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International Tax Newsletter: Americas

Americas International Tax Newsletter

Americas Region

October 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 October and 31 October 2018.

 

Brazil Canada Costa Rica
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.

International Tax Newsletter: Americas

Brazil

Administrative and case law

Tax compliance - 9 October 2018

The tax authority of São Paulo state published guidance with respect to implementation of a taxpayer compliance program for classifying taxpayers. The initiative is intended to increase tax collection without increasing the burden on taxpayers by strengthening relationships between taxpayers and the tax agency.

Read more.

 

KPMG Publication

A Guide to Brazilian Oil & Gas Taxation

KPMG in Brazil prepared a guide to the Brazilian oil & gas taxation.

Read more.

 

Canada

Tax legislation approved and regulatory update

Income tax - 9 October 2018

The CRA recently released the long awaited Income Tax Folio chapter S3-F10-C3, "Advantages - RRSPs, RESPs, RRIFs, RDSPs and TFSAs". It addresses the "advantage tax rules", which levy a 100 percent tax on certain advantages related to individuals' registered plans.

Read more.

Tax compliance - 25 October 2018

The Department of Finance issued a release concerning the deadline for companies to file T1134 “Information Return Relating To Controlled and Not-Controlled Foreign Affiliates.”

Read more.

 

Proposed legislation

Speculation tax  - 16 October 2018

A wide range of residential property owners may benefit from new speculation tax relief.

Read more.

Trade / Tariffs - 11 October 2018

Canada’s government announced further steps to prevent diversion of foreign steel products into Canada, and to provide relief to steel and aluminium users in specific circumstances relating to countermeasures on certain products imported from the United States.

Read more.

 

Treaties

Trade deal - 2019 / 2020

Canada has reached a tentative trade deal with the United States and Mexico. The new deal, to be known as United States-Mexico-Canada Agreement, is reported to take effect in late 2019 or 2020.

Read more.

 

Other

GST - 12 October 2018

Investment limited partnerships (ILPs) must act now if they want to make an important new GST/HST election for ILPs for their 2018 fiscal year.

Read more.

Costa Rica

Tax legislation approved and regulatory update

Free trade zones - 23 October 2018

An executive decree amends the regulation under the free trade zone law.

Read more.

Income tax - 1 October 2018

Updates to the income tax brackets for individual taxpayers and “small” corporate taxpayers for the tax year 2019 were published in the official gazette on 1 October 2018.

Read more.

 

Proposed legislation

Tax reform - 5 October 2018

A tax reform bill is pending consideration. The draft law was approved in the first debate on 5 October 2018.

Read more.

 

Administrative and case law

Stamp tax - 11 October 2018

Guidance from the tax administration clarifies that companies within a free trade zone are not exempt from paying the education and culture stamp tax.

Read more.

VAT / Excise tax - 8 October 2018

A ruling establishes a new process for VAT and excise tax settlements with respect to goods that are exempt from tax and acquired in the domestic market.

Read more.

Mexico

Proposed legislation

Digital economy - 10 October 2018

Legislation concerning business transactions conducted via the internet would aim to reach and impose tax on income from activities of entities that may have no or very little physical presence in Mexico.

Read more.

Uruguay

Tax legislation approved and regulatory update

Digital economy - 12 October 2018

Uruguay’s tax authority introduced compliance and tax-payment rules relating to taxation of the digital economy.

Read more.

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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