International Tax Newsletter: Americas

International Tax Americas September 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 September and 31 September 2019.

Brazil	Dominican Republic	United States
Canada	Mexico
Costa Rica	Venezuela

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

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

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Brazil

Tax legislation approved and regulatory update

Social Contributions

September 2019

Guidance from the Ministry of the Economy establishes a system of governance with respect to social contributions.

Canada

Tax legislation approved and regulatory update

Tax compliance

15 October 2019

Distributed investment plans—including investment limited partnerships—need to collect certain ownership details from their investors before 15 October 2019.

Tax legislation approved and regulatory update

Employment insurance

September 2019

The Canada Employment Insurance Commission announced that the employment insurance premium rates for employees will decrease in 2020.

Read more.

Costa Rica

Tax legislation approved and regulatory update

Corporate income tax / Non-cooperative jurisdictions

1 October 2019

The Ministry of Finance has published a list of non-cooperative jurisdictions for income tax purposes.

Dominican Republic

Proposed legislation

Miining legalisation

September 2019

Recently introduced bill in the Dominican Senate would provide for new mining legislative rules, by amending the current mining law as well as updating certain related rules.

Mexico

Tax legislation approved and regulatory update

Economic package 2020

September 2019

The president presented to the Congress the economic legislative package for 2020. Tax measures proposed include:

provisions to address tax evasion
joint and several liability for persons responsible for the general management of legal entities
a general anti-abuse rule
disclosure of reportable schemes by tax advisors.

Read more.

Proposed legislation

Corporate income tax / Transparent entities

September 2019

A proposal would tax the income of foreigners that are “transparent entities” in Mexico. Thus, if this measure is enacted, Mexico would not recognize the fiscal transparency of foreign entities for Mexican income tax purposes.

Read more.

Venezuela

Administrative and case law

Net worth tax

30 November 2019

A law enacting a net worth tax to be levied on certain taxpayers was enacted in July 2019 and then “reprinted” in August 2019 with certain changes or corrections. The initial return for the net worth tax is due on or before 30 November 2019.