14 March 2014
Americas Tax Center Weekly Roundup
Latest news — Americas
Colombia issues new procedure for registering technology import contracts with the DIAN
Colombia’s Tax Authorities (DIAN) have issued Resolution No. 62 on 24 February 2014, establishing a procedure for registering contracts for technology imports through the Electronic Information Service for Registration, Authorization and Certification. To register, the beneficiary of the services must be enrolled in the Tax Registry (abbreviated to "RUT" in Spanish) and domiciled or legally represented in Colombia. A Tax Alert has details.
Peru ratifies tax treaty with Portugal
On 6 March 2014, the ratification of the tax treaty with Portugal by the Peruvian President was published in the Official Gazette. The tax treaty was signed on 19 November 2012 and approved on 26 December 2013 by the Peruvian Congress. It is expected that the tax treaty will be effective on 1 January 2015. A Tax Alert is available.
Puerto Rico approves tax incentives to promote aircraft maintenance, repair and overhaul activities
Puerto Rico’s Governor signed Act 32 of 27 February 2014 (Act 32-2014), known as the Aircraft’s Maintenance, Repair and Overhaul Promotion Act of Puerto Rico, which establishes the government’s public policy to promote aircraft maintenance, repair and overhaul (MRO) activities in Puerto Rico. Act 32-2014 also appoints the Puerto Rico Industrial Development Company to administer the provisions under Act 32, and amends the Tax Incentives Act of 2008 for the Development of Puerto Rico (Act 73-2008) to provide tax incentives to entities engaged in MRO activities. A Tax Alert has details .
US tax reform proposal would impact non-US investors in the country
The comprehensive tax reform discussion draft released by US House Ways and Means Committee Chairman (the committee is the primary tax-writing committee in the US Congress) on 26 February 2014 would reform all areas of the Internal Revenue Code, including areas of interest to foreign investors in the US. A new Tax Alert addresses the international tax provisions in the proposal most relevant to non-US persons investing in the US, as well as federal income tax proposals that may affect them.
Manitoba and Alberta budgets 2014–2015 tabled
The Canadian provinces of Manitoba and Alberta tabled their fiscal 2014–2015 budgets on 6 March 2014. The Manitoba budget contains only minor tax measures affecting individuals and corporations. A Tax Alert has details. The Alberta budget contains no new taxes and no tax increases. Another Tax Alert has the Alberta details.
EY Mining & Metals March 2014 Resource nationalism update now available
EY’s Mining & Metals Resource nationalism update looks at the latest resource nationalism news and developments by country, including updates on: (1) government ownership, (2) restriction of imports and exports, (3) retreating resource nationalism – return focus to investment attraction, (4) mining reform, and (5) political risk. The March 2014 issue includes updates on Bolivia, Brazil and the US.
Canada’s TaxMatters@EY – March 2014 issue available
TaxMatters@EY, a monthly bulletin prepared by EY Canada, provides a summary of recent Canadian tax news, publications and resources. The March 2014 issue discusses: (1) how to minimize your 2013 personal income tax bill as well as the stress involved with filing your return, (2) changes to information sharing at the Canada-US border affecting frequent travelers to the US, and (3) a recent Federal Court of Appeal decision denying tax credits in a charitable donation scheme.
This week's tax treaty news in the Americas
- Brazil and Norway: tax treaty protocol signed
- British Virgin Islands and US: FATCA agreement initialed
- Mexico and Panama: free trade agreement negotiations held
- Uruguay and France: France ratifies social security agreement
This week’s EY Global Tax Alerts
- Highlights of Ways and Means Committee Chairman’s tax reform proposal for non-US investors in the United States (12 March 2014)
- Taiwan’s Ministry of Finance introduces measures to raise tax revenues (12 March 2014)
- Qatar Tax Authorities clarify income tax filing requirements for Qatar Science and Technology Park entities (11 March 2014)
- Lesotho presents 2014 Budget (11 March 2014)
- Swaziland presents 2014 Budget (11 March 2014)
- Italy partially repeals "Web Tax" rules (10 March 2014)
- Colombia issues new procedure for registering technology import contracts with the DIAN (10 March 2014)
- Singapore releases Budget 2014 (10 March 2014)
- Puerto Rico approves tax incentives to promote aircraft maintenance, repair and overhaul activities (10 March 2014)
- Hong Kong IRD announces that taxpayers can continue to adopt a mark-to-market basis for 2013-14 profits tax returns (7 March 2014)
- US President releases Budget and tax proposals (7 March 2014)
- Peru ratifies tax treaty with Portugal (7 March 2014)
- US Ways and Means Committee Chairman reformulates international tax reform proposals (7 March 2014)
- US IRS postpones application of 871(m) regulations to specified equity-linked instruments (7 March 2014)
- Hong Kong announces 2014-15 Budget (7 March 2014)
- Dutch Lower Court finds lack of arm’s length return in captive reinsurance case (6 March 2014)
- South Africa presents 2014 Budget (6 March 2014)
- Italy removes San Marino from Black List (6 March 2014)
- FATCA webcasts for US withholding agents (19 March), asset management organizations (20 March) and US non-financial services companies (20 March)
On 20 February, the US IRS and Treasury released final and temporary regulations providing further guidance under the Foreign Account Tax Compliance Act (FATCA). Upcoming webcasts look at the new guidance from three different perspectives. Register here for the webcast for US withholding agents. Register here for the webcast for asset management organizations. Register here for the webcast for US non-financial services companies.
- International tax reform developments and outlook (26 March)
Our next BorderCrossings webcast will share information and insights on international tax reform proposals in the US, and how the OECD’s Base Erosion and Profit Shifting (BEPS) project is changing the global international tax policy landscape. Join us to learn how these proposals may affect your global tax position in the years ahead. Register here.
Recently archived webcast now available on-demand
- Global Payroll: One year on and closer to reality?
One year ago, we asked global payroll leaders in multinational organizations whether a global payroll system is an achievable goal for global organizations. They suggested that while a global system is a good idea in theory, it’s probably not practical. One year later, we asked the question again to see if opinions changed. A recent webcast discussed the results. Watch it on-demand here.
EY industry, service and issue publications
- An American in AIFMD land
- EY - Renewable energy assets
- EY - Leveraging technology and data for cost effective risk management
Government and Public Sector