This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas Region between 1 June and 30 June 2019.
For a full summary of global tax developments, visit TaxNewsFlash- Global.
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|Tax legislation approved and regulatory update
||Tax incentives R&D||June 2019||
Legislation expanding a tax incentive regime has been approved for domestic entities and professionals conducting certain activities relating to software, robotics, medical research and investigation, and R&D.
|Tax legislation approved and regulatory update||EU "blacklist"||May 2019||
Bermuda has been removed from the EU list of non-cooperative tax jurisdictions—the “blacklist”.
|Proposed legislation||Economic substance||June 2019||
|Tax legislation approved and regulatory update||Budget||3 June 2019||
Manitoba's budget implementation bill received Royal Assent.
|Tax legislation approved and regulatory update||Budget||6 June 2019||
The 2019 Ontario budget bill received Royal Assent and has been enacted.
|Tax legislation approved and regulatory update||Budget||14 June 2019||New Brunswick's budget implementation bill received Royal Assent. Read more
|Tax legislation approved and regulatory update||Corporate Income tax||June 2019||
Corporate income tax measures as included in three federal bills are deemed to be substantially enacted.
|Tax legislation approved and regulatory update||Tax compliance/Reporting requirements||June 2019||
Legislation in British Columbia includes provisions that largely mirror the federal corporate “significant control” reporting requirements. The bill received Royal Assent.
|Administrative and case law||WHT||5 June 2019||
The Advocate General of the CJEU issued an opinion in a case concerning the compatibility with EU law of the German withholding tax on dividends paid to a Canadian pension program or scheme. The case is: College Pension Plan of British Columbia.
|Other||Stock options||June 2019||
Many private companies offer stock options to employees as part of a plan to attract and retain key employees.
|Tax legislation approved and regulatory update||Tax compliance||2019||
Certain taxpayers (both individuals and legal entities) have reporting obligations for the 2018 tax year concerning transactions with third parties (including clients).
|Tax legislation approved and regulatory update||VAT||30 June 2020||
The tax administration has granted a general exemption from VAT until 30 June 2020 for certain construction-related services.
|Tax legislation approved and regulatory update||VAT||11 June 2019||
Regulations concerning VAT were published as an executive decree in the official gazette.
|Tax legislation approved and regulatory update||VAT||June 2019||
The tax authority issued guidance concerning the registration process for those involved in exporting, marketing, distributing, and producing food, as well as the procedure of applying for reduced or exempted VAT.
For legislative changes and regulatory updates for the US please visit below link to the TaxNewsFlash United States.