Colombia: New regulation on late payment interest rate
The Financial Supervisory Authority of Colombia recently issued Administrative Regulation 0811 of 2016 about the late payment interest rate. According to the Regulation, the effective annual interest rate is 32.01% that applicable for late payment
See MoreArgentina:Abolition of withholding tax on dividends of companies
In Argentina, Law 27,260, the amendment to the Income Tax Law (LIG) was published in the Official Gazette on 22 July 2016. The Income Tax Law consists of taxation of corporations, individuals and businesses. Law 27,260 abolished the 10% withholding
See MoreChile: IRS publishes final instructions on 2014 Tax Reform and 2015 Simplification Law
The Internal Revenue Service (IRS) of Chile has published the last set of Circulars (Circular no. 40, 41, 42, 44, 48 and 49) along with instructions on the amendments introduced by the 2015 Simplification Law (Law 20,899) on 13th and 14th July 2016.
See MoreUruguay-Tax measures of the Accountability Bill
The chamber of Deputies of Uruguay received for discussion the Accountability Bill on 20 June 2016. The Bill was issued by the Executive Branch. The Bill consists of several tax measures. The corporate income tax measures included in the Bill are as
See MoreUS: IRS released final regulations on country-by-country reporting
The Treasury Department and IRS released the final regulations that require annual country-by-country reporting (CbCR) for US multinationals with annual revenue during the preceding annual accounting period of USD 850 million or more. The Treasury
See MoreColombia: DIAN issued Administrative Regulation for filing the transfer pricing informative return
The Colombian National Tax Authority (DIAN) issued an Administrative Regulation 50 of 16 June 2016 regarding the procedure and technical conditions for filing the transfer pricing informative return for the tax year 2015. In this Administrative
See MoreUnited States: ADD/CVD Roundup for June 2016
Following table shows the Federal Register notices related to ADD/CVD cases for June 2016 in United States. Country Product Investigations Case Number Details Belgium Stainless Steel Plate in Coils Antidumping Duty Order, Finding, or Suspended
See MoreArgentina- Exempt income limit increased for withholding tax on domestic payments
In Argentina, General Resolution 3884(AFIP) was published in the Official Gazette of 26 May 2016 and became in force from that date. The new Resolution amends General Resolution 830 (AFIP) which establishes a widespread system of withholding tax on
See MorePGA Highlights: June 2016
In the United States the following events have taken place under the several PGA during the month of June 2016. Agencies Summary Federal Register Application to use the Automated Commercial Environment: The U.S. Customs and Border Protection
See MoreIMF report comments on the economic policy of Peru
On 13 June 2016 the IMF published on its website a concluding statement following the completion of discussions with Peru under Article IV of the IMF’s articles of agreement. Peru’s economic growth fell in 2014 as a result of declines in
See MoreCosta Rica: Tax authority released draft rules for annual transfer pricing return
The Costa Rican tax authority released a draft rules on 6 June 2016 for taxpayers to apply and follow in filing an annual transfer pricing return. The draft resolution includes a penalty for taxpayers that fail to file a transfer pricing return,
See MoreIMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See MoreUnited States: ADD/CVD Roundup for May 2016
Following table shows the Federal Register notices related to ADD/CVD cases for May 2016 in United States. Country Product Investigations Case Number Details Austria Certain Carbon and Alloy Steel Cut-To-Length Plate Initiation of
See MoreCanada: LLPs established in Delaware and Florida will be treated as corporations
At the 26 May 2016 IFA International Tax Conference, the Canada Revenue Agency (CRA) has confirmed that limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs) established in Delaware and Florida are to be treated as
See MorePGA Highlights: May 2016
In the United States the following events have taken place under the several PGA during the month of May 2016. Agencies Summary Link Federal Register ACE will be the sole of authorized Electronic Data Interchange (EDI) system: This document
See MoreColombia: DIAN rules on non-application of tax benefits for small business
According to a recently published ruling, the National Tax Authority of Colombia pronounced on the non-application of tax benefits provided by Law 1429 of 2010 to small enterprises, as follows: Decree 545 of 2011 regulates Law 1429 of 2010,
See MoreEcuador: Withholding tax on credit transactions between financial entities
Administrative Resolution No. NAC-DGERCGC16-0156 issued by the Tax Administration was published in the Official Gazette and it establishes that 1% withholding tax rate will apply even if the Central Bank acts as an intermediary under any contractual
See MoreDTA between UAE and Uruguay ratified
The Income and capital Tax Treaty (2014) between United Arab Emirates and Uruguay has been ratified by Uruguay according to the Law No. 19.393 on 20th May
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