EY_Americas Tax Center Weekly Roundup

Americas Tax Center Weekly Roundup

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The Americas Tax Center weekly roundup summarizes the most recent and relevant tax news from the Americas and around the world. Note: English language editions are usually posted by late Friday; Spanish editions are posted on Monday.

April 2014

April 11English | Español
Tax Alerts available on OECD hybrid mismatch arrangements, digital economy * Canadian Nova Scotia, Prince Edward Island 2014-15 provincial budgets tabled * EY’s 2014 Worldwide VAT, GST and Sales Tax Guide now available * EY’s FATCA website updated with latest developments and service offerings

April 4English | Español
US FATCA relief announced * Numerous countries commit to early adoption of OECD's Common Reporting Standard * Dominican Republic modifies transfer pricing regulations * OECD tentatively announces simplifications to CbC reporting * Argentina and Switzerland sign new tax treaty

March 2014

March 28English | Español
OECD issues BEPS digital economy tax discussion draft * Canadian nonresident trust rules require notice of relieving elections by 31 March or 25 June 2014 * Details available on Venezuela amended Master Law for Fair Prices * Peru's new tax treaties with Switzerland, Korea enter into force

March 21English | Español
OECD releases discussion drafts on treaty abuse, hybrid mismatch arrangements * Chile issues instructions on modifications included in Law 20.630 on international taxation * Brazil issues Normative Instruction dealing with withholding tax on transactions between Brazilian residents and nonresidents * Spanish High Court rules Brazilian juros qualify for participation exemption

March 14English | Español
Colombia issues new procedure for registering tech import contracts with DIAN * Peru ratifies tax treaty with Portugal * Puerto Rico approves tax incentives to promote aircraft maintenance / repair * US tax reform proposal would impact non-US investors in the country * EY Mining & Metals March 2014 Resource nationalism update now available

March 7English | Español
US President releases FY 2015 budget, tax proposals * Colombia modifies transfer pricing regulations * Peru ratifies tax treaties with Switzerland, Korea * El Salvador introduces changes in transfer pricing info return * Canada announces Form T1135 transitional relief for 2013

February 2014

February 28English | Español
Brazil addresses remuneration of services by foreign companies * Canadian budget introduces new international tax measures * Comprehensive US tax reform proposal unveiled * OECD releases Common Reporting Standard * G20 reiterates support for OECD BEPS project, Common Reporting Standard * Related party R&D/design costs dutiable in Canada * Peru-Mexico tax treaty in force

February 21English | Español
US releases last substantial regulations package to implement FATCA * Tax Court of Canada issues important decision on 'invoices of accommodation' * US IRS releases transfer pricing audit roadmap * 2014 Latin America insurance outlook * Spotlight on mergers and acquisitions in Mexico

February 14English | Español
Canada issues 2014-2015 Federal Budget * OECD releases Standard for Automatic Exchange of Financial Account Information * Argentina issues additional regulations relating to tax reform on capital gains, dividends * Costa Rica to issue resolution requiring registered companies to disclose names of shareholders

February 7English | Español
Chile modifies foreign tax credit system * US signs FATCA agreements with Canada, Hungary * Puerto Rico issues regulation on additional tax on gross income, extends due date to request 2013 partial waiver * Costa Rica approves tax information agreements with Nordic countries * Canadian tax law series discusses directors' liability

January 2014

January 31English | Español
OECD releases draft country-by-country reporting template for comment * Honduras adopts tax reform * Puerto Rico enacts changes to sales and use tax rate effective 1 February 2014 * US GAAP income tax accounting considerations of Mexican tax reform * Many Canadian employers are not properly reporting employee taxable benefits

January 24English | Español
OECD offers update on BEPS Action Plan * Canada launches Offshore Tax Informant Program * New Argentina-Spain tax treaty published *Guatemala postpones transfer pricing regulations * EY Global banking outlook 2014-15: Transforming banks, redefining banking

January 17English | Español
Colombia issues rule on effective place of management for companies, foreign entities * Argentina imposes new income tax collection system on triangular exports * Canada–EU agreement will impact mining and energy sector * EY's Indirect Tax Briefing highlights recent indirect tax developments around the world

January 10English | Español
US releases final FATCA Foreign Financial Institution Agreement * Argentina publishes new list of cooperative tax jurisdictions * Colombia issues regulations on PE taxation * Panama to repeal new law adopting worldwide taxation system * Canadian Tax Court dismisses appeal on TP reassessment of 2003 factoring transactions

January 3English | Español
Mexico issues decree granting tax incentives to maquiladoras * New Argentine tax compliance obligations address transactions between local related parties * Peru approves treaties with Portugal, Korea, Switzerland and Mexico * Argentina-Spain tax treaty enters into force

December 2013

December 20English | Español
Argentina approves tax treaty with Spain * Canada–Barbados tax protocol enters into force * Curacao and Netherlands agree on new tax arrangement * EY private equity report focuses on Mexico

December 13English | Español
Mexico's tax reform signed by president and published -- Argentina imposes 35% tax surcharge on acquisition of FX for travel, tourism -- EY/Canada's December 2013 TaxMatters available -- Private equity interest in oil and gas industry to grow, emphasis on emerging markets

December 6English | Español
El Salvador's Supreme Court rules Alternative Minimum Income Tax unconstitutional * Association Agreement with EU in force for Guatemala * Uruguayan proposed bill addresses bearer share identification requirement * US IRS proposes updated guidance on APAs * EY Webcast on Brazil's broad tax changes (13 December webcast)

November 2013

November 22English | Español
Brazil revokes Transitional Tax Regime, other significant changes to tax system * Peru amends income tax regulations * Colombia proposes postponing to 2015 scheduled reduction of financial transactions levy * Brazil – Turkey tax treaty takes effect * OECD plans tax information superhighway

November 15English | Español
Brazil publishes PM 627; major corporate tax implications * OECD holds public consultation on BEPS-related reporting, TP issues * Brazil standardizes corporate tax, Pis/Cofins interpretation for shared services * Argentina tax treaty developments re: Spain, Switzerland * Uruguay repeals CGT exemption on transfer of bearer shares * Panama extends TP info return due date * EY launches Global R&D Guide

November 8English | Español
Colombia issues Decree for computing basis for w/holding for mature securities * US IRS issues more FATCA guidance * Puerto Rico issues procedures for requesting waivers from new AMT components * Panama approves TIEAs with Nordic countries * El Salvador publishes revised list of tax havens for 2014

November 1English | Español
Mexican Congress approves major tax reform * Costa Rica requires audited financial statements from large taxpayers * Central America – EU trade agreement takes effect for Costa Rica and El Salvador * Canada – Hong Kong tax treaty enters into force * and more

October 2013

October 25English | Español
Mexico's lower House of Congress approves tax reform proposal * OECD report recommends new approaches to encourage business innovation via tax incentives * Panama establishes procedure for securing tax treaty benefits * Canada's second budget implementation bill receives first reading

October 21English | Español
US ends government shutdown, raises debt ceiling * Brazil offers new company amnesty programs * Venezuelan taxpayers must report information on primary business activity * Colombia issues decree listing tax havens * EY webcast on Mexico's fast-moving tax reform

October 11English | Español
Mexico's proposed tax reform would affect TP * Brazil amends TP regs for commodities * Peru extends deadline for 2012 TP informative return and transfer pricing technical study * Canada releases draft leg proposals on character conversion transactions and synthetic dispositions * OECD meets with businesses on BEPS

October 4English | Español
US government shutdown begins as Congress fails to reach funding agreement * Brazilian Normative Instruction may affect taxes due to IFRS conversion * EY's Indirect Tax Briefing highlights recent global indirect tax developments * Global IPO activity slows in third quarter of 2013 * New EY global survey of Financial Services sector available