Colombia: 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
See MoreUS: Selection of Problematic Tax Prepares Could Be Improved By IRS
According to a report released by the Treasury Inspector General for Tax Administration (TIGTA), IRS could improve its selection of problematic paid preparers for further enforcement actions. TIGTA reported that, as the majority of individual
See MoreIRS Warns Financial Institutions of Scams Designed to Identify Theft Attempts
The Internal Revenue Service has said that it does not require financial institutions to provide specific account holder identity information or financial account information over the phone or by fax or email. In addition, the IRS clarified that it
See MoreCanada-Korea (Rep.) Free Trade Agreement signs
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) (CKFTA) has been signed on 22 September 2014 that will remove duties on all but all tariff lines. After the CKFTA's entry into force, Korea republic will instantly eliminate duties on
See MoreUAE-Barbados Income Tax Treaty signed
The Income Tax Treaty between Barbados and the United Arab Emirates has been signed on 24 September 2014. Further details of the treaty will be reported
See MoreUS House Passes The Jobs For America Act
The House of Representatives passed the Jobs for America Act by a vote of 253 to 163, which includes the permanent extension of a selected list of the "tax extenders" that expired at the end of 2013, as well as a repeal of the Affordable Care
See MoreUS-Brazil: Intergovernmental agreement (IGA) has been signed
Brazil and the United States signed an IGA (intergovernmental agreement) on 23 September 2014 in order to apply FATCA (Foreign Account Tax Compliance Act). The new IGA was focused on the FATCA requirements intended to identify the financial
See MoreNew Zealand- Canada: Second protocol to tax treaty
New Zealand and Canada signed a second protocol to income tax treaty on 12 September 2014. This protocol delivered specific right to tax to New Zealand regarding pensions. This specific right to tax uses on only to pensions under a government
See MoreUS Agreed To Extend The Internet Tax Moratorium
United States have agreed a short-term extension to the Internet Tax Freedom Act until December 11, 2014. The Republican-led House voted 319 to 108 to pass the continuing resolution on September 17, and, on the following day, the Senate followed
See MoreCanada: Impact of FTOs in Brazil for Canadian companies
The tax authority for Brazil verifies how to manage foreign tax offsets (FTO) and how to apply income tax treaty provisions for cross-border payments for services fees and described that under the presumed profit method, companies that are taxed are
See MoreCanada: Income tax cuts prioritization
The Prime Minister of Canada has declared that tax cuts may be feasible for families while the Government has balanced the budget. The Government's recent declaration on tax relief in payroll as an example of the Government's commitment to reducing
See MoreUS urged Immediate Congressional Action on Tax Extenders
The American Institute of Certified Public Accountants (AICPA) has urged the US Congress "to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014." Congress
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