New Zealand-United States: FATCA agreement enters into force
Foreign Account Tax Compliance Act (FATCA) between New Zealand and United States has entered into force on 3 July
See MoreCanada -Tax measures in budget bill
Bill 26 has received first reading on July 24, 2014 and includes tax measures as follows: Increment of individual income tax on taxable incomes above $150,000 Reduction of the taxable income threshold due to 13.16% tax rate to $220,000 instead
See MoreCanada–UK Income Tax Treaty Protocol Amendments
Recently, Canada has accepted to amend the Income Tax Treaty protocol with the United Kingdom that was signed July 21, 2014. The Protocol initiates a deadline to introduce transfer pricing assessments and changes the time frame for searching
See MoreBrazil: Desire to complete the Mercosur-Pacific Alliance FTA
Brazil desires to complete the free trade agreement (FTA) between the Latin American trade alliance and the Pacific Alliance (which consists of Colombia, Chile, Mexico, and Peru, Mercosur, Argentina, Brazil, Paraguay, Uruguay, and Venezuela) by the
See MoreVenezuela: Foreign exchange rate for customs activities
At the beginning of July 2014, the central bank of Venezuela has published guidance establishing the foreign currency rate of exchange for the customs duty implications of certain transactions. According to the notice, the exchange rate is 6.30
See MoreFrance- Investment Protection Agreement with Colombia
The French-Colombian investment protection agreement was signed on 10 July 2014. The agreement will improve bilateral exchange. The agreement is expecting to give protection, clarity and a transparent legal framework for managing any capital
See MoreCanada-UK DTA revises
The Double Tax Agreement (DTA) protocol between Canada and the UK has signed on July 21, 2014 that amends its withholding tax and information exchange provisions. This contains a release from withholding tax for payments of interest made subject to
See MorePeru-New resolution on reporting of stocks and shares
The Peruvian tax authority issued Resolution 200-2014-SUNAT/4B0000 which entered into effect on 28 June. The resolution amended the Resolution 169-2014-SUNAT/4B0000. According to the new resolution Form 1065 need not to be filed for the issuance,
See MoreCanada-UK Income Tax Treaty protocol signed
The Income Tax Treaty (1978) protocol between Canada and the United Kingdom has signed on July 21, 2014. Details will be reported
See MoreChile: The Senate endorses tax reform bill
According to a statement from the Ministry of Finance, the Chilean Senate has approved tax reform bill from the President on July 15, 2014. An agreement between the government and the Senate's Finance Committee has taken place earlier this month for
See MoreUS: Four Charitable Tax Breaks for 2014
“America Gives More Act of 2014” has been passed in the House on July 17, by the vote of 277-130. Two old charitable giving tax breaks that have expired and two new ones have passed the House, leaving charities delighted. Among the Four
See MoreUS: IRS Issues Final Rules On Truncated TINs
As part of efforts to reduce the risk of identity theft and tax refund fraud, the IRS released final regulations that allow the use of truncated taxpayer identification numbers (TTINs) on payee statements and certain other documents where not
See MoreUS: House Passes Permanent Ban On Internet Access Taxes
The House Tuesday passed a bill that would make permanent the ban on taxing Internet access. The U.S. House of Representatives has voted to this bill that Congress has temporarily extended three times over the past 16 years. The bill not only ban
See MoreUS: Government tends to curb on Offshore Deals
The Obama administration called for immediate congressional action to stop U.S. companies from using cross-border mergers to avoid the country’s tax system. A growing number of U.S. companies are looking to escape their federal tax bills by
See MoreUruguay- TIEA with Canada entered into force
Canada and Uruguay signed a tax information exchange agreement on 5 February 2013. The agreement entered into force on 27 June 2014. The agreement will apply to all taxes imposed or managed by governments of both countries. In relation to all
See MoreArgentina-Signed TIEA with Armenia
Argentina and Armenia signed a tax information exchange agreement (TIEA) on 7 July 2014. The TIEA provides bilateral assistance by the exchange of information related to determination, assessment and collection of taxes, and the recovery and
See MoreArgentina- Membership status on OECD Committee on Fiscal Affairs
Argentina signed an agreement on 26 June 2014 to become an associated member of the Organization for Economic Co-operation and Development (OECD) Committee on Fiscal Affairs
See MoreCanada – Hiking individual income tax rate in Ontario budget
The Ministry of Finance in Ontario has announced plans to hike the provincial personal income tax rate, as part of the 2014 Budget and by ending tax years after December 31, 2013, the new rates and thresholds will be applied. The Budget proposes a
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