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TaxNewsFlash-Americas — KPMG's reports of tax developments in the Western Hemisphere

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March 2019

29 Mar - Costa Rica: Interest rate for tax underpayments, overpayments

28 Mar - Canada: Companies need to consider steps in advance of changes to stock option rules, as announced in federal budget

28 Mar - Canada: Exemption from “speculation and vacancy tax” for British Columbia property owners, 31 March deadline

28 Mar - Canada: Venture capital tax credit in Nova Scotia 2019 budget; no changes to income tax rates

27 Mar - Costa Rica: New guidelines for electronic receipts

22 Mar - Costa Rica: Income tax treaty with Mexico

19 Mar - Canada: Tax provisions in 2019 federal budget

19 Mar - Canada: No changes to corporate, individual tax rates in New Brunswick 2019 budget

18 Mar - Costa Rica: VAT exemption for basic food products

14 Mar - Cayman Islands: Economic substance and collective investment funds

13 Mar - Canada: Federal budget scheduled for 19 March 2019

13 Mar - Canada: Update on legislative measures, previously announced in Quebec's 2017 and 2018 budgets

11 Mar - Canada: Electronic platforms must collect and remit Quebec sales tax (QST) on taxable supplies of intangibles, services

8 Mar - Canada: No changes to corporate, individual income tax rates in Manitoba’s 2019 budget

8 Mar - Colombia: Corporate compliance obligations for legal entities (2019)

5 Mar - Brazil: Updated guidance for determining country of origin

5 Mar - Brazil: Updated user guide, reporting transactions with foreign persons

1 Mar - Colombia: Tax calendar for 2019

1 Mar - Dominican Republic: Opportunities for tax credits to reduce tax liability; action required by 1 April for 31 March year-end taxpayers

November 2018

30 Nov - Costa Rica: Free trade agreement with Panama

28 Nov - Canada: Tax credits for “qualifying” news organizations, digital news subscribers

27 Nov - Costa Rica: Tax reform, status update

21 Nov - Canada: Enhanced capital cost allowances; quicker recovery of investment costs of Canadian businesses

15 Nov - Canada: Ontario not adopting federal measures for phase-out of small business limit, passive investment income

15 Nov - Colombia: Legislation includes VAT measures, corporate rate reduction, investment incentives

15 Nov - Costa Rica: Registry of taxpayer legal representatives, other developments

15 Nov - Canada: Deadline for employers under GST/HST and QST pension plan rules

15 Nov - Canada: Employer refund claims for CPP and EI overpayments due 31 December

15 Nov - Canada: Manitoba budget bill; small business deduction limit to increase in 2019

15 Nov - Canada: Possible tax changes in response to U.S. tax reform

15 Nov - Canada: Quebec's phase-out of input tax refund restrictions in 2019

15 Nov - Canada: Year-end tax planning tips for owner-managers

12 Nov - Dominican Republic: Opportunities for tax credits to settle 2018 tax liability

8 Nov - Costa Rica: Tax residency based on 183 days; tax-exemption beneficiary audits

1 Nov - Canada: Negotiations to update income tax treaty with Brazil planned for November 2018

1 Nov - Canada: Update on federal budget bill; Form T1134 accelerated filing date; income tax changes

1 Nov - Canada: Contribution limits for Canada pension plan (CPP) increased for 2019

1 Nov - Canada: Pension contribution limits for 2019

1 Nov - Canada: Prescribed income tax interest rates unchanged (first quarter 2019)

1 Nov - Canada: Prescribed PLOI interest rate increase (first quarter 2019)

October 2018

30 Oct - Brazil: Guide to oil and gas taxation (2018)

30 Oct - Canada: Charitable donations for tax credit on 2018 return

26 Oct - Canada: Deadline for companies with foreign affiliates filing T1134

26 Oct - Costa Rica: Free trade zone, changes to regulation

25 Oct - Brazil: Presidential run-off election and implications for tax

23 Oct - Canada: Proposed relief, “speculation tax” on residential property in British Columbia

23 Oct - Canada: Proposed employer health tax, applicable to permanent establishments in British Columbia with employees

23 Oct - Canada: New employer health tax in British Columbia; would apply for charitable and non-profit employers

16 Oct - Uruguay: New tax compliance guidance for digital economy

15 Oct - Canada: Investment limited partnerships to consider new GST/HST election for 2018 fiscal year

15 Oct - Costa Rica: Status of tax reform bill

15 Oct - Costa Rica: VAT and excise tax, exempt assets acquired domestically

11 Oct - Canada: Relief relating to U.S. tariffs on steel and aluminum imports

10 Oct - Canada: “Advantages tax rules" and 100% tax on certain advantages related to individuals' registered plans

10 Oct - Costa Rica: Free trade zone companies not exempt from stamp tax

10 Oct - Mexico: Business transactions conducted by internet; physical presence not required

9 Oct - Brazil: São Paulo state’s taxpayer compliance program

9 Oct - Costa Rica: Updates to income tax brackets for 2019

2 Oct - Trinidad and Tobago: Tax proposals in budget 2018

1 Oct - Canada: Tentative trade deal with United States and Mexico

April 2018

29 Apr - Argentina: Withholding tax, income of foreign beneficiaries from Argentine shares, debt instruments

27 Apr - Canada: Tax facts, taxation overview (updated 31 March 2018)

25 Apr - Canada: Digital tax credit in Alberta

25 Apr - Canada: Nova Scotia budget receives Royal Assent, includes all tax measures

25 Apr - Canada: Update on tax legislation in British Columbia

24 Apr - Barbados: Income tax treaty with Italy, effective 2018

24 Apr - Panama: Income tax treaty with Italy, effective 2018

23 Apr - Mexico: New trade agreement with EU

20 Apr - Chile: Effective date for VAT changes; other developments

18 Apr - Canada: Businesses in British Columbia required to impose PST on delivery charges

18 Apr - Canada: Real estate taxes; relief from speculation tax in British Columbia

17 Apr - Brazil: Tax compliance program (São Paulo)

12 Apr - Argentina: Guidance on tax treatment of financial income earned by foreign beneficiaries

12 Apr - Canada: GST/HST and QST returns for selected listed financial institutions with 31 December year-end due 30 June 2018

12 Apr - Canada: Insurance companies must issue refunds of Saskatchewan provincial sales tax to policyholders by 30 June 2018

11 Apr - Canada: Saskatchewan 2018 budget; no corporate tax rate change, but changes for individual taxation and dividend tax credit

10 Apr - Canada: Nova Scotia budget bill receives first reading

9 Apr - Canada: Prince Edward Island budget, reduced small business tax rate

9 Apr - Canada: Proposal to require businesses outside Quebec to register for and collect QST beginning 1 January 2019

4 Apr - Canada: Federal budget bill receives first reading; small business tax rate reduction, tax on split income

4 Apr - Canada: Ontario tax bill receives first reading; corporate income tax measures

March 2018

29 Mar - Canada: General partners of investment limited partnerships, remit GST/HST by 31 March 2018

29 Mar - Canada: Ontario’s 2018 budget; changes to individual income tax rates and corporate tax credits

29 Mar - Panama: Reminder of due dates for filing returns, paying taxes

28 Mar - Brazil: ICMS imposed on electronic commerce, digital goods (São Paulo)

27 Mar - Canada: Quebec budget includes small business tax relief, QST on e-commerce transactions

27 Mar - Canada: Newfoundland and Labrador budget, no tax rate changes

27 Mar - Dominican Republic: Tax returns modified, identifying ultimate “beneficial owner”

23 Mar - Canada: Alberta 2018 budget; no tax rate changes, extensions of tax credits

21 Mar - Canada: British Columbia 2018 budget bill receives Royal Assent; includes measures affecting corporate tax credits

20 Mar - Canada: No changes to tax rates in Nova Scotia 2018 budget; tax credit changes proposed

20 Mar - Brazil: Guidelines for information relating to tax credits, benefits

20 Mar - Panama: Overview of Authorized Economic Operator (AEO) program

19 Mar - Dominican Republic: Tax authorities requesting transfer pricing studies, verifying interest deductibility of related-party transactions

15 Mar - Jamaica: Tax return deadline extended to 24 March 2018

13 Mar - Bahamas, Saint Kitts and Nevis, U.S. Virgin Islands: Jurisdictions added to EU “blacklist”

13 Mar - Brazil: Due dates and schedules for large companies to report labor, employment actions

13 Mar - Brazil: Increased rate of tax, foreign exchange transfers

13 Mar - Canada: Proposed shortened (six-month) deadline to file information returns about foreign affiliates; possible challenges for multinational corporations

13 Mar - Canada: Tax measures in 2018 Manitoba budget; no changes to corporate or individual tax rates

12 Mar - Dominican Republic: New “tax receipt” rules effective May 2018

12 Mar - Mexico: Maquila or “sub-maquila”

8 Mar - Bermuda: Tax measures in budget 2018-2019

7 Mar - Panama: Relief from municipal taxes in Panama-Pacific special economic zone

2 Mar - Canada: New real estate tax measures in British Columbia; implications for real estate developers

1 Mar - Canada: 2018 federal budget measures affecting financial services sector

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