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TaxNewsFlash-Americas — KPMG's reports of tax developments in the Western Hemisphere

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TaxNewsFlash-Americas

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March 2019

29 Mar - Costa Rica: Interest rate for tax underpayments, overpayments

28 Mar - Canada: Companies need to consider steps in advance of changes to stock option rules, as announced in federal budget

28 Mar - Canada: Exemption from “speculation and vacancy tax” for British Columbia property owners, 31 March deadline

28 Mar - Canada: Venture capital tax credit in Nova Scotia 2019 budget; no changes to income tax rates

27 Mar - Costa Rica: New guidelines for electronic receipts

22 Mar - Costa Rica: Income tax treaty with Mexico

19 Mar - Canada: Tax provisions in 2019 federal budget

19 Mar - Canada: No changes to corporate, individual tax rates in New Brunswick 2019 budget

18 Mar - Costa Rica: VAT exemption for basic food products

14 Mar - Cayman Islands: Economic substance and collective investment funds

13 Mar - Canada: Federal budget scheduled for 19 March 2019

13 Mar - Canada: Update on legislative measures, previously announced in Quebec's 2017 and 2018 budgets

11 Mar - Canada: Electronic platforms must collect and remit Quebec sales tax (QST) on taxable supplies of intangibles, services

8 Mar - Canada: No changes to corporate, individual income tax rates in Manitoba’s 2019 budget

8 Mar - Colombia: Corporate compliance obligations for legal entities (2019)

5 Mar - Brazil: Updated guidance for determining country of origin

5 Mar - Brazil: Updated user guide, reporting transactions with foreign persons

1 Mar - Colombia: Tax calendar for 2019

1 Mar - Dominican Republic: Opportunities for tax credits to reduce tax liability; action required by 1 April for 31 March year-end taxpayers

November 2018

30 Nov - Costa Rica: Free trade agreement with Panama

28 Nov - Canada: Tax credits for “qualifying” news organizations, digital news subscribers

27 Nov - Costa Rica: Tax reform, status update

21 Nov - Canada: Enhanced capital cost allowances; quicker recovery of investment costs of Canadian businesses

15 Nov - Canada: Ontario not adopting federal measures for phase-out of small business limit, passive investment income

15 Nov - Colombia: Legislation includes VAT measures, corporate rate reduction, investment incentives

15 Nov - Costa Rica: Registry of taxpayer legal representatives, other developments

15 Nov - Canada: Deadline for employers under GST/HST and QST pension plan rules

15 Nov - Canada: Employer refund claims for CPP and EI overpayments due 31 December

15 Nov - Canada: Manitoba budget bill; small business deduction limit to increase in 2019

15 Nov - Canada: Possible tax changes in response to U.S. tax reform

15 Nov - Canada: Quebec's phase-out of input tax refund restrictions in 2019

15 Nov - Canada: Year-end tax planning tips for owner-managers

12 Nov - Dominican Republic: Opportunities for tax credits to settle 2018 tax liability

8 Nov - Costa Rica: Tax residency based on 183 days; tax-exemption beneficiary audits

1 Nov - Canada: Negotiations to update income tax treaty with Brazil planned for November 2018

1 Nov - Canada: Update on federal budget bill; Form T1134 accelerated filing date; income tax changes

1 Nov - Canada: Contribution limits for Canada pension plan (CPP) increased for 2019

1 Nov - Canada: Pension contribution limits for 2019

1 Nov - Canada: Prescribed income tax interest rates unchanged (first quarter 2019)

1 Nov - Canada: Prescribed PLOI interest rate increase (first quarter 2019)

October 2018

30 Oct - Brazil: Guide to oil and gas taxation (2018)

30 Oct - Canada: Charitable donations for tax credit on 2018 return

26 Oct - Canada: Deadline for companies with foreign affiliates filing T1134

26 Oct - Costa Rica: Free trade zone, changes to regulation

25 Oct - Brazil: Presidential run-off election and implications for tax

23 Oct - Canada: Proposed relief, “speculation tax” on residential property in British Columbia

23 Oct - Canada: Proposed employer health tax, applicable to permanent establishments in British Columbia with employees

23 Oct - Canada: New employer health tax in British Columbia; would apply for charitable and non-profit employers

16 Oct - Uruguay: New tax compliance guidance for digital economy

15 Oct - Canada: Investment limited partnerships to consider new GST/HST election for 2018 fiscal year

15 Oct - Costa Rica: Status of tax reform bill

15 Oct - Costa Rica: VAT and excise tax, exempt assets acquired domestically

11 Oct - Canada: Relief relating to U.S. tariffs on steel and aluminum imports

10 Oct - Canada: “Advantages tax rules" and 100% tax on certain advantages related to individuals' registered plans

10 Oct - Costa Rica: Free trade zone companies not exempt from stamp tax

10 Oct - Mexico: Business transactions conducted by internet; physical presence not required

9 Oct - Brazil: São Paulo state’s taxpayer compliance program

9 Oct - Costa Rica: Updates to income tax brackets for 2019

2 Oct - Trinidad and Tobago: Tax proposals in budget 2018

1 Oct - Canada: Tentative trade deal with United States and Mexico

June 2018

27 Jun - Canada: New private company tax rules are enacted

27 Jun - Canada: New U.S. sales tax obligations for certain Canadian companies

27 Jun - Canada: Prince Edward Island tax bill enacted; small business tax rate reduced to 4%

26 Jun - Brazil: ICMS withholding guidance (São Paulo)

26 Jun - Brazil: Tax refunds and interaction with social security liabilities

20 Jun - Mexico: Burden of proof, economic substance of transactions

19 Jun - Eastern Caribbean: Economic and budget review 2018

15 Jun - Colombia: VAT registration proposed for non-resident service providers, digital services

14 Jun - Canada: Digital media tax credit bill in Alberta receives Royal Assent

14 Jun - Canada: GST/HST and QST returns of pension entities required by 30 June

11 Jun - Barbados: Commentary on mini-budget 2018

6 Jun - Mexico: Tariffs on U.S. goods, response to steel, aluminum tariffs

6 Jun - Canada: 2018 budgets tabled for Yukon, Northwest Territories, Nunavut

6 Jun - Canada: Saskatchewan budget bill receives Royal Assent; includes two tax credits

4 Jun - Canada: Additional provisions to apply; multilateral instrument (MLI) will modify significant portion of tax treaties

1 Jun - Canada: Surtaxes in response to U.S. tariffs on steel, aluminum

May 2018

29 May - Uruguay: Taxation of the digital economy, implementing decree

22 May - Canada: Additional capital cost allowance for manufacturing, processing or computer equipment, Quebec

22 May - Canada: British Columbia bill, corporation's specified partnership income

21 May - Chile: New guidelines concerning VAT reporting and withholding

18 May - Colombia: Changes to “free zone” regime rules

17 May - Barbados: Re-registration of taxpayers required in June 2018; reduced VAT rate for tourism sector

16 May - Canada: Ontario legislation conforms to federal corporate tax measures

14 May - Mexico: New tax obligations with respect to hydrocarbons

9 May - Canada: Reminder for businesses; GST/HST and QST annual information returns due 30 June 2018

9 May - Canada: Prince Edward Island budget bill receives first reading, tax measures included

8 May - Canada: Interest rate, deemed interest income inclusion from pertinent loan or indebtedness (PLOI), third quarter 2018

7 May - Dominican Republic: Implications for airline ticket taxes

2 May - Dominican Republic: Reminder of requirement for annual shareholder meeting

1 May - Canada: Saskatchewan budget bill introduces two tax credits, receives first reading

1 May - Mexico: Proposals to revise hydrocarbons tax legislation

April 2018

29 Apr - Argentina: Withholding tax, income of foreign beneficiaries from Argentine shares, debt instruments

27 Apr - Canada: Tax facts, taxation overview (updated 31 March 2018)

25 Apr - Canada: Digital tax credit in Alberta

25 Apr - Canada: Nova Scotia budget receives Royal Assent, includes all tax measures

25 Apr - Canada: Update on tax legislation in British Columbia

24 Apr - Barbados: Income tax treaty with Italy, effective 2018

24 Apr - Panama: Income tax treaty with Italy, effective 2018

23 Apr - Mexico: New trade agreement with EU

20 Apr - Chile: Effective date for VAT changes; other developments

18 Apr - Canada: Businesses in British Columbia required to impose PST on delivery charges

18 Apr - Canada: Real estate taxes; relief from speculation tax in British Columbia

17 Apr - Brazil: Tax compliance program (São Paulo)

12 Apr - Argentina: Guidance on tax treatment of financial income earned by foreign beneficiaries

12 Apr - Canada: GST/HST and QST returns for selected listed financial institutions with 31 December year-end due 30 June 2018

12 Apr - Canada: Insurance companies must issue refunds of Saskatchewan provincial sales tax to policyholders by 30 June 2018

11 Apr - Canada: Saskatchewan 2018 budget; no corporate tax rate change, but changes for individual taxation and dividend tax credit

10 Apr - Canada: Nova Scotia budget bill receives first reading

9 Apr - Canada: Prince Edward Island budget, reduced small business tax rate

9 Apr - Canada: Proposal to require businesses outside Quebec to register for and collect QST beginning 1 January 2019

4 Apr - Canada: Federal budget bill receives first reading; small business tax rate reduction, tax on split income

4 Apr - Canada: Ontario tax bill receives first reading; corporate income tax measures

March 2018

29 Mar - Canada: General partners of investment limited partnerships, remit GST/HST by 31 March 2018

29 Mar - Canada: Ontario’s 2018 budget; changes to individual income tax rates and corporate tax credits

29 Mar - Panama: Reminder of due dates for filing returns, paying taxes

28 Mar - Brazil: ICMS imposed on electronic commerce, digital goods (São Paulo)

27 Mar - Canada: Quebec budget includes small business tax relief, QST on e-commerce transactions

27 Mar - Canada: Newfoundland and Labrador budget, no tax rate changes

27 Mar - Dominican Republic: Tax returns modified, identifying ultimate “beneficial owner”

23 Mar - Canada: Alberta 2018 budget; no tax rate changes, extensions of tax credits

21 Mar - Canada: British Columbia 2018 budget bill receives Royal Assent; includes measures affecting corporate tax credits

20 Mar - Canada: No changes to tax rates in Nova Scotia 2018 budget; tax credit changes proposed

20 Mar - Brazil: Guidelines for information relating to tax credits, benefits

20 Mar - Panama: Overview of Authorized Economic Operator (AEO) program

19 Mar - Dominican Republic: Tax authorities requesting transfer pricing studies, verifying interest deductibility of related-party transactions

15 Mar - Jamaica: Tax return deadline extended to 24 March 2018

13 Mar - Bahamas, Saint Kitts and Nevis, U.S. Virgin Islands: Jurisdictions added to EU “blacklist”

13 Mar - Brazil: Due dates and schedules for large companies to report labor, employment actions

13 Mar - Brazil: Increased rate of tax, foreign exchange transfers

13 Mar - Canada: Proposed shortened (six-month) deadline to file information returns about foreign affiliates; possible challenges for multinational corporations

13 Mar - Canada: Tax measures in 2018 Manitoba budget; no changes to corporate or individual tax rates

12 Mar - Dominican Republic: New “tax receipt” rules effective May 2018

12 Mar - Mexico: Maquila or “sub-maquila”

8 Mar - Bermuda: Tax measures in budget 2018-2019

7 Mar - Panama: Relief from municipal taxes in Panama-Pacific special economic zone

2 Mar - Canada: New real estate tax measures in British Columbia; implications for real estate developers

1 Mar - Canada: 2018 federal budget measures affecting financial services sector

February 2018

28 Feb - Canada: 2018 federal budget includes new private company taxation and passive investment income rules

21 Feb - Canada: BEPS Multilateral Instrument (MLI) ratification process initiated

21 Feb - Canada: British Columbia budget 2018 includes housing-related tax measures, beneficial ownership rules

20 Feb - Chile: Legislation aims to promote productivity, investments

20 Feb - Uruguay: Tax treatment of investment project assets sold before end of useful life

19 Feb - Brazil: Guidance on web-based platform for tax and information returns

14 Feb - Canada: Federal budget to be tabled 27 February 2018

13 Feb - Canada: Reminder to employers, GST/HST and QST deadline concerning taxable benefits offered to employees

8 Feb - Canada: Not-for-profits in British Columbia; online filing system deadline of 28 November 2018

8 Feb - Canada: Prescribed interest rate, second quarter of 2018, pertinent loan or indebtedness (PLOI)

8 Feb - Canada: Regulatory framework for carbon tax legislation

January 2018

31 Jan - Canada: Carbon tax legislative, regulatory proposals would bring provincial systems up to federal level

31 Jan - Canada: No new tax changes in New Brunswick’s 2018 budget

31 Jan - Colombia: Tax calendar for 2018

24 Jan - Canada: Approaching deadline, interest on family income splitting loans

24 Jan - Canada: New “education” audits of charities by Canada Revenue Agency

24 Jan - Canada: New hotel taxes in Ontario

23 Jan - Brazil: Tax law changes, incentives for oil and gas industry

17 Jan - Brazil: Changes to “tax haven” and “privileged tax regimes” lists

17 Jan - Canada: Quebec harmonizes dividend gross-up rate factor

11 Jan - Jamaica: New tax return forms, filing due 15 March 2018

10 Jan - Canada: Tax information exchange agreement with Cook Islands

10 Jan - Colombia: Suggestions for tax reform 2018

9 Jan - Mexico: Guidance for electronic filing of tax returns, information

7 Jan - Chile: Tax and legal news, January 2018 (Spanish)

3 Jan - Canada: Tax accounting, 2017 Canadian income tax rate and other changes for year-end financial statements

3 Jan - Canada: Voluntary disclosure deadline extended to March 2018

3 Jan - Argentina: Tax reform measures are enacted

2017 Articles

December 2017

19 Dec - Canada: Employer refund applications for overpaid CPP contributions and EI premiums are due 31 December 2017

19 Dec - Canada: Federal budget bill #2 receives Royal Assent, includes business tax measures

19 Dec - Canada: Selected listed financial institutions (SLFIs) need to identify possible GST/HST and QST savings

19 Dec - Canada: Reminder for Quebec rental property owners to file RL-31 slip, approaching deadline

19 Dec - Canada: Quebec to phase out QST input tax refund restrictions beginning in 2018

19 Dec - Canada: Ontario legislation received Royal Assent; small business tax rate reduced to 3.5%

19 Dec - Canada: Newfoundland and Labrador to reinstate point-of-sale HST book rebate

13 Dec - Canada: Quebec 2017 budget bill receives Royal Assent

6 Dec - Canada: Quebec releases economic action plan

4 Dec - Brazil: New schedule for implementing eSocial reporting program

1 Dec - Brazil: Streaming, advertising services subject to São Paulo municipal tax

1 Dec - Mexico: New reporting required by taxpayers, permanent establishments

1 Dec - Panama: New property tax rules

November 2017

29 Nov - Canada: Taxpayers have until 31 December 2017 to make “fairness” relief requests related to 2007

27 Nov - Canada: New Brunswick small business tax rate reduced in 2018

27 Nov - Canada: Tax proposals in Quebec legislation

21 Nov - Costa Rica: Corporate “flat tax” filing, temporarily suspended

15 Nov - Brazil: Changes to taxation of Brazilian investment funds

15 Nov - Brazil: Taxation of streaming, advertising, data processing services in Rio de Janeiro

15 Nov - Canada: British Columbia budget bill enacted; corporate income tax rate increase

15 Nov - Canada: Changes to principal residence exemption rules for trusts

15 Nov - Canada: First reading, Saskatchewan corporate tax bill 

15 Nov - Canada: Increased penalties for “aggressive tax planning” in Quebec

15 Nov - Canada: No change to cash-purchase ticket system for grain deliveries

15 Nov - Canada: Reduced small business rate in Ontario for 2018

9 Nov - Canada: Interest rates, pension contribution limits for 2018

2 Nov - Argentina: Tax reform proposals include reduced corporate income tax rate

1 Nov - Canada: British Columbia budget update bill, third reading

1 Nov - Canada: Federal budget bill #2 for 2017, first reading

1 Nov - Canada: Nova Scotia 2017 budget bill enacted

1 Nov - Canada: Private company taxation, update

1 Nov - United States: Tax reform bill expected 2 November 2017 (Portuguese)

October 2017

31 Oct - Canada: GST/HST bill would affect various business sectors

30 Oct - United States: Congress to release tax reform bills (Español)

25 Oct - Canada: Passive investment tax measures, “angel investor” incentives being considered

25 Oct - Canada: Proposal to reduce small business rate, other tax changes

24 Oct - Brazil: ICMS liability for download, streaming of software (São Paulo)

24 Oct - Canada: Proposed anti-surplus stripping rules dropped

24 Oct - Chile: New requirements for taxpayer declarations

24 Oct - Argentina: VAT recovery, other benefits available under simplified export system

18 Oct - Canada: British Columbia eliminates tax incentive for international business activities

18 Oct - Canada: No tax increase on passive investment income below threshold; private company tax proposals

18 Oct - Canada: Nova Scotia budget bill receives “first reading”

17 Oct - Canada: Proposal for 9% small business tax rate by 2019

17 Oct - Dominican Republic: No commitment yet for BEPS multilateral instrument

13 Oct - Panama: Anti-money laundering information reporting

11 Oct - Canada: Comments on tax planning using private company proposals received by Finance

11 Oct - Canada: CRA policy on employee discounts, fringe benefits

11 Oct - Canada: Tax on investment management fees, postponed to 2019

4 Oct - Canada: Taxation of private companies; consultation period has closed

September 2017

28 Sep - Canada: Asset management tax handbook 2017; tax law for domestic and foreign investment management activities

27 Sep - Canada: Tax provisions in reintroduced 2017 Nova Scotia budget

27 Sep - Brazil: Tax incentives for oil and gas industry

26 Sep - Brazil: Program for reporting employee information electronically

22 Sep - Brazil: Withholding tax on capital gains of non-resident investors

21 Sep - Costa Rica: Requirements for mandatory electronic invoices for professional services

20 Sep - Canada: Increased employment insurance (EI) premium rates in 2018

19 Sep - Canada: Tax proposals affecting financial institutions; draft legislation contains “tax surprises”

13 Sep - Canada: Applications being accepted under “patent box” regime in Saskatchewan

11 Sep - Canada: Proposal to impose GST/HST on certain investment limited
partnership distributions to general partners

11 Sep - Canada: Tax provisions in 2017 British Columbia budget; increased rates of corporate, individual income tax

11 Sep - Mexico: Tax implications of “nonexistent transactions”

8 Sep - Bahamas: VAT implications on drafting contracts

7 Sep - Brazil: Drive to privatize state-owned assets includes the largest power generation utility

1 Sep - Costa Rica: Corporate flat tax, effective 1 September 2017

August 2017

29 Aug - Brazil: Ratification update; income tax treaty with Russia

25 Aug - Brazil: Identifying codes of accounts, cost centers in registry

22 Aug - Brazil: Tax incentives for research and development in information technology

22 Aug - Mexico: Results of second round of bidding under energy reform

16 Aug - Mexico: Taxation in energy sector; hydrocarbons and natural resources

15 Aug - Brazil: Changes affecting the mining sector

14 Aug - Brazil: Tax amnesty would allow settlement using tax losses

14 Aug - Chile: Electronic registry system for VAT

9 Aug - Canada: Relief for taxpayers affected by wildfires in British Columbia

7 Aug - Mexico: Update of tax provisions

1 Aug - Canada: Proposals to modify Ontario land transfer tax

July 2017

31 Jul - Canada: Challenges for retailers in meeting indirect tax obligations

27 Jul - Argentina: Rules for taxation of capital gains of non-residents, suspended

27 Jul - Brazil: Installment program for resolving ICMS liability (São Paulo)

26 Jul - Brazil: Determining where services are performed, for service tax purposes

26 Jul - Brazil: New labor law measures

25 Jul - Canada: Changes to Saskatchewan venture capital tax credit

19 Jul - Canada: Finance targets private company tax planning

18 Jul - Canada: Companies involved in R&D can now apply for new innovation funding

18 Jul - Canada: New tax credit for Alberta companies investing in capital assets

18 Jul - Mexico: Registry of construction projects

18 Jul - Chile: Technology systems; MLI implications; VAT credits

18 Jul - Panama: Withholding tax, goods and services purchases satisfying annual threshold

17 Jul - Panama: Tax benefits included for investments under “legal stability” regime 

13 Jul - Brazil: Ruling on tax rates applicable to reinsurers

13 Jul - Brazil: Testing environment for electronic tax, labor, social security obligations

12 Jul - Canada: Tariff relief under trade agreement with EU; generally effective 21 September 2017

11 Jul - Canada: Tax accounting update, second quarter 2017

11 Jul - Canada: Proposals to restrict GST/HST relief, draft voluntary disclosures program guidelines

11 Jul - Jamaica: Introduction of national health insurance

June 2017

29 Jun - Brazil: Tax relief, amnesty applications due 31 August 2017

28 Jun - Bahamas: Tax proposals in 2017/2018 budget

27 Jun - Canada: Federal budget's individual (personal) tax, GST/HST measures receive Royal Assent

27 Jun - Canada: Rules requiring labour unions to file annual reports with CRA are repealed

23 Jun - Brazil: Tax treaties with Russia, India, Spain

23 Jun - Costa Rica: Presumptive income, non-domiciled transportation and communication companies

23 Jun - Panama: Free trade zones, tax incentives available

22 Jun - Canada: Phase-out of recaptured input tax credits

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