20 September 2013

Americas Tax Center Weekly Roundup

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Latest news — Americas


Argentine Senate approves tax reform bill

On 12 September 2013, the Argentine Senate approved the tax reform bill recently proposed by the Executive Power. To become law, the bill must now be promulgated by the Executive Power and published in the Official Gazette, which is expected to happen within a few days. The bill’s provisions will enter into force upon publication in the Official Gazette and will apply to taxable events that take place from the publication date. The reform will affect the taxation of capital gains and dividends. A Tax Alert has details.

Costa Rica approves Executive Decree on transfer pricing regulations

Through publication in the Official Gazette on 13 September 2013, Costa Rica has approved Executive Decree No. 37898-H, adopting transfer pricing regulations applicable to individuals and business entities that conduct related-party transactions. The Decree is in effect upon the publication in the Official Gazette. A Tax Alert on the approval of the Decree is available.  A previously published Tax Alert has details on the transfer pricing regulations and discusses implications for businesses.

Colombia issues guidance on application of income tax for equality (CREE) under tax treaties

Colombia’s tax authorities (DIAN) issued a ruling on the application of the income tax for equality (CREE) in the context of tax treaties signed by Colombia. The DIAN indicated that the CREE is a new tax; it is not incorporated into the income tax. While Colombia’s treaties generally reference the income tax currently enforceable, some treaties declare that they apply to "any identical or substantially similar taxes that are imposed after the date of signature of the Convention in addition to, or in place of, the existing taxes." Accordingly, the DIAN concluded that each treaty must be analyzed on a case-by-case basis to determine whether the CREE applies. A Tax Alert has details.

Canada releases draft legislation for 2013 budget measures

On 13 September 2013, the Canadian Department of Finance released for public comment a package of draft legislative proposals and explanatory notes to implement a number of international, corporate and personal tax measures announced in the 2013–14 federal budget. Interested parties are invited to provide comments on the draft legislation by 15 October 2013. A Tax Alert describes the proposals.

This week's tax treaty news in the Americas

  • Argentina and Chile: Argentine Federal Tax Court decides domestic GAAR precludes application of treaty provision
  • Barbados and Russia: Barbados expresses intention to negotiate tax treaty
  • Ecuador and Korea: tax treaty approved for ratification
  • Peru and Singapore: intentions expressed to resume tax treaty negotiations
  • US and Kyrgyzstan: tax treaty negotiations ongoing

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