OECD: Latin America and Caribbean Countries Discuss BEPS
A regional meeting was held in Costa Rica on 17 and 18 November 2015 to discuss the outcomes of the action plan on base erosion and profit shifting (BEPS). The participating countries explored ways of participating on an equal footing in the
See MoreMexico published the Federal Revenue Law for 2016
Mexico published the Federal Revenue Law for 2016 (the Decree) in the Official Gazette on 18 November 2015 and the decree will be effective from 1 January 2016. The main requirements are given below: Tax Incentives: Tax incentives are available
See MorePeru-Tax incentive to promote investment in science and technology innovation
In Peru, Supreme Decree No. 326-2015-EF (the Decree) was published in the Official Gazette on 16 November 2016. The Decree accepts the maximum deductible amounts as provided in article 6 of the Law No. 30309. The Law also provides an additional
See MoreColombia: Update rules on general anti-avoidance rule (GAAR)
The National Tax Authority of Colombia (DIAN) in a recently published Ruling no: 25473 of 2015, pronounced on the general anti-avoidance rule provided under article 869 of the Tax Code. In accordance with sub-paragraph 4 of article 869 of the Tax
See MoreColombia: Incentives for investments in non conventional energy sources
On November 4, 2015, the Colombian National Government has released Decree 2143 of 2015, by which the fiscal and customary incentives for investments in non conventional energy sources are regulated, according to the outline of Law 1715 of 2014. For
See MoreArgentina: Double taxation treaty with Mexico
The Governments of Argentina and Mexico signed a treaty for the avoidance of double taxation on 4 November 2015. The treaty intends to eliminate double taxation, as well as tax evasion and situations of double non-taxation. The treaty will have to
See MoreArgentina -new installment plan for settling tax debts
The Tax Authorities of Argentina have introduced a special installment plan regime General Resolution No. 3806/2015 to settle up tax debts, customs and social security debts. The regime initiates payment plans of up to 120 monthly installments at a
See MoreUnited States: ADD/CVD Roundup for October 2015
Following table shows the Federal Register notices related to ADD/CVD cases for October 2015 in United States. Country Product Investigations Case Number Details Brazil Certain Hot-Rolled Steel Flat Products Postponement of Preliminary
See MoreMexico: Lower Chamber approves tax reform for 2016
Mexico’s President submitted to Congress tax reform for 2016 on 8 September 2015 was approved by the Lower Chamber with certain adjustments, on 29 October 2015. As per the tax reform proposal which is expected to be signed by the President to
See MorePGA Highlights: October 2015
In the United States the following events have taken place under the several PGA during the month of October 2015. Agencies Summary Link Federal Register Automated Commercial Environment (ACE) filings for electronic entry/entry summary: U.S.
See MoreUS: Issues Notice Requesting Comments on Transfer Pricing Penalties
The US Internal Revenue Service (IRS) and the Treasury Department have issued a notice requesting comments on transfer pricing penalties as per temporary and the final regulations. Under both the temporary and the final regulations the penalty may
See MoreArgentina-Double Tax Treaty with Switzerland enters into force
The new Double Taxation Treaty between Switzerland and Argentina will enter into force on 27 November 2015. The new treaty will be applicable from 1 January 2015. For taxes withheld at source the relief has become applicable from 2015. The new
See MoreCanada: Alberta fiscal budget for 2015-2016 issued
The Finance Minister of Alberta has presented the Province’s fiscal budget for 2015-2016 on 27th October 2015. The budget contains no changes to the personal income tax rates. However, some other new tax measures contained in the budget may
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreDTA between Chile and Italy signed
A Tax Treaty between Chile and Italy has been signed on 23rd October
See MoreAustria-Chile income tax treaty enters into force
The income tax treaty between Austria and Chile entered into force on 9 September 2015. The treaty generally applies from 1 January
See MoreUnited States: ADD/CVD Roundup for September 2015
Following table shows the Federal Register notices related to ADD/CVD cases for September 2015 in United States. Country Product Investigations Case Number Details Argentina Lemon Juice Countervailing Duty Order, Finding, or Suspended
See MoreUS and Czech Republic: Competent Authority Arrangement (CAA) signed
In accordance with the US and Czech Republic intergovernmental agreement (IGA) for implementing the Foreign Account Tax Compliance Act (FATCA), the competent authority arrangement (CAA) has been signed between the US and Czech Republic on 1st
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