Chile: 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
See MoreIRS Need To Modernize Process of Filing Amended Tax Returns
The Internal Revenue Service is being urged to modernize the process of filing amended tax returns to allow for corrections to original tax return filings and expand e-filing to include amended tax returns, according to a new report publicly
See MoreUS imposes tariffs on steel from nine countries
The International Trade Administration (ITA) of the US Department of Commerce (DOC) has issued a final decision to impose anti-dumping duties on certain Oil Country Tubular Goods (OCTG) from India, Korea, the Philippines, Saudi Arabia, Taiwan,
See MoreWTO issues mixed ruling in US-China trade remedy case
The WTO Appellate Body released its final ruling on a US countervailing duty law affecting Chinese products which is also known otherwise as the “GPX Legislation”. According to WTO ruling there was not enough factual analysis in a previous panel
See MoreUruguay- Signing of TIEA with Guernsey
Uruguay signed a tax information exchange agreement with Guernsey on 2 July 2014. After entering into force the agreement will apply in Uruguay to income tax and dwellings profits and in Uruguay the TIEA will apply to all taxes imposed or
See MoreNew Zealand and Canada welcome WTO environmental goods discussion
As part of a multilateral trade pact being negotiated at the World Trade Organization (WTO), New Zealand and Canada have to cut their import tariffs on a number of environmental goods and it was announced on July 8, 2014. According to their
See MoreUS: IRS limits Electronic Refund
The Inland Revenue Service is going to introduce new procedures to combat and sort out theft in US, with effect from January 2015. The process will limit to three the number of refunds that can be electronically deposited into a single financial
See MoreUS: ADD/CVD Roundup for June 2014
Following table shows the Federal Register notices related to ADD/CVD cases for June 2014 in the United States. Country Product Investigations Case Number Links Belgium Stainless Steel Plate in Coils Initiation of Antidumping Duty
See MoreUS: Ten IGAs Join ‘In Substance’ FATCA
At the eleventh hour another ten jurisdictions joined in FATCA after fulfilling the terms of intergovernmental agreements (IGAs). According to US transitional FATCA rules, agreements come into substance before July 1 can be regarded as being in
See MoreUS: Re-establishes Duty-Free Aid Commitment To Africa
The Government of the USA has reviewed Madagascar’s eligibility for African Growth and Opportunity Act (AGOA) tariff benefits, effective immediately, but has withdrawn Swaziland's eligibility, with effect from January 1, 2015. President Obama has
See More