Czech Republic-Colombia Income Tax Treaty details
The Income Tax Treaty (ITT) between Colombia and Czech Republic has accepted Colombian Congress and it was signed on March 22, 2012. The treaty was concluded in the Czech, English and Spanish languages and needs to be declared constitutional by the
See MoreBrazil: Reduced income tax rate on manufacturing industries
The Ministry of Finance has declared that, reduced income tax rate from 34% to 25% will impose on foreign income from resident manufacturing industries, on 15 September 2014.This tax benefit already exists for food and construction industries but
See MoreChile: Tax reform has approved by Chilean Congress
The bill of Law amending the tax regulations has been approved by the Chilean Chamber of Representatives on September 10, 2014. Currently, the Congressional steps have been settled; the Chilean Government must publish the Bill of Law to enact it.
See MoreBrazil: Provisional Measure 644/2014 was terminated by National Congress
Brazil was issued Provisional Measure 644/2014 in order to introduce individual income tax legislation for 2015 (tax year) and this Provisional Measure is not converted into law by the National Congress. But recently it was terminated when the
See MoreCanada: Legislative proposals regarding thin-capitalization, loans, other items
The Finance Department has published a draft legislative proposal to implement certain exceptional measures actually declared in the 2014 federal budget. The proposals contained 105 pages of draft legislation and 128 pages of explanatory notes,
See MoreUnited States: ADD/CVD Roundup for August 2014
Following table shows the Federal Register notices related to ADD/CVD cases for August 2014 in United States. Country Product Investigations Case Number Links Brazil Stainless Steel Bar Final Results of Antidumping Duty Administrative Review;
See MoreUS: Executive Action on Immigration Will Boost Tax Revenue
The Center for American Progress (CAP) has released a paper that a deferred action program that allows undocumented immigrants who have lived in the United States for at least five years to apply for a temporary work permit would increase payroll
See MoreUS: Conservatives urge the Senate to pass internet tax moratorium
A coalition of more than 40 conservative and libertarian organizations and entities have written a letter to members of the United States Senate urging them to pass the Internet Tax Freedom Forever Act that would permanent extend the tax moratorium
See MoreCanada: New CRA tax compliance agenda for SMEs
The Canada Revenue Agency (CRA) has taken a new approach for developing tax compliance among small- and medium-sized enterprises (SMEs). This approach is proposed to help for preventing errors in business tax returns after they are filed. In
See MoreCanada: Payroll tables has reflected tax raises
The Canada Revenue Agency has published updated Ontario payroll deduction tables that are effective from September 1, 2014. This table includes raises to individual income tax rates according to the Ontario budget of July 2014 and the tables are
See MorePGA Highlights: August 2014
In United States, The following events have been taken place under the several PGA during the month of August 2014. Agencies Summary Link Federal Register Importing fresh citrus from China: APHIS is proposing to amend the fruits and
See MoreCanada: Draft international tax measures has been released
The Finance department in Canada has published a draft international tax measures for consultation revised legislative proposals for implementing measures declared in Economic Action Plan 2014, as well as certain other measures on August 29, 2014.
See MoreCanada: A case regarding transfer pricing adjustments
In subsection 247(2) of the Income Tax Act, the transfer pricing adjustment rules apply if transactions undertaken by non-arm's length parties do not reflect arm's length terms and conditions. In “McKesson Canada Corporation v. The Queen”, Tax
See MoreUS: Treasury Department republishes list of boycott countries that result in restriction of US tax benefits
The list of countries that requires cooperation with, or participation in, an international boycott as a condition of doing business has been republished by the US Treasury Department. The countries listed are Iraq, Kuwait, Lebanon, Libya, Qatar,
See MoreIRS announces the release of the 2014–2015 Priority Guidance Plan
The Treasury Department and IRS today released the IRS priority guidance plan for 2014-2015, which is intended to focus resources on guidance items that are most important to taxpayers and tax administration. The 2014–2015 Priority Guidance Plan
See MoreHungary and US FATCA enters into force
The Foreign Account Tax Compliance Act (FATCA) agreement (2014) between Hungary and the United States entered into force on 16 July 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Hungary will report the information required
See MoreMexico: Published guidance for filing electronic accounting records
Mexico’s 2014 tax reform launched a requirement for taxpayers to submit certain accounting records to the tax authorities. The rules for this new reporting requirement were published in the official gazette on 4 July 2014. This new amending
See MoreMexico- Aruba: Exchange of information agreement enter into force
The Mexico – Aruba Exchange of Information Agreement of 2013 will enter into force on 1 September 2014 and it will also be applicable from 1 September
See More