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International Tax Newsletter: Americas

Americas

International Tax Newsletter

International Tax Americas January 2019

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Europe and Africa Regions between 1 January 2019 and 31 January 2019.

Argentina Chile Mexico
Brazil Colombia Panama
Canada Costa Rica United States

 

For a full summary of global tax developments, visit home.kpmg/taxnewsflash.

To contact the International Tax Team email internationaltax@kpmg.com.

To register for the International Tax webcasts, click here.

International Tax Newsletter: Americas

Argentina

  Tax area concerned Relevant date Description of measures and publication link
Tax legislation approved and regulatory update Corporate income tax  January 2019 

A regulatory decree was published in the official bulletin as guidance for implementing income tax changes introduced by the 2017 tax reform legislation.

Brazil

  Tax area concerned Relevant date Description of measures and publication link
Tax legislation approved and regulatory update International trade   January 2019

Updated common nomenclature of the Mercosur trading block and new units of measures for foreign trade apply beginning 1 January 2019.

Tax legislation approved and regulatory update Social security in January 2019

Guidance published in the official gazette provides for an adjustment to the amounts relating to social security in Brazil.

  • Read more

Canada

Tax legislation approved and regulatory update Employment tax  1 January 2019

Employers to be reimbursed by CRA—not employees—for CPP, EI & income tax on wage overpayments.

Tax legislation approved and regulatory update Small business tax 1 January 2019

P.E.I. Bill 57 received Royal Assent This bill reduces the province's small business tax rate to 3.5% (from 4%), among other changes.

Tax legislation approved and regulatory update Tax compliance  1 January 2019

New Reporting Requirements for Private Federal Corporations.

Tax legislation approved and regulatory update Speculation tax  31 March 2019

B.C. is announcing that property owners must complete an online registration process by March 31, 2019 if they want to be exempt from the province's new speculation and vacancy tax (SVT) for 2018.

Other  Corporate income tax / Tax accounting  January 2019

Certain 2018 Canadian income tax rate and other changes may need to be reflected in year-end financial statements.

Other  VAT January 2019

VAT Challenges for the Digital Economy.

Costa Rica

Tax legislation approved and regulatory update Tax amnesty December 2018 

A tax amnesty program is available for three-month period, from 5 December 2018 to 5 March 2019.

Tax legislation approved and regulatory update Tax reform  4 December 2018

New tax reform legislation in Costa Rica was passed. The tax reform law includes significant income tax law changes such as the introduction of rules on the taxation of capital gains and interest expense deduction limitations, as well as rules addressing hybrid mismatch arrangements and anti-tax haven provisions.

Treaties  Double tax treaty 10 December 2018

Costa Rica’s legislature approved legislation concerning ratification of an income tax treaty for the avoidance of double taxation and to prevent fiscal evasion between Costa Rica and Mexico.

Chile

Tax legislation
and regulatory update
Various tax areas
January 2019  

A report prepared by KPMG in Chile describes developments and guidance concerning the tax treatment relating to:

  • virtual and digital assets
  • advance sales invoices and returns
  • foreign corporate bonds issued via a Chilean taxpayer
  • effects of divisions related to tax paid abroad. 

Colombia

Tax legislation
and regulatory update
Various tax areas
January 2019

New tax provisions were introduced in Colombia beginning in 2019. Among other, they include a gradual reduction of the corporate income tax rate from 33% to 30% by 2022. It also introduces a new 7.5% withholding tax on dividend distributions among Colombian entities.

Mexico

Tax legislation approved and regulatory update Tax offset rules January 2019

Mexico’s executive administration in late 2018 presented to the Congress an economic package for the fiscal year 2019 that included certain initiatives, but did not propose new taxes or any tax rate increases, but did provide for adjustments to current tax standards.

Tax legislation approved and regulatory update Tax incentives 29 December 2018

A decree was issued by the executive branch to promote the development of Mexico's northern border region (“frontera norte”).

Panama

Tax legislation and regulatory update Tax incentives  January 2019

The rules for tax incentives for companies established in the Panama-Pacific special economic zone have been amended.

United States

   

For legislative changes and regulatory updates for the US please visit below link to the TaxNewsFlash United States.

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