Canada: Income Tax Folio on capital dividends published
The Canada Revenue Agency (CRA) has published an Income Tax Folio on 15th December 2016 regarding capital dividends (S3-F2-C1). The new Folio is open for comment up to 16th March 2017. Additionally, a general overview of capital dividends and the
See MoreArgentina: Income tax deduction allowance increased
An executive Branch's Decree 1,253/2016 establishes a one-off ARS 15,000 increase in the individual income tax deduction allowance. It was published in the Official Gazette on 14th December 2016 and effective from that date. According to the Labor
See MoreUruguay- DTA with Singapore approved
The Parliament of Uruguay accepted the treaty with Singapore for the avoidance of double taxation on 24 November 2016 through Law No. 19,457. The treaty contains a provision on exchange of information which will enter into force within 15 days after
See MoreUS-Macau signed FATCA agreement
Macau and the United States signed an intergovernmental agreement on 14 December 2016 to improve international tax compliance with respect to the US Foreign Account Tax Compliance Act (FATCA). The details of agreement will be reported
See MoreUS: IRS issued CBC draft form
The US Internal Revenue Service (IRS) has issued a draft of IRS Form 8975 (Country-by-Country Report) that will be used for country-by-country (CbC) reporting by the US persons that are the ultimate parent entity of a multinational enterprise (MNE)
See MoreBrazil: Amendments to tax on services
The Senate approved changes to Complementary Law 116/2003 major tax on services on 14 December 2016. The modifications need to be ratifies by the President. The key changes are given below: The tax rate is increased from 0% to 2%; new services (e.g.
See MoreDTA between Venezuela and Saudi Arabia entered into force
An Income Tax Treaty (2015) between Saudi Arabia and Venezuela has been entered into force on 1st December 2016 for the purpose of avoiding double taxation. It generally applies from 1st January 2017. It had been ratified by the National Assembly of
See MoreUS: IRS released tax prepare guidelines for the upcoming tax filing season
The internal revenue service has released a guideline on 14 December 2016 to help taxpayers prepare for the upcoming tax filing season. As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should
See MoreUS: IRS announced tax filing season for 2017
The Internal Revenue Service has announced that tax season will open on Monday, January 23, 2017. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS
See MoreColombia: DIAN rules to keep accounting records
According to ruling 31252 of 2016, the tax authority of Colombia (DIAN) pronounced on the obligation for taxpayers to keep accounting records. Commerce Code article 19 provides that individuals and companies considered to be merchants are obliged to
See MoreEcuador and Italy signed an amending protocol of DTA
On 13 December 2016, Ecuador and Italy signed an amending protocol to update the existing DTA of 1984 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreBolivia: Amendments to tax code regulations
Decree 2993 released by the President in the Official Gazette on 29 November and the Decree amends the Tax Code Regulations orderly relate to the new rules recognized by Law 812 accepted by the chamber of senators on 1 July 2016. The Decree
See MoreArgentina: Tax reform approved
The lower house of the Federal Congress has passed a tax reform on 6th December 2016. The most relevant provisions are given below: Individual Taxation Increase in allowances; Deduction in case of rental payment on dwellings; Deduction of
See MoreCosta Rica: A discussion draft published for comments on Transfer pricing documentation guidelines
The Costa Rican Ministry of Finance published a discussion draft on 12 December 2016 on a resolution regarding guidelines on transfer pricing documentation. The requirements under the guideline set out the operations of companies within the economic
See MoreColombia: DIAN rules on 33% withholding tax for Colombian citizens
According to Ruling 30970 of 2016, the National Tax Authority of Colombia (DIAN) announced 33% withholding income tax rate applicable to labor payments made to overseas workers from jurisdictions that are not related party to the Convention on the
See MoreCosta Rica and Ecuador: TIEA enters into force
On 17 September 2016, the tax information exchange agreement (TIEA) between Costa Rica and Ecuador entered into force, which requires the parties to exchange information that is relevant for the determination, assessment, collection and execution
See MoreUS: IRS published interest rates on tax overpayments and underpayments for first quarter 2017
The Inland Revenue Service released Revenue Ruling 2016-28 on 5 December 2016 with the announcement of the interest rates on tax overpayments (i.e. tax refunds) and tax underpayments (i.e. tax assessments and late tax payments) for the calendar
See MoreMexico: Miscellaneous tax resolution for 2017
The Tax Administration Service released the draft rules including in the Miscellaneous Tax Resolution for 2017 (RMF 2017) on its website on 8 December 2016. As per the published decree of 30 December 2015 the contractors and assigns defined under
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