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International Tax Newsletter: Americas

Americas

International Tax Newsletter

International Tax – Americas, May 2019

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 2019.

Argentina Bermuda Cayman Islands Costa Rica
Aruba, Barbados, and Bermuda
Canada Chile United States

 

For a full summary of global tax developments, visit TaxNewsFlash- Global.

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 legislation approved and regulatory update
VAT 17 April 2019

A General Resolution published in the official gazette provides that the rate of VAT imposed on the importation of certain goods increases to 20 percent (from 10 percent).

Aruba, Barbados, and Bermuda

Tax legislation approved and regulatory update EU blacklist  May 2019

Aruba, Barbados, and Bermuda have agreed to changes that will address EU concerns about their tax systems. As a result they have been removed from an EU blacklist of non-cooperative tax jurisdictions.

Bermuda

Tax legislation approved and regulatory update Economic substance  July 2019


Organizations conducting relevant activities in Bermuda are required to submit data to the Registrar of Companies who will then make a determination if they fit the substance requirements.

Canada

Tax legislation approved and regulatory update Corporate income tax   May 2019 

The new provincial government in Alberta introduced legislation in May 2019 to reduce the general income corporate rate.

Tax legislation approved and regulatory update Federal fuel charge  31 May 2019 

Fuel producers, distributors and certain users in some provinces/territories have to report and remit fuel charges to the CRA.

Tax legislation approved and regulatory update Potash production tax 15 May 2019 

Tax measures announced in Saskatchewan's 2019 budget were enacted when Saskatchewan Bill 171 received Royal Assent. They include changes to potash production tax.

Tax legislation approved and regulatory update QST 1 September 2019

Canadian businesses located outside of Quebec face new QST rules.

Proposed legislation  Carbon tax May 2019 

Legislation in Alberta has been proposed to repeal parts of the province's carbon tax, effective 30 May 2019.

Proposed legislation  Customs duties  May 2019 

Canadian companies that deal in a variety of products ranging from motorcycles to washing machines may be affected by a 10 percent surtax that is imposed on “other goods” imported from the United States—a levy that is being imposed in reaction to the US actions concerning the steel and aluminum sectors.

Proposed legislation  GST/HST 17 May 2019 

Businesses with partnerships and trusts in their structures will be affected by Finance’s recently proposed GST/HST rules.

Cayman Islands

Tax legislation approved and regulatory update Economic substance  1 July 2019 

The Cayman Islands Tax Information Authority has issued guidance concerning the economic substance law.

Chile

Tax legislation approved and regulatory update VAT May 2019 

A report prepared by KPMG in Chile includes discussions about VAT and exported services.

Costa Rica

Treaties  Double tax treaties  21 April 2019

The Costa Rica-Mexico income tax treaty entered into force on 21 April 2019.

United States

   

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

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