US: Tax reform bill published
The long awaited US tax reform bill was released by House Republicans on 3 November 2017. The impact on the deficit is estimated at $1.5tn over 10 years. The corporate tax rate would be reduced from the current 35% down to just 20% starting in 2018.
See MoreArgentina: Treasury Minister announces tax reform plan
The Treasury Minister, Nicolas Dujovne, on October 31, 2017, announced a tax reform plan. This proposed tax reform includes tax procedure law, corporate income tax reduction, criminal law, individual income tax, social security contributions,
See MorePGA Highlights: October 2017
In the United States the following events have taken place under the several PGA during the month of October 2017. Agencies Summary Federal Register Removing the prohibition on the importation of jadeite or rubies mined or extracted from
See MoreUnited States: ADD/CVD Roundup for October 2017
Following table shows the Federal Register notices related to ADD/CVD cases for October 2017 in United States. Country Product Investigations Case Number Details Argentina Biodiesel Preliminary Affirmative Determination of Sales at Less Than
See MoreBrazil: Government changes tax rules on the oil and gas tax industry
Brazil has published the National Congress Act 53 of 10th October 2017 in the Official Gazette for extending the Provisional Measure (PM) 795/2017 of 18th August 2017. Provisional Measure (PM) 795/2017 provided for the tax treatment of oil
See MoreUS: IRS reminds tax preparers to renew PTIN
The Internal Revenue Service, on 26 October 2017, reminded the nation’s more than 727,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2018. All current PTINs will expire Dec. 31,
See MoreUS: Senate approves multi-trillion -dollar budget
On October 19, 2017, the Senate approved a $ 1 trillion budget that Donald Trump has described as "the first step toward massive tax cuts" - a largely symbolic move that enables Republicans to pass the US tax code without a single Democratic
See MoreEl Salvador: Tax authority issues tax havens list for 2018
The Tax Administration of El Salvador issued an annual guide (Resolution No. DG-001/2017) on 28 September 2017. The guidelines set out a revised list of countries, states or territories that are considered to be preferential tax regimes, low or
See MoreCanada: Government intends to reduce small business tax rate
The Government is working to build a fairer and more efficient tax system that benefits all Canadians. As one of its first actions, the Government raised taxes on the wealthiest one per cent in order to cut taxes for the middle class. The Government
See MoreCosta Rica: The income tax on foreigners investing in securities market is 8%
Foreign investors in Costa Rica will now have the same percentage as the revenue tax for local people. The Attorney General's office in Costa Rica confirmed that the withholding tax rate of 8% laid down in Article 23 of the Costa Rican Income Tax
See MoreCosta Rica updates the income tax clauses for tax year 2018
On 27 September 2017, Costa Rican government published the income tax brackets for tax year 2018. Tax brackets are adjusted yearly, effective 1 October to 30 September of the following year due to changes of consumer price index. For corporate
See MoreEcuador: New tax measures for 2018
On 11 October 2017, according to a press release, Ecuadorian President Lenin Moreno proposed some economic measures with tax reform plan. Key issues of this proposal are following: corporate tax rate will increase to 25% from 22%, advance
See MoreColombia publishes newly proposed TP regulations
Tax Authorities of Colombia (DIAN) published a proposed transfer pricing (TP) regulations to execute the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Action 13 and to establish the
See MoreCanada: CRA delays implementation of advantage rules
The Canada Revenue Agency (CRA) announced that the proposed implementation date for applying the advantage tax rules to investment management fees will be delayed until January 1, 2019. The rule could tax investment management fees paid outside of
See MoreUS: IRS invites public to comments on treatment of compensatory stock options
The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comments on the existing final regulations (TD 9088) dealing with the treatment
See MoreArgentina: AFIP announces a new portal for taxpayers
The Federal Public Revenue Administration (AFIP) launched a new portal service, in which taxpayer will find information about the fiscal situation and the personal data related to the agency. In order to access this portal, people have to enter with
See MoreUS: IRS appeals its tax court loss in the amazon transfer pricing case
On 29 September 2017, the Internal Revenue Service filed an appeal against March Tax Court ruling concerning Amazon’s cost-sharing agreement buy-in payment. The case is important because it is expected to provide fundamental guidance on the
See MoreU.S. signs agreements on the exchange of CbC reports with five countries
According to an IRS announcement on its website, it has signed separate agreements with the Czech Republic, Finland, Greece, Italy, and Sweden to exchange country-by-country reports on multinationals. Country-by-Country reporting data will be
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