11 April 2014

Americas Tax Center Weekly Roundup

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Latest news — Americas

OECD discussion drafts on hybrid mismatch arrangements and digital economy – Tax Alerts now available

On 19 March 2014, the OECD released two Public Discussion Drafts in connection with Action 2 on hybrid mismatch arrangements under its Action Plan on Base Erosion and Profit Shifting (BEPS). A Tax Alert has details. In addition, on 24 March 2014, OECD released a discussion draft in connection with Action 1 on addressing the tax challenges of the digital economy under its BEPS Action Plan. A Tax Alert has details.

Canadian Nova Scotia and Prince Edward Island 2014-15 provincial budgets tabled

Nova Scotia’s Finance Minister tabled the Canadian province’s 2014-15 budget on 3 April 2014. A Tax Alert has details. Prince Edward Island’s Finance Minister tabled the province’s fiscal 2014-15 budget on 8 April 2014. A Tax Alert has details.

EY’s 2014 Worldwide VAT, GST and Sales Tax Guide now available

EY’s Worldwide VAT, GST and Sales Tax Guide summarizes the value-added tax (VAT), goods and services tax (GST), and sales tax systems in 109 countries and the European Union. The chapters provide at-a-glance information, as well as details on the scope of the tax, persons liable, tax rates, time of supply, the recovery of the tax by taxable persons and non-established businesses, invoicing, and tax returns and payments.

Managing indirect tax data: Gaining insight and control in the digital age

A new EY report, targeted to indirect tax and trade professionals and tax directors, considers some of the challenges that multinational companies’ tax, trade and finance departments typically face in managing indirect taxes, and outlines some of the management approaches and technology tools that can help them achieve their goals.

EY's emerging markets resource gets a face lift – Tax tools

The firm has refreshed the external Emerging Markets Center (EMC) portal, making it easier to find emerging markets tools, thought leadership, videos, contacts and other relevant information, including growth forecasts. Improvements also include an emerging markets map on the homepage; improved filters, which make it easier to access thought leadership and other materials; and a newsletter subscription service.

EY’s FATCA website updated with latest developments and service offerings

With a limited number of days before the first of many US Foreign Account Tax Compliance Act (FATCA) compliance milestones goes into effect, we’ve updated our FATCA website, adding information about EY’s suite of service offerings to help companies address gaps and achieve FATCA compliance. Whether a company is at the early stages of preparation, interested in the latest FATCA developments or requires a FATCA implementation assessment, the external FATCA website can serve as a valuable resource.

Power transactions and trends – EY annual report now available

EY’s annual Power transactions and trendsreport presents a review of deals in 2013 and an outlook for 2014. The new edition of Power transactions and trends includes more regional information than before in the locations that we expect to be in focus for utilities in 2014 and 2015, including Brazil and the US.

This week's tax treaty news in the Americas

  • Bahamas and US: FATCA agreement expected to be signed soon
  • Brazil and Switzerland: social security agreement signed
  • Canada and Belgium: new tax treaty protocol signed
  • Colombia and OECD: Colombia deposits instruments of ratification for multilateral Convention on Mutual Administrative Assistance in Tax Matters
  • Eastern Caribbean Currency Union (Antigua and Barbuda, Dominica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines) and US: FATCA agreement negotiations ongoing
  • El Salvador and Trinidad and Tobago: negotiations ongoing on Reciprocal Promotion and Protection of Investment Agreement
  • Mexico and Panama: free trade agreement signed
  • Mexico and Slovenia: tax treaty negotiations ongoing

This week's EY Global Tax Alerts

Upcoming webcasts

Global trade management: how high performers are accelerating ahead (17 April)
EY recently asked a group of industry professionals overseeing high-performing global trade departments to provide views on characteristics and processes common to high performance. The findings, reported in an EY Global Trade Symposium report, provide insights from these industry leaders into how effective trade management can enable corporate growth and competitive success. Learn more in the upcoming webcast.

Recently archived webcasts now available on-demand

  • FATCA webcasts for US withholding agents, asset management organizations and US non-financial services companies
    A series of recent webcasts looked at the final and temporary regulations providing further guidance under the Foreign Account Tax Compliance Act (FATCA) released by the US IRS and Treasury in February. The webcasts are now available on-demand.

Access the webcast for US withholding agents here.
Access the webcast for asset management organizations here.
Access the webcast for US non-financial services companies here.

EY industry, service and issue publications

Financial Services

View from the top: Q413 final view
EY CIO - How leading CIOs are preparing for a digital transformation
        EY Capital Confidence Barometer: April 2014
EY - IASB makes use of OCI optional and confirms unlocking of Contractual Service Margin
IASB Projects: A pocketbook guide as at 31 March 2014
EY - IASB Projects: A pocketbook guide as at 31 March 2014