This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas Region between 1 July and 31 July 2019.
|Brazil||Costa Rica||United States|
For a full summary of global tax developments, visit TaxNewsFlash- Global.
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|Tax legislation approved and regulatory update
||Substance requirements||July 2019||
Newly enacted law in Bermuda provides that non-resident entities are not subject to economic substance requirements in Bermuda.
|Proposed legislation||ICMS / ST||June 2019||
|Tax legislation approved and regulatory update||Budget||12 July 2019||
|Tax legislation approved and regulatory update||Compliance||July 2019||
Certain 2019 Canadian tax changes need to be reflected in interim financial statements.
|Tax legislation approved and regulatory update||Compliance||15 October 2019||
Distributed investment plans—including investment limited partnerships—need to begin considering their collection of certain ownership details from their investors before 15 October 2019.
|Proposed legislation||Trade||July 2019||
The Department of Finance proposed to allow the Canada Border Services Agency address price distortions when calculating margins of dumping and also new policy changes to help monitor anti-dumping levels of steel imports.
|Proposed legislation||QST||July 2019||
Quebec announced new harmonization measures to align two Quebec sales tax (QST) measures with proposed changes to federal goods and services tax / harmonized sales tax legislation.
|Other||Taxation of international executives||
KPMG in Canada prepared a summary on the taxation of international executive.
|Tax legislation approved and regulatory update||VAT||10 July 2019||
A law providing a moratorium on penalties related to VAT deficiencies was published in the official gazette.
|Tax legislation approved and regulatory update||Various tax areas||June 2019||
The income tax regulations in Costa Rica were updated in late June 2019. There are measures relating to, among other topics, dividend distributions, the tax treatment of real estate capital, and transfer pricing.
|Treaties||Trade agreement||July 2019||
The European Union and Mercosur member states—Argentina, Brazil, Paraguay and Uruguay—in late June 2019 reached a political agreement for a trade agreement.
For legislative changes and regulatory updates for the US please visit below link to the TaxNewsFlash United States.