Canada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
See MoreUnited States: ADD/CVD Roundup for March 2016
Following table shows the Federal Register notices related to ADD/CVD cases for March 2016 in United States. Country Product Investigations Case Number Details Australia Certain Hot-Rolled Steel Flat Products Preliminary Determination of Sales
See MoreChile: Tax authorities investigate taxpayers with companies in tax havens
On 4th April 2016, the tax authorities have announced that currently they are inspecting Chilean taxpayers owning companies located in tax havens, as a result of the "Panama Papers". This investigation aims to confirm the correct and full compliance
See MorePGA Highlights: March 2016
In the United States the following events have taken place under the several PGA during the month of March 2016. Agencies Summary Federal Register Tuna-Tariff Rate Quota 2016: This document sets forth the tariff-rate quota for Calendar Year
See MoreDTA between Chile and Uruguay signed
An Income and Capital Tax Treaty (DTA) between Chile and Uruguay has been signed on 1st April 2016 in
See MoreCanada: Transition rules, HST rate for New Brunswick
The government of New Brunswick has published general descriptions of the transitional rules for the proposed rate of harmonized sales tax (HST) from 13% to 15% and it will be effective from 1st July 2016. Businesses across Canada and non-resident
See MoreVenezuela: Primary sector income tax exemption published
Decree 2,287 that establishes an income tax exemption for income derived from agriculture, forestry, livestock, poultry, fisheries, aquaculture and fish farming activities was published in the Official Gazette and entered into force on 28th March
See MorePeru- guidelines published on corporate and personal income tax returns for tax year 2015
The Peruvian tax administration published on its website the guidelines (cartilla de instrucciones) for filing the corporate and individual income tax returns for tax year 2015. The guidelines are available as from March 2016. The guidelines clarify
See MoreCanada: 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
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