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International Tax Newsletter: Americas

Americas International Tax Newsletter

International Tax Americas October 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 October and 30 October 2019.

Canada

Costa Rica

Uruguay

Cayman Islands

Mexico

US

Chile Panama  

 

For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.

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

To register for the International Tax webcasts, click here.

International Tax Newsletter: Americas

Canada


Tax area concerned Relevant date Description of measures and publication link

Proposed legislation

Various tax areas

24 October 2019

Alberta’s Finance Minister delivered the province’s 2019 budget. The budget does not propose any new changes to the corporate or personal income tax rates; however, it would repeal several tax credits, including the scientific research and experimental development tax credit.

Other

Elections 

21 October 2019

The Liberal Party of Canada is set to form a minority government following the results of the 2019 federal election. While the Liberal Party made many promises during the election campaign to introduce a variety of new tax changes that could significantly affect individuals and businesses in Canada, it is possible that some of these pledges will now be modified before they are introduced.

Other

GST/HST 

October 2019

Businesses must remember that they are required to register certain entities for goods and services tax / harmonized sales tax purposes on or before an acquisition or reorganization.

Cayman Islands

  Tax area concerned Relevant date Description of measures and publication link

Proposed legislation

Tax compliance / Beneficial ownership  

October 2019

The government of the Cayman Islands indicated that it would introduce a public register of company ownership.

 

Chile


Tax area concerned Relevant date Description of measures and publication link

Tax legislation approved and regulatory update

Interest and penalties

26 September 2019

A resolution provides relief from interest and penalties relating to tax debts.

Costa Rica


Tax area concerned Relevant date Description of measures and publication link

Tax legislation approved and regulatory update

Beneficial ownership 

October 2019

Beginning October 2019, all entities whose corporate identification number ends in 2 or 3 must take steps to comply with the ultimate beneficial owner register rules of the central bank.

Mexico


Tax area concerned Relevant date Description of measures and publication link

Tax legislation approved and regulatory update

VAT  

October 2019

Taxpayers that have been involved in certain maquila transactions were to withhold VAT when the goods were imported using a "V5" customs declaration. If VAT was not withheld, under then-applicable rules, the taxpayers could offset the amount of the VAT liability by using other tax overpayments. However, given changes to the rules and following the results of tax audits, taxpayers may want to consider revising their tax situations.

Administrative and case law

Money-laundering

October 2019

The tax administration continues to focus on money-laundering activities.

Panama


Tax area concerned Relevant date Description of measures and publication link

Tax legislation approved and regulatory update

Real estate transfer tax

October 2019

Law 94 provides for an increase with regard to a preferential interest regime on certain home mortgage loans and also rules for an exemption from the real estate transfer tax.

Uruguay


Tax area concerned Relevant date Description of measures and publication link

Tax legislation approved and regulatory update

Simplified stock corporation

October 2019

Legislation provides a new form of corporation, and offers tax relief for sole proprietorships that convert their business in to a simplified stock company.

United States


Tax area concerned Relevant date Description of measures and publication link

 

 

 

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

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