FATCA agreement between US and Latvia signed
Latvia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on June 27, 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Latvia will report the information required under FATCA about U.S. accounts
See MoreMexico: Tobacco tax rate increase rejected
The health secretary has rejected the tax proposal to increase tax on tobacco and it has been decided that tax will remain same as previous years. In the Special Tax on Production and Services (IEPS) a pack of 20 cigarettes is taxed at 160% of
See MoreBrazil: Reduces Different Import Tax Rates
The Foreign Trade Chamber (CAMEX) of Brazil has declared that the 10% import duty will be cut from wheat, capital and electronic goods till 15 August 2014, and this decision came into effect from 24 June 2014. CAMEX also introduced, 2 Resolutions-
See MoreCanada: Report of MAP program during 2013-2014
The Canada Revenue Agency (CRA) has issued an annual report regarding Mutual Agreement Procedure (MAP) Program that gives an outline of the MAP Program during April 1, 2013 to March 31, 2014. The CRA inspires taxpayers to focus on double taxation or
See MoreCanada-Honduras FTA enters into force
The Free Trade Agreement (FTA) between Canada and Honduras has signed on November 5, 2013 and will enter into force on October 1,
See MoreCanada: Ready to execute 2014 Budget measures
The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and a series of tax credit reforms in the 2014 Budget. The legislation extends the 15% Mineral Exploration Tax Credit for share
See MoreArgentina-UAE: Tax Treaty under negotiations
The Ministry of Finance of the United Arab Emirates has released negotiations for a tax treaty between Argentina and the United Arab Emirates are underway on June 17,
See MoreCanada: CRA publishes “PTM-05R” on requests for contemporaneous documentation
The Canada Revenue Agency (CRA) has issued a memo on transfer pricing on applications for contemporaneous documentation of the auditor entitled “PTM-05R” on March 28, 2014 and it replaces preceding PTM on the same subject dated 13 October 2004.
See MoreWithholding tax rates within DTA between Mexico and UAE
The DTA between Mexico and UAE of 2012 have signed on November 20, 2012. The maximum withholding tax rates are 4.9% on interest paid to banks and 10% on interest paid to rest of the cases. The treaty normally follows OECD model and will apply
See MoreCanada – Uruguay: TIEA ratified by Uruguay
According to the way of Law No. 19.223, Uruguay has ratified the Canada - Uruguay Tax Information Exchange Agreement (TIEA) on June 13,
See MoreRussian banks help IRS after new FATCA law passed
The State passes legislation allowing Russian banks to pass information on their U.S. clients to the IRS, as demanded by the Foreign Account Tax Compliance Act (FATCA). FATCA will come into force on July 1, 2014, and by this time the law that
See MorePeru: Extension of VAT withdrawal regime on certain construction activities
The Peruvian tax office has confirmed that the VAT regime of Peru will be extended to cover activities like installation of electricity lines, urban construction works, and public building
See MorePeru: New tax stability contracts for large scale mining projects
The government of Peru has proposed a new tax stability contract for large scale mining projects. The tax stability contract would try to keep the taxation rates on investments of at least $500m unchanged for a period of 15 years. The proposal also
See MoreCanada: Decision in Marzen Aluminum transfer pricing case has released
The Tax Court of Canada has published its judgment in Marzen Artistic Aluminum Ltd. v The Queen (2014 TCC 194) on 10 June 2014 regarding a case of transfer pricing adjustment made by the Canada Revenue Agency (CRA) in respect of fees paid by
See MoreBrazil: Tax Credits Program for Exporters
Brazil government will renew a tax credit program for manufactured goods exporters from June 18, 2014. This program will fix the tax credit rate of 0.3% for this year which was varying from 0.1% to 3% on foreign sales. It is also announced that IPO
See MoreCanada: Filing trust elections for employee benefit, foreign is due 26 June
Employee benefit plan gives benefit to employees who render services to Canadian resident employers, or a stock plan administered through a non-resident trust, require to review if the trust is deemed to be a Canadian resident and under Canada's new
See MoreCanada: Indirect tax challenges for real estate sector
Industry of real estate business may face indirect tax—GST/HST and QST—challenges. The indirect tax rules specific to the real estate industry were further complicated by numerous recent changes—i.e., changes that may significantly increase
See MoreVenezuela: Customs system changes regarding foreign exchange rates
Venezuela’s tax and customs administration (SENIAT) has declared changes to both versions of its automated customs system (Sistema Aduanero Automatizado or SIDUNEA) naming S++ and SW under foreign exchange agreements that is used to determine the
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