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.

August 2018

August 13 - English | Spanish
Peru amends income tax law and other tax rules * US announces imposition date of ‘List 2' tariffs on PRC goods; China proposes new retaliatory tariffs * EY’s ‘Latest on BEPS – 2018 mid-year review’ highlights OECD and country developments * New EY  series on key transfer pricing risks: first edition focuses on sale/transfer of IP assets

August 6 - English | Spanish
Canada releases draft legislation for 2018 budget, other measures for comment * US to raise tariffs to 25% on $200b worth of PRC origin goods * US proposes new customs drawback rules for comment * US IRS issues proposed regulations on tax reform’s transition repatriation tax * Puerto Rico clarifies due date for taxpayers that filed automatic extension requests for 2017 personal property tax returns * OECD invites input on sixth batch of peer reviews of dispute resolution under BEPS Action 14 * Latest update on OECD’s BEPS project available

July 2018

July 30 - English | Spanish
Uruguay approves bill establishing new benefits for taxpayers, amending CIT regime * Canada: Duty relief, duty drawback, and remission available for Canadian surtaxes on certain US originating goods * Canada updates trade compliance verification list * Canada: Highlights from CRA's 2017 APA Program Report * US IRS publishes new guide on transfer pricing examinations * USCIS updates immigration policy guidance * EY Trade Policy Brief discusses US-China trade dispute * OECD Secretary-General sends G20 finance ministers annual progress report

July 23 - English | Spanish
Peruvian President granted power to legislate in tax matters * Peru requires taxpayers to file master file and CbC report annually* Ecuador enacts new law on deductibility of interest derived from ‘back-to-back’ credit transactions* Puerto Rico clarifies certain 2017 tax return due dates, further extends due date for corporate annual reports

July 16 - English | Spanish
Argentina-Brazil amending tax protocol enters into force 29 July 2018 * Brazil-US Social Security Agreement in effect on 1 October 2018 * El Salvador: Legislative Decrees containing tax reforms and Financial Transactions Tax unconstitutional * US Supreme Court overturns Quill, eliminates physical presence nexus standard for sales and use tax collection * US Supreme Court ruling has sales and use tax ramifications for Canadian e-commerce vendors * US proposes tariffs on $200b in additional Chinese goods * Canada updates final import surtaxes imposed on certain products originating in the US * Canada releases new draft GST/HST rules for carbon emission allowances * Québec: Bill on QST and e-commerce receives Royal Assent * OECD releases discussion draft on transfer pricing aspects of financial transactions * EY ‘Global Capital Confidence Barometer’: Americas country reports now available

July 9 - English | Spanish
Peruvian Government grants power to sign the BEPS Multilateral Instrument**Peruvian Congress grants President power to legislate in tax matters**Puerto Rico Department of Treasury finalizes guidance and process for claiming employee retention benefit related to Hurricanes Irma and Maria**Bahamian Department of Inland Revenue releases VAT guides**OECD releases final revised guidance on application of transactional profit split method**OECD releases guidance for tax administrations on application of approach to hard-to-value intangibles**Highlights of economic implications of key US and global trade issues

June 2018

June 18 - English | Español
Mexico retaliates against US imposition of steel and aluminum tariffs * Canada to impose retaliatory tariffs on certain US origin products starting 1 July * EY Trade Policy Brief discusses NAFTA renegotiations and potential adverse effects of a US-Mexico trade war

June 11 - English | Español
Brazil and Singapore sign tax treaty**Bahamas proposes VAT rate increase and other VAT-related changes**Potential US signing of ‘Comprehensive and Progressive Agreement for the Trans-Pacific Partnership’**Latest update on OECD’s BEPS project (4 June) **EY Canada releases June issue of TaxMatters@EY **‘EY Worldwide Transfer Pricing Reference Guide 2017-18’ – interactive version now available

June 4 - English | Español
US suspends tariff exemptions on steel / aluminum for EU and NAFTA countries; EU, Canada, and Mexico to impose retaliatory duties * US tariffs on Chinese imports imminent * EU counters US safeguard measures with possible import duties on US products * Uruguay proposes changes to CIT regime * Argentina publishes VAT mechanism for digital services, lists of foreign providers * OECD releases first annual peer review on Action 13 * Peruvian Congress approves Convention on Mutual Administrative Assistance in Tax Matters * Uruguay issues Decree re Investments Law benefits * Canadian C-suite voices concern about shifting tax, trade, and regulatory policies * EY interview with Hans Christian Holte, new chair of the OECD’s Forum on Tax Administration * Canada: Nunavut issues budget 2018-19

May 2018

May 21 - English | Español
Puerto Rico proposes tax reform * US withdraws from Iran Nuclear Deal * Argentina increases tax on debits and credits in local bank accounts that taxpayers may use to offset income tax * Brazil and Switzerland sign tax treaty * US IRS announces new template for APA agreements * Panama, Uruguay agree to first exchange of financial account information for 2017

May 14 - English | Español
Mexico–Philippines Tax Treaty enters into force * Puerto Rico extends due date for personal property tax return to 21 May 2018 * Canada: Ontario regulations facilitate land transfer tax compliance * US tax reform is landmark change for both US and the world – EY Tax Insights article * Latest update on OECD’s BEPS project (7 May) available * New EY report helps business leaders navigate US geopolitical uncertainty

May 7 - English | Español
Argentina publishes new rules on tax revaluation option and VAT on digital services * United States: Tariffs exemption on steel and aluminum products reached for some countries, others extended until 1 June * Uruguay issues Decree establishing conditions for removing Panama from low or no taxation list * Peru’s new president sends request to Congress for power to legislate in tax matters * EY Canada releases latest issue of TaxMatters@EY

April 2018

April 30 - English | Español
Mexico to give tax authorities new powers to challenge NOLs * Puerto Rico extends due date for filing FY 2018-19 Volume of Business Declaration * Puerto Rico issues guidance for sales and use tax non-WH agents on filing quarterly sales reports * Latest update on OECD’s BEPS project available * Global M&A remains healthy despite geopolitical uncertainty – EY’s latest CCB survey report

April 23 - English | Español
Argentina establishes mechanism to pay NR's capital gains tax * Panama publishes new version of TP info return * Puerto Rico lengthens automatic extension for filing 2017 tax return * Canada expands biometrics program * EY ‘TradeWatch’ reviews customs and trade developments across Americas

April 16 - English | Español
Argentina issues more regulations on taxation of NR investors * US CBO forecasts higher deficits and debt * Panama: Bilateral exchange relationships effective with CRS MCAA signatory jurisdictions * Canada: Prince Edward Island and Saskatchewan issue 2018–19 budgets * EY’s ‘Outlook for global tax policy in 2018’ reviews impacts of tax reform, digital taxation, and BEPS * New EY Tax Risk and Controversy survey report focuses on perspectives of tax authorities * Latest update on OECD’s BEPS project available * EY Canada releases latest issue of TaxMatters@EY

April 9 - English | Español
US, China trade tensions escalating * Colombia allows taxpayers to deduct royalties re: acquisition of finished products * Canada: Québec announces QST and e-commerce measures * US issues annual APA report for 2017 * Canada: Ontario issues budget 2018-19

April 2 - English | Español
US Trump Administration announces imposition of $50B in tariffs on wide range of Chinese origin goods** Puerto Rico issues e-filing guidance for 2017 corporate income tax returns and requests for extensions of time to file 2017 income tax returns** Costa Rica issues resolution on dates to comply with general obligation to use electronic vouchers** OECD releases additional guidance on attribution of profits to a permanent establishment under BEPS Action 7** Panama confirms to EU that it is committed to amending call center regime** Canada: Quebec, Alberta, and Newfoundland and Labrador budgets issued ** Colombia signs tax treaty with Italy ** EY publication highlights 2018 Q1 tax policy developments across the Americas ** Latest update on OECD’s BEPS project available

March 2018

March 26 - English | Español
US announces $50B in tariffs on wide range of Chinese origin goods * President Trump signs Omnibus bill with tax provisions * Honduran Congress to consider bill to reform 1.5% alternative minimum income tax * Canadian Federal Court of Appeal reaffirms common interest privilege outside litigation context * BEPS Multilateral Convention in force on 1 July 2018 for first five jurisdictions * Panama establishes new process for corporate tax identification numbers * Canada: Nova Scotia issues budget 2018-19 * Tax Controversy is a global issue: Is your company ready?

March 19 - English | Español
US imposes tariffs on steel and aluminum products – Mexico and Canada excluded *OECD releases interim report on tax challenges of digitalized economy *Canada: Manitoba issues budget 2018-19 * Latest update on OECD’s BEPS project available * EY Canada releases latest issue of TaxMatters@EY

March 12 - English | Español
Costa Rica’s Congress approves fast-track for tax reform bill* Canada’s budget 2018–19 has implications for private companies and shareholders* Indirect Tax in 2018 – updated worldwide developments map and new insight articles* Canada: Yukon issues budget 2018–19* New EY study analyzes impact of US federal tax reform on state CITs

March 5 - English | Español
Canada issues federal budget 2018-19, EY’s latest ‘Tax Policy & Controversy Global Briefing’ discusses Brazil’s OECD application, digital tax, and the MLI, Latest update on OECD’s BEPS project available , EY’s ‘Global Corporate Divestment Study’ reports spike in appetite for corporate divestments

February 2018

February 26 - English | Español
Mexico modifies transfer pricing deadlines for DISIF filers * Costa Rica issues resolution on CbC Reporting requirements * Barbados signs MLI to implement tax treaty BEPs-related measures * British Columbia budget 2018-19 tabled * EY’s ‘Tax Insights’ examines recent developments in indirect tax * ‘Latest on BEPS – 2017 year in review’ available

February 19 - English | Español
OECD releases country approaches to CbC Reporting Guidance * Colombia releases 2017 transfer pricing information statement * US IRS announces increase in user fees for unilateral / bilateral APAs * Honduras updates 2018 individual income tax brackets * Report reviews current / proposed US policy changes for business immigration * Global analysis of health insurance in Latin America – EY report * US Customs publishes draft interim guidance for filing drawback claims under TFTEA * Canada: Northwest Territories issue budget 2018-19

February 12 - English | Español
US tax reform significantly affects US private companies with outbound investments * Tax administration goes digital – EY report: How companies should prepare * EY’s 2018 ‘Digital Deal Economy’ study finds companies focused on digital M&A strategy

February 5 - English | Español
Argentina revokes procedure for payment of NR capital gains tax * Brazilian insurance regulator opens local market for foreign reinsurers * Canada releases federal carbon tac pricing proposals * Latest update on OECD's BEPS project available

January 2018

January 29 - English | Español
Peru establishes deadline for submitting local file * Uruguay enacts legislation updating anti-money laundering, terrorism financing regime * Canadian Customs releases 2018 customs compliance verification list * Peru amends Income Tax Law regulations on tax havens * Panama removed from EU list of non-cooperative tax jurisdictions * Panama signs BEPS Multilateral Convention * Barbados and Jamaica sign BEPS Multilateral Convention * Ecuador approves new tax treaty with Russia

January 22 - English | Español
Argentina revokes procedure for payment of NR capital gains tax * Brazilian insurance regulator opens local market for foreign reinsurers * Canada releases federal carbon tax pricing proposals * Latest update on OECD’s BEPS project available

January 15 - English | Español
Argentine tax reform: Key provisions * Uruguay enacts changes to FTZ regime * Uruguay modifies shared service centers regime * Panama modifies deadlines for FATCA and CRS purposes * Colombia issues regulations notifying tax authorities about CbC report * Puerto Rico issues guidance on automatic waiver from W/H at source on payments for services performed in 2018 * EY's 2017 Tax Risk and Controversy Survey Series – Tax function optimization report released

January 8 - English | Español
US enacts landmark tax reform * Argentina enacts comprehensive tax reform * Canada Revenue Agency revises GST/HST Voluntary Disclosures Program * Colombia’s immigration regime reform effective 15 December 2017 * US, Spain sign CbC reporting automatic exchange of information agreement * Puerto Rico announces 2018 qualified retirement plan limits * EY Capital Conference Barometer: country and sector reports released