Canada: 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
See MorePGA Highlights: January 2016
In the United States the following events have taken place under the several PGA during the month of January 2016. Agencies Summary Link Federal Register Exporting live animals, hatching eggs, and animal germplasm from the US: APHIS are
See MoreColombian Tax Court rules on statute of limitations for penalties
In a recent court decision the Tax Court ruled on determining the statute of limitations for the tax authority to impose penalties. Article 638 of the Tax Code presents the statute of limitations for imposing penalties as a result of tax filing
See MoreEcuador: Income tax rates for banana sector
According to a Presidential Decree issued on 30 December 2015, a single corporate income tax regime for the banana sector is established with rates that range from 0.50% to
See MoreChile: Details of administrative interpretation on CFC rules disclosed
The Circular 30 of the tax administration has been effected from January 1, 2016. It was published in the official gazette on May 14, 2015. The main features of the CFC rules are as follows: A controlled foreign entity exists where a Chilean
See MoreCanada: WHT relief for foreign employers of cross-border workers
Under Regulation 102 of the Income Tax Act, non-Canadian resident employers with non-resident employees working in Canada can now apply to qualify for a new exception from the withholding tax requirements. Under the provisions of many of the double
See MoreCanada and Taiwan: DTA signed
A Tax Agreement between Canada and Taiwan has been signed on January 13, 2016 in Taipei and on January 15, 2016 in Ottawa. It was initialed on May 1,
See MoreCanada: CRA updates T5008 guide for return of securities transactions
The Canada Revenue Agency (CRA) has published an updated T5008 guide 2015 regarding filing securities transactions returns on 12th January 2016. Under the Income Tax Act, the term "filer" refers to the person (individual or organization) that must
See MoreCanada and Peru: Social Security Agreement ratified
The Social Security Agreement (2014) between Canada and Peru has been ratified by Peru by way of Supreme Decree No. 003-2016-EF and it was published in the Official Gazette of 14th January
See MoreUruguay- period of validity extended for tax benefits for manufacturing agricultural machinery and equipment
In Uruguay, Decree No. 325/015 of 7 December 2015 extended the period of validity of tax benefits provided for manufacturing agricultural machinery and equipment under Decree No. 220/998, Investment Promotion Law No. 16,906 of January 1998 and
See MoreVenezuela: Tax law changes that will be effective from 2016
The tax reform measures in Venezuela have been published in official gazette on 30th December 2015. Changes to the income tax law are effective from the beginning of January 2016. They include the following measures: The tax inflation
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