tax year 2015 published
The tax authorities of Peru published Resolution No. 358-2015 in the Official Gazette on 30 December 2015. The Resolution establishes new filing conditions and requirements for the entities and individuals of the income tax return for tax year
See MoreCanada: Tax measures regarding New Brunswick’s 2016 budget
The 2016-17 provincial budget of New Brunswick which was presented on 2nd February 2016. It includes measures as follows: The province’s rate of harmonized sales tax (HST) has increased from 13% to 15%; Increase the corporate income tax rate
See MoreUnited States: ADD/CVD Roundup for January 2016
Following table shows the Federal Register notices related to ADD/CVD cases for January 2016 in United States. Country Product Investigations Case Number Details Australia Certain Uncoated Paper Final Determination of Sales at Less Than Fair
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