Panama further extends return submission deadline
On 27 May 2020, Executive Decree No. 298 was approved, which adopted tax measures in response to COVID-19 pandemic. The Individual and corporate income tax returns filing deadline for taxable year 2019 is further extended until 17 July 2020.
See MoreColombia extends payment deadline for MSMEs amid COVID-19 pandemic
On 13 May 2020, the Colombian Ministry of Finance and Public Credit has published Decree 655 by which the payment of the second installment of income tax has been extended until November 2020 for micro, small and medium-sized enterprises (MSMEs)
See MoreCanada: CRA extends the corporate individual tax return deadline
On 25 May 2020, the Canadian Revenue Authority (CRA) announced new extended deadlines for corporations and trusts in response to COVID-19 pandemic. According to the announcement, the CRA will allow an extension up to 1 September 2020 for
See MoreEl Salvador provides additional time for filing and payment of 2019 AITR
On 14 May 2020, the legislative assembly passed Legislative Decree No. 643 which provides additional relief to taxpayers in light of the ongoing coronavirus (COVID-19) situation. The relief includes additional time to 30 June 2020 for taxpayers
See MoreUS: IRS announces to change the procedures for filing MAP and APA
On 11 May 2020, IRS officials announced certain modifications to procedures for filing documents under Rev. Proc. 2015-40, 2015-35 IRB 236 (mutual agreement procedure (MAP) requests), and Rev. Proc. 2015-41, 2015-35 IRB 263 (advance pricing
See MoreEcuador: SRI publishes a Resolution to extend the TP report filing deadline
On 6 May 2020, the Internal Revenue Service (SRI) published Resolution NAC-DGERCGC20-00000032 , which extends the deadline of Annex on Related Party Operations and the Comprehensive Transfer Pricing Report for fiscal year 2019 between 10 and 28
See MoreCanada: Federal Court of Appeal makes a decision on a case regarding GAAR
On 5 May 2020, the Federal Court of Appeal has made a decision on a case entitled, “2018 TCC 187”, which was against the tax authorities, but in favor of the Tax Court of Canada's decision or the taxpayer. The Federal Court finds that the loss
See MoreBrazil: Ministry of Economy extends the installment terms of tax deadlines
On 12 May 2020, the Ministry of Economy announced an extension of the deadlines for tax installments due in May, June, and July 2020 up to the last business days of August, October and December 2020. The extended dates are provided by Ordinance No.
See MoreArgentina: AFIP publishes Resolution regarding new transfer pricing rules
On 15 May 2020, the Argentine tax authorities (AFIP) Officially published General Resolution 4717/2020 of 14 May 2020, which governs the control of transfer prices of international transactions. The new resolution replaces General Resolution No.
See MorePeru: SUNAT issues Decree on tax payment deferral regime amid COVID-19
On 10 May 2020, the Peruvian Tax Administration (SUNAT) has issued Legislative Decree No. 1487, through which the tax payment deferral regime is established in response to COVID-19. the deferral regime of the tax debts administered by SUNAT, which
See MoreColombia extends annual financial statements filing deadline amid COVID-19
On 8 May 2020, Colombia has issued Circular Letter 100-000009 extending the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The deadline for companies (including branches of foreign companies) for filing
See MoreUruguay further extends tax returns submission deadlines amid COVID-19 pandemic
The Directorate General of Taxation (DGI) of Uruguay has published Resolution 707/2020 of 20 April 2020. The resolution extends deadline for annual tax payment and returns due to COVID-19 pandemic. This includes that taxpayers, except those
See MoreBrazil: A draft Bill published to introduce digital service tax
On 4 May 2020, Mr. João Maia, a Brazilian politician and Brazilian Congressman, proposed a Bill no. 2358/2020 to introduce the digital service tax (DST) and was submitted it in the Chamber of Deputies. The proposed tax, known as the contribution
See MoreUS: Tax court ruled in favor of the IRS for Whirlpool vs Commissioner case
On 5 May 2020, the US tax court made a decision in favor of the IRS a case involving the Whirlpool Financial Corp. and related foreign affiliate corporations. The Court upheld the Internal Revenue Service's (IRS) application of the Subpart F
See MorePeru extends carry forward loss period in response to COVID-19
On 8 May 2020, Peru has published Legislative Decree No. 1481 in the official gazette extending the carry forward loss period in response to COVID-19. It is established that loss incurred in the 2020 taxable year, can be carried forward for up to
See MorePeru: SUNAT further modifies tax filing deadline amid COVID-19 pandemic
On 29 April 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 075-2020/SUNAT in the Official Gazette modifying previous Resolution No. 055-2020/SUNAT and 065-2020/SUNAT in response to COVID-19 pandemic. The Resolution further
See MoreGuatemala: SAT provides tax payment procedures amid COVID-19 pandemic
Recently, the Guatemala tax authority (SAT) has provided tax payment procedures for individual and corporate taxpayers in response to COVID 19 pandemic. Taxpayers will download form SAT-821; send to the corresponding email, according to their
See MoreColombia modifies deadlines for filing annual financial statements amid COVID-19
On 24 April 2020, Colombia has issued Circular Letter 100-000008 modifying the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The Circular Letter modifies the previous Circular Letter 100-000007 of 8 April
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