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International Tax Newsletter: Americas

Americas

International Tax Newsletter

International Tax Americas December 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 December and 31 December 2019.

Argentina 

Colombia 

US

Brazil

Ecuador

 

Canada Mexico  

 

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

Argentina

  Tax area concerned Relevant date Description of measures and publication link
Argentina
Tax legislation approved and regulatory update Corporate income tax  9 December 2019

The Argentine government issued a decree that provides updated references to the income tax law and includes new tax regulations concerning permanent establishment, foreign stock transfers, thin capitalization, other provisions.

Tax legislation approved and regulatory update Tax reform   23 December 2019

Law 27,541 introduces a package of emergency tax measures to assist in recovery from the economic crisis.

Brazil


Tax area concerned Relevant date Description of measures and publication link
Brazil

Tax legislation approved and regulatory update

Tax settlements

17 October 2019

Provisional Measure no. 899 was issued to regulate the requirements and conditions for Brazil’s federal government to settle tax disputes with taxpayers and to resolve their unpaid tax debts.

Canada


Tax area concerned Relevant date Description of measures and publication link
Canada 

Tax legislation approved and regulatory update

Budget

5 December 2019

Alberta's 2019 budget bill received Royal Assent.

Tax legislation approved and regulatory update Dividend tax  December 2019

Guidance addresses the notion of tax paid-up capital and eligibility for the dividend tax credit in Quebec.

Proposed legislation  Corporate income tax / Mining taxes  December 2019

The Department of Finance, in a recent “comfort letter,” stated that it will recommend amending the income tax law and regulations to allow a current year deduction for certain previously excluded provincial or territorial mining taxes.

Proposed legislation Stock option regime  December 2019

Finance is pushing back the implementation date for its new employee stock option regime.

Proposed legislation  Principal residence exemption December 2019

The Department of Finance has recommended allowing broader access to the principal residence exemption for certain trusts.

Treaties MLI December 2019 

Canadian taxpayers need to consider whether their withholding tax obligations will change now that Canada has ratified the multilateral instrument (MLI).

Treaties Double tax treaties  December 2019

The withholding tax rate under the Canada-Chile income tax treaty has been reduced retroactively.

Treaties Trade agreement December 2019

Canadian importers and exporters need to consider how they will be affected by the pending trade agreement with the United States and Mexico.

Colombia


Tax area concerned Relevant date Description of measures and publication link
Colombia 

Proposed legislation

Various tax areas     

December 2019

A bill that aims to promote economic growth and that includes tax measures has advanced during the legislative phase.

Ecuador


Tax area concerned Relevant date Description of measures and publication link
Ecuador

Tax legislation approved and regulatory update

Tax compliance  

December 2019

The tax authority has provided a form to allow for multiple tax payments.

Mexico


Tax area concerned Relevant date Description of measures and publication link
Mexico

Tax legislation approved and regulatory update

Tax reform 

9 December 2019

The Mexican tax reform for 2020 includes measures to address tax evasion and to expand the tax base so as to increase tax collection efforts. The legislative process has been completed, and the reform legislation was published in the official gazette.

United States


Tax area concerned Relevant date Description of measures and publication link
United States 

 

 

 

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

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