Brazil:Tax authority issues guidance for transfer pricing purposes
The Brazilian tax authority has published guidance for determining the pricing of certain exports and imports of goods that are treated as commodities on 6 November 2013.The guidance also presents new probability for price adjustments. Under the new
See MoreBrazil published some special amnesty programs
Law 12,865 was published in Brazil’s official bulletin on 10 October 2013 and has now come into force in Brazil. The Law provides for specific rules regarding the expected amnesty programs targeting companies that carry open debts resulting from
See MoreArgentina – Extension of the new tax incentive regimes
Two tax incentive regimes in force in Argentina for certain investments have been extended. Law 26.895 which was published in the official gazette on 22 October 2013 has been extended to 31 December 2014. This relates to the period for taxpayers to
See MoreUSA – IRS Announces Pension Plan Limitations for 2014
On October 31, 2013, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension limitations such as those governing 401(k)
See MoreUSA – Inflation Adjustments for 2014
On October 31, 2013, the Internal Revenue Service announced annual inflation adjustments for the year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about
See MoreUruguay – Guidance on tax implications of fees paid to foreign companies
The tax administration of Uruguay issued guidance on 29 October 2013 about the applicability of Uruguay’s non-resident income tax and value added tax (VAT) on payments of certain fees paid to foreign companies. According to the guidance foreign
See MoreCanada and Poland –Tax treaty enters into force
Poland and Canada was signed income tax treaty on 14 May 2012, which was replaces income tax treaty from 1987. This tax treaty entered into force on 30 October 2013 and the effective date of treaty provisions are contained in Article 27. The treaty
See MoreFATCA agreement between Hungary and United States
The Ministry of National Economy of Hungary announced on 28 October 2013 that Hungary and the United States signed a Model 1 intergovernmental agreement (IGA) regarding the FATCA legislation. The agreement would allow automatic exchange of
See MoreColombia: Decree Listing Tax Havens
Colombia’s Ministry of Finance and Public Credit on 7 October 2013 issued Decree 2193. That Decree includes a list of the countries, jurisdictions, domains, associated states or territories which are tax havens for tax purpose. Jurisdictions like
See MoreCanada – Tax credits temporarily refundable in Quebec
The Quebec government declared three new temporary repayable tax credits. Individuals who investing in “eco-friendly” renovation work these temporary tax credits are for them. Certain corporations that acquire, or add to, buildings applied in
See MoreCanada – QST changes in Quebec
A business with total taxable supplies and those of the business' associates exceed $10 million for the preceding fiscal year is considered as large business. The Quebec Revenue recently published extra information regarding the upcoming repeal of
See MoreCanada – Legislation Implementing Tax Measures from Budget Plan
The Canada’s Federal Budget Bill contains measures from the 2013 federal budget including: Introduction of new administrative financial penalties and criminal offences to deter the use, possession, sale and development of electronic suppression
See MoreCanada-Switzerland: Exchange of letters to treaty enters into force
The exchange of letters, signed by Switzerland on June 28, 2012 and by Canada on July 23, 2012, to the Canada - Switzerland Income and Capital Tax Treaty (1997), as amended by the 2010 protocol, entered into force on October 31, 2013 and generally
See MoreBrazil’s Tax Treatment on shared costs
Brazil’s tax authorities published guidance concerning the treatment of social contributions and it related to expenses and cost shared by the taxpayer groups, on 29 October 2013. It is intended to clarify the treatment and apportionment of PIS
See MoreSignificant Changes to Brazilian Tax Legislation
The Brazilian Ministry of Finance has announced significant changes to the way it will tax profits sourced from abroad, on 18 October 2013. The stated aim is to increase the competitiveness of Brazil as a business location and bring it into line
See MoreArgentina –Increment of Social Security Salary Thresholds
The government of Argentina has increased the salary limits on social security contributions. Effective from September 2013, the new gross monthly maximum and minimum salary thresholds for calculating employees’ social security contributions are
See MorePGA Highlights: October 2013
In United States, following events have been occurred under the several PGA during the month of October 2013. Agencies Summary Link Federal Register Cold Treatment for Fresh Fruits and Vegetables; MidAmerica St. Louis Airport, Mascoutah,
See MorePeru- Amendments to the VAT withdrawal system
The tax authority of Peru published Resolution No. 317-2013-SUNAT on 24 October 2013. The resolution amends the Resolutions No. 183-2004-SUNAT, 266-2004-SUNAT and 073-2006-SUNAT which regulates the withdrawal system of VAT. The new resolution has
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