Mexico – Government and taxpayers reach agreement on tax certainty
The 2014 tax reform provisions have brought significant changes to the tax system in Mexico. New changes will affect both business and individual taxpayers. In response, taxpayers have filed for injunctive relief against certain measures under the
See MoreMexico: Annual tax return application available for individuals
The Mexican Tax Administration Service (SAT) has informed taxpayers who derived income from salaries in 2013 that they will receive their tax refund within the following 5 days after submitting the tax return. The deadline for submitting the annual
See MoreColombia: FTA with Colombia Passes Parliamentary Hurdle
Costa Rica's legislature approved a free trade agreement (FTA) with Colombia at its first reading on March 3, 2014. The FTA, which was initialed by both countries on May 23, 2013, is considered an important step to Costa Rica joining the Pacific
See MoreChile – amends FTC rules
Chile has amended Article 41A of the Income Tax Law to reduce the caps on bilateral and unilateral foreign tax credits for certain types of income. The changes to the income tax law affect the credit claimed for income taxes paid or withheld
See MoreCanada: New tax on digital imports
Canada is considering a sales tax on E-commerce supplies made by foreign businesses to residents of Canada. At present people that import digital services should self-assess GST unless the services are used at least 90% for business purposes.
See MoreCanada: First Meeting in connection with Colombia FTA
An initial meeting has been held in connection with the negotiation of a free trade agreement (FTA) between Canada and Colombia. Colombia is Canada’s fifth-largest trading partner in Latin America and is an established market for Canadian
See MoreCanada signs FIPA with Cameroon
The Canada-Cameroon Foreign Investment Promotion and Protection Agreement (FIPA) was recently signed at the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show and Investors Exchange in Toronto. The FIPA is a
See MoreCanada: No tax rate changes in Manitoba 2014 budget
On 6 March 2014, Manitoba Finance Minister delivered the province’s 2014 budget. The 2014 budget does not include any corporate or individual income tax rate changes, but proposes changes to certain tax credits, including the Co-op Education and
See MoreCanada expand Commercial Ties with China
The Canadian Minister of State (Foreign Affairs and Consular) has recently concluded a four-day visit to Hong Kong, Guangzhou and Beijing, China, where she met with government and business leaders. The visit aimed to help position Canada as a
See MoreCanada: 100% surtax may be imposed on selected U.S. imports
Canada may go ahead with the imposition of a 100% surtax on selected U.S. imports in the first half of 2015. The surtax may affect Canadian businesses that import or export products. This proposed measure is a result of the United State's refusal to
See MoreColombia: Information regarding comparable data range and segmented data uses
In accordance with the Regulatory Decree 3030 of December 2013, there is an economic link between the parties if the transaction is between a branch and home office, a transaction involving a permanent establishments, a related party transaction
See MoreCanada: Budget 2014 incorporates transfer pricing rules and financial services
It has been announced by the OECD that the Budget for 2014 includes the announcement of a consultation on international tax planning by multinational enterprises as input into Canada's participation in the action plan on the basis of erosion and
See MoreUS – Tax Reform Discussion Draft
The House of Representatives Ways and Means Committee Chairman has issued a comprehensive income tax reform discussion draft, which proposes to reduce maximum tax rates and simplify the tax code. The discussion draft suggests that six different
See MoreUS: IRS Mentions Smooth Start to Tax Filing Season
The United States Internal Revenue Service (IRS) recently announced that it had received one-third of the individual income tax returns it had expected to receive during the whole 2014 filing season in the first three weeks. During each week in this
See MoreUruguay – Relief from compliance in respect of marketing and advertising expenses
Taxpayers are no longer required to submit certain information to the tax administration (Dirección General de Impuestos—DGI) with respect to income tax deductions or value added tax (VAT) calculations related to expenses incurred for marketing
See MoreMexico-Peru DTA
The 2011 double taxation agreement (DTA) concluded by Mexico and Peru entered into force on 19 February 2014 and will apply as from 1 January 2015. When in effect, the treaty will provide for a 10% withholding tax on dividends paid to a company
See MoreMexico promises an unchanged tax regime until 2018
Following the completion of tax reforms, the Mexican Government has now signed a Tax Certainty Agreement under which Mexico's tax system is to remain unchanged throughout the remaining period of the current government. This means that the tax regime
See MoreCosta Rica completes ratification of the TIEAs with Nordic countries
Through a publication in the Official Gazette, bilateral Tax Information Exchange Agreements (TIEAs) with Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden entered into force for Costa Rica, on 29 January 2014. These TIEAs were
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