Canada: Increased tax exemption amount for small businesses in Manitoba
In December 2015 an increase was announced from the previous small business tax-free threshold of $450,000. From the beginning of 2017, Manitoba's small business threshold will increase from $450,000 to $500,000 and small businesses with taxable
See MorePGA Highlights: November 2015
In the United States the following events have taken place under the several PGA during the month of November 2015. Agencies Summary Link Federal Register Proposals to amend the International Harmonized System: This notice is given by
See MoreUruguay-Decree and Resolution published on new tax benefits for investments in electronic invoicing systems
The Ministry of Economy and Finance of Uruguay issued Decree No. 274/2015 which was published in the Official Gazette on 20th October 2015. On the other hand on 17th October 2015, the Resolution No. 4,126/2015 had been published in the Official
See MoreTax Authority of Colombia rules on tax management of consultancy services given by international organizations
In a recently published ruling, the National Tax Authority of Colombia pronounced on the income tax, VAT and withholding tax treatment of a consultancy agreement concluded between a Colombian taxpayer and the Inter American Centre of Tax
See MoreMexico: The tax reform package for 2016 published in the Official Gazette
Mexico published the tax reform package for 2016 including amended Federal Tax Code and Income Tax Law in the Official Gazette on 18 November 2015. The tax reform will be applicable from 1 January 2016.According to the tax reform package the main
See MoreOECD: 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
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