Peru’s government plans to introduce subsidies and cutting taxes to face the economic slowdown
The Government of Peru has planned to introduce subsidies and cutting taxes to encourage investment and cushion export sectors from the worst economic slowdown in five years. The government declares earlier this year that it is considering to
See MoreSpanish Cabinet authorizes the signing of the protocol between Spain and Canada
The Spanish Cabinet authorized the signing of the Protocol between the Kingdom of Spain and Canada, amending the agreement between the two countries to avoid double taxation and prevent fiscal evasion with respect to taxes on income and on capital,
See MoreCanada: Income tax rate reduction for small business in New Brunswick
New Brunswick declared that the State will reduce its small-business income tax rate from 4.5% to 4% and will start from 1 January 2015. Any business whose taxable income is less than CAD500, 000 per year would apply this rate. Government has a plan
See MoreArgentina – Switzerland: DTA has been approved
Income and Capital Tax Treaty between Argentina and Switzerland of 2014 has approved by the Swiss Federal Council on 15 October
See MoreBrazil: Amendments on Controlled Foreign Corporations (CFC) Rules
A deemed tax credit of 9% under CFC rules for Brazilian companies with foreign investment in some predefined industrial sector has been extended by a recent guidance. The deemed tax credit results in the lower taxation of profits earned abroad by
See MoreCanada: Relief for US persons with Canadian retirement plans
The Internal Revenue Service (IRS) has issued direction announcing that it is removing the official requirements that U.S. taxpayers had to abide by every year by the time of filing their U.S. tax returns. This return uses to claim a deferral of
See MoreUruguay: Instructions for using tax administration’s website
The tax administration in Uruguay has declared that tax payment certificates may only be submitted electronically under its new online service. For getting access to the website due to electronic submissions of returns and certificates, taxpayers
See MoreUS: IRS redefines its small business compliance operations
Starting Oct. 20, the United States Internal Revenue Service (IRS) is realigning its tax compliance organizations serving individual and small business taxpayers. The goal of the restructure is to primarily focus Small Business/Self-Employed on
See MoreColombia: Issues tax heaven countries list
The Ministry of Treasury and Public Credit of Colombia issued Decree 1966 of 2014 on 6 October 2014 with a list of tax heaven countries, jurisdictions, domains, associated states and territories. Forty four (44) jurisdictions were listed as tax
See MoreUS signed Intergovernmental Agreement (IGA) with Poland
The US Treasury Department has posted the official text of the intergovernmental agreement (IGA) that the United States signed with Poland on 7 October 2014 for implementation of the Foreign Account Tax Compliance Act (FATCA). Both the Government
See MoreChile: Law No. 20.780 has enacted with different aspects
A tax reform entitled “Law No. 20.780” related to foreign investor has published on 29 September 2014 which is effective from 1st October 2014. This creates different regimes subject to Corporate Income Tax (CIT) from 1st January 2017. The CIT
See MoreColombia: Tax reform as effective from 2015
The changes of Colombian tax provisions were passed by the government in September 2014. The reform includes the provision for new tax on wealth which will be effective for tax year 2015 to 2018. The increase of the rate of surtax imposed on
See MoreUS-EU Trade Deal Negotiators Agrees On The Same Page
EU and US officials ended a 7th round of week-long negotiations in Washington, D.C. (US) on the Transatlantic Trade and Investment Partnership (TTIP), a new EU-US trade and investment deal. It was confirmed that talks have progressed beyond its
See MoreChile-Hong Kong: FTA enters into force
The Free Trade Agreement (FTA) between Chile and Hong Kong will enter into force on 9 October 2014 which was signed on 7 September
See MoreColombia: Court has ruled thin capitalization rule constitutional
The Constitutional Court of Colombia has ruled that the thin capitalization has been incorporated into the tax law by Article 109 of Law 1607 of 2012 and the rule is constitutional. The claimant raised the issue that the deductibility limit is
See MoreUS: Cancelling Death Tax Would Induct Growth
The Heritage Foundation estimates that eliminating the federal estate tax (and related gift taxes) would boost U.S. economic growth by more than $46 billion over the next 10 years and generate an average of 18,000 private-sector jobs annually.
See MoreMexico: Import VAT relief has granted
The goods importers of Mexico will be obtained an adjournment of import VAT under the measure from January 2015. Current Mexican traders, exclusive of Mexican VAT or Excise Tax certification need to provide 16% VAT for import goods but these traders
See MoreUS: IRS Urges Tax-filing and Payment Extensions Expire Oct. 15
The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free
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