Brazil: Tax exemption to encourage Initial Public Offerings
On June 16 of 2014 the Ministry of Finance confirmed that the initial public offerings (IPOs) of smaller company’s investment will be cut from the capital gain tax by 15% and the capital gains tax will not have an effect on infrastructure
See MoreOECD agrees with US tax reform
The Organization for Economic Cooperation and Development's (OECD) chimes in on US tax reform. OECD’s Secretary-General Angel Gurría presented the latest economic survey of the United States which identifies some tax-based reforms required to
See MoreCanada confirming South Korean FTA Terms
The Canadian Government has arranged the final text of its Free Trade Agreement (FTA) with South Korea and upon its entry into force; South Korea will immediately exclude 81.9 % tariff lines duties. Once whole implementation, South Korea will have
See MoreUnited States: ADD/CVD Roundup for May 2014
Following table shows the Federal Register notices related to ADD/CVD cases for May 2014 in United States. Country Product Investigations Case Number Links Australia Electrolytic Manganese Dioxide Notice of Commission Determination To Conduct
See MoreUS Treasury fact sheet to support Education Tax Credit Claims
In order to raise the awareness of students and their families, the US Treasury Department has published a fact sheet to educate colleges and universities, tax preparers, software providers and other stakeholders, on the complex rules addressing
See MoreChile: Claim for education tax break rise of 16%
Chile's Internal Revenue Service (SII) reported that 284,494 taxpayers have claimed a tax rebate for expenses regarding children’s education this year, an increase of 16% from previous year. The total amount claimed was CLP25.45bn (USD45.84m),
See MoreUS: IRS announces Taxpayer Bill Of Rights
On June 10, IRS declared the "Taxpayer Bill of Rights" intending to provide United States’ taxpayers with a better understanding of their rights. There are multiple existing rights under the Taxpayer Bill of Rights which are scattered throughout
See MoreCanadian Tax Freedom Day delayed in 2014
After accounting for all taxes, the research organization said that the average family (with two or more people) will pay CAD43,435 (USD39,763) in taxes in 2014 which is equal to 43.5% of their annual income. The tax burden is going to be heavier if
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
See MoreChile revives negotiation on Free Trade Zone in Antofagasta for Paraguay
Chilean Foreign Minister and his Paraguayan counterpart recently revived negotiations on a free zone for Paraguayan businesses stayed at the Chilean port of Antofagasta. The proposal is actually drafted in 1968 to denominate the port of Antofagasta
See MoreCanada: Offering PRPP legislation in British Columbia
In British Columbia, legislation offering Pooled Registered Pension Plans (PRPP) to persons and considered substantively enacted for purposes of IFRS and ASPE as of May 29, 2014. It allows small- and medium-sized business employees and self-employed
See MoreCanada: Mining tax changes in Quebec budget
According to the 2014-15 Quebec budget, Quebec has declared several measures that will impact on the mining industry and it proposes to deduct tax credits and confirms that the mining tax regime would be effective from January 1, 2014. The budget
See MoreUAE and US Signed Provisional FATCA Agreement
The United Arab Emirates (UAE) and US signed an Intergovernmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) of United States. The US congress enacted FATCA in 2010, taking effect on July 1, 2014, desire to ensure
See MoreSouth Africa and US signed IGA
The Government of US and South Africa signed an inter-governmental agreement (IGA) on June 9, 2014. The provision of reciprocal exchange of information includes in the agreement, where financial institutions in South Africa require report
See MoreCanada: Tax Rules that put pensioners at risk
The pension rules in Canada have failed to cope up with long life expectancies, and impose Registered Retirement Income Fund (RRIF) holders to operate tax-deferred assets down rapidly. Federal tax rules need those with tax-deferred savings to either
See MoreUruguay-Temporary reduction of VAT on purchase by debit cards and credit cards
The government of Uruguay is planning to temporarily cut VAT by 4% on purchase by debit cards and by 2% on that for credit cards. The Economy Minister announced on 5 June 2014 that all debit card and electronic payment purchases with indexed units
See MoreChile: TP Return is due end of June
The rules in Chile regarding transfer pricing for cross-border transactions were revised in September 2012. By the 2012 tax reform, there is a new requirement for particular taxpayers (for example, those with income above a specific threshold amount
See MoreSouth Africa and United States signed agreement to share tax information
U.S. Ambassador to South Africa Mr Patrick H. Gaspard and South African Minister of Finance, Mr Nhlanhla Nene signed an intergovernmental agreement, on June 9, 2014, to improve international tax compliance and to implement the Foreign Account Tax
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