Colombia: DIAN pronounces withholding tax on pensions
According to a ruling 2140 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the cases where pensions are subject to withholding tax. Article 17 of Law 1819 of 2016 amended article 383 of the Tax Code that provides the withholding
See MoreColombia: New tax benefits for small business
On 1 March 2017, the Colombian National Tax Authority (DIAN) issued Ruling 900479 of 2017 providing guidelines on the new rules on tax benefits applicable to small enterprises as from 1 January 2017. Article 4 of Law 1429 of 2010 provided that new
See MoreCanada: The Federal Budget 2017 announced
The Canadian government presented the 2017 federal budget on 22nd March 2017 in Ottawa. The main highlighting points of this budget are given below: The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years
See MoreCosta Rica: Legislative Assembly approves the bill to restore registration flat tax
The Costa Rican Legislative Assembly on 17 March 2017 approved the bill which restores the registration flat tax on companies. The bill, which intends to restore the registration flat tax on companies, had been declared unconstitutional on 28
See MoreUS: IRS announces overpayment and underpayment interest rates for quarter beginning 1 April 2017
The IRS has announced on 7 March 2017 that the interest rates for the second quarter beginning 1 April 2017, will bet 4 percent for overpayments i.e. tax refunds (3 percent in the case of a corporation), 4 percent for underpayments i.e. tax
See MoreBolivia increases income tax on financial sector
The Chamber of Deputies approved an increase of 3% (increase from 22% to 25%) to the income tax on the profits of companies in the financial sector on 16 March 2017. The increase will be applicable on the profits generated as from
See MoreBrazilian CFC rules apply despite treaties
The Federal Administrative Council of Tax Appeals (Conselho Administrativo de Recursos Fiscais, CARF) decided on 14 March 2017 that taxation in Brazil of profits of indirect controlled foreign companies (CFCs) under CFC rules is not prevented by tax
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MorePanama deposits instrument of ratification for convention and protocol on mutual administrative assistance in tax matters
Panama deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters, as amended by the 2010 protocol, on 16 March 2017. The Convention and the amending protocol will enter into force 3
See MoreCanada: SMEs want tax cuts at Budget 2017
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses. The CFIB has published its list of recommendations for the upcoming federal budget 2017. The recommendations for the
See MoreBrazil publishes Normative Instruction 1,700/2017 in the Official Gazette
Decree No 2017-22042 of 7 March 2017 fixing the market interest rates for interest-free liabilities have been published in Official Journal No 15371 on 17 March 2017. The Decree upgrades and replaces Decree no. BLKB2015 / 1650M of 10 December 2015
See MoreHong Kong signs agreements on automatic exchange of financial account information in tax matters with 6 jurisdictions
Hong Kong has signed agreements with six jurisdictions for conducting automatic exchange of financial account information on tax matters. They are Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands. A Government spokesman said on 17 March
See MoreJamaica extended the income tax return filing deadline
Jamaica’s tax administration has announced the deadline to file final income tax returns for the year of assessment 2016 n 15 March 2017 and the estimated returns for the year of assessment 2017 has been extended until 25 March
See MoreDominican Republic: Publishes new processes for filing corporate income tax return
The Dominican tax authorities issued new guidance that is intended to improve tax filing procedures for the annual corporate income tax return and appendices. The tax agency (DGII) published General Notice No.12-17, in an effort to improve the tax
See MoreCanada: Tentative date for federal budget 2017 launched
The Finance Canada have dropped a fairly big hint on when Finance Minister will deliver the Liberal government’s sophomore budget. Currently, there are no clear clues found about the changes that will occur in the federal budget. The Federal
See MorePanama, Vietnam DTA enters into force
On 14 February 2017, the Double Taxation Agreement (DTA) between Panama and Vietnam was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty generally applies from
See MoreUS: IRS urges taxpayers to protect individual tax data
The Internal Revenue Service on March 9, 2017 reminded taxpayers to be cautious and protect personal, financial and tax information, particularly at tax time. The IRS urges taxpayers to be safe online and reminds them to take steps to help protect
See MoreUS: IRS publication 17 helps with 2016 Taxes
Recently the Internal Revenue Service has released “publication 17” which is helpful for 2016 taxpayers. Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting
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