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Americas
International Tax Newsletter
Americas Region
May 2018
This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas region between 1 May and 31 May 2018.
| Barbados | Canada | Chile |
| Colombia | Dominican Republic |
Mexico |
| Uruguay | United States |
For a full summary of global tax developments, visit kpmg.com/taxnewsflash.
To contact the International Tax Team email internationaltax@kpmg.com.
To register for the International Tax webcasts, click here.
Barbados
Tax legislation approved and regulatory update
VAT / Tax compliance - 17 May 2018
The Barbados Revenue Authority has launched a new information and communication technology platform—the Tax Administration Management Information System.
Canada
Tax legislation approved and regulatory update
Tax incentives - 23 April 2018
Saskatchewan Bill 127 received first reading. Bill 127 introduces two non-refundable tax credits that were announced in Saskatchewan's 2018 provincial budget-the Saskatchewan Technology Start-up Incentive (STSI) and the Saskatchewan Value-added Agriculture Incentive (SVAI).
Corporate income tax - 4 May 2018
P.E.I. Bill 33 received first reading. This bill includes some tax measures that were introduced in the province's 2018 budget. Bill 33 reduces PEI's small business tax rate to 4 percent (from 4.5 percent) effective January 1, 2018, among other changes.
Corporate Income Tax - 8 May 2018
Ontario Bill 31 received Royal Assent. Bill 31 includes miscellaneous tax measures that reflect a handful of federal tax changes that were recently enacted or proposed.
Capital Cost Allowance - 9 May 2018
Quebec Bill 175 received first reading on May 9, 2018. This bill contains measures previously announced in Quebec's 2017 budget and in various information bulletins published in 2016 and 2017.
Corporation Income Tax - 17 May 2018
British Colombia Bill 14 received royal assent. Bill 14 includes an amendment aligning the province's rules for determining a corporation's specified partnership income with federal changes to that definition.
GST/HST - 30 June 2018
Many businesses must file GST/HST and/or QST annual information returns by June 30, 2018. This deadline affects financial institutions that have a December 31 year-end, as well as other types of entities, such as corporations and partnerships, that are deemed to be financial institutions under the GST/HST and QST rules.
Corporate income tax - 8 May 2018
KPMG estimates that the quarterly prescribed interest rate that will be used to determine the deemed interest income inclusion from a pertinent loan or indebtedness will decrease to 5.16 percent (from 5.18 percent) for July 1, 2018 to September 30, 2018.
Chile
Administrative and case law
VAT - 1 August 2018
The tax authority issued guidelines concerning the VAT reporting and payment on purchases of certain goods or services.
Colombia
Tax legislation approved and regulatory update
Free zones regime - 17 April 2018
Changes have been made to the rules governing “free zones” (zonas francas) as established in Colombia under decrees issued in 1999 and in 2016.
Dominican Republic
Tax legislation approved and regulatory update
Airlines ticket taxes - 7 May 2018
The tax authorities in the Dominican Republic have issued general notices that may have tax implications with respect to airline tickets.
Others
Company law - 2 May 2018
There is a legal requirement for Dominican corporations to hold an annual general shareholder meeting within 120 days of the end of the fiscal year.
Mexico
Tax legislation approved and regulatory update
Various tax areas - 14 May 2018
The upper chamber of the Mexican Congress in April 2018 passed legislation that is intended to strengthen the monitoring and control of the hydrocarbon and oil supply chain.
Proposed legislation
Hydrocarbons tax law - 1 May 2018
Legislative proposals to reform the hydrocarbons tax law have been considered in the Mexican Congress.
Uruguay
Tax legislation approved and regulatory update
Digital economy - 24 May 2018
The government of Uruguay on 24 May 2018 issued a decree that concerns the tax treatment of the digital economy, and these measures will affect multinational corporations operating in the digital economy space or providing digital economy services in Uruguay.
United States
For legislative changes and regulatory updates for the US please visit below link to the TaxNewsFlash United States.
Read TaxNewsFlash US
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