International Tax Americas August 2022

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas Regions between 1 August and 31 August 2022.

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.

Bolivia

 

Tax area concerned

Relevant date

Description of measures and publication link

Bolivia

Tax legislation approved and regulatory update

Various tax topics

02 August 2022

The tax authority issued guidance relating to payment facilities. Read more.

Tax legislation approved and regulatory update

Income tax

01 August 2022

Modified guidelines and legislative changes regarding failure-to-pay penalty. Read more.

Brazil

 

Tax area concerned

Relevant date

Description of measures and publication link

Brazil

KPMG Publication

Various tax topics

08 August 2022

Recent tax developments that may affect companies in the financial, insurance, and real estate sectors. Read more.

Tax legislation approved and regulatory update

Tax compliance

05 August 2022

30 September 2022 deadline for reporting of tax benefit by companies engaged in R&D activities. Read more.

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British Virgin Islands

 

Tax area concerned

Relevant date

Description of measures and publication link

British Virgin Islands

Tax legislation approved and regulatory update

Tax compliance

10 August 2022

The tax authority of the British Virgin Islands issued amendments to the FATCA and common reporting standard legislation. Read more.

Canada

 

Tax area concerned

Relevant date

Description of measures and publication link

Canada

Proposed legislation

Tax compliance

25 August 2022

Draft beneficial ownership reporting requirements for trusts effective for tax years ending after 30 December 2022. Read more.

Proposed legislation

Various tax topics

18 August 2022

Draft legislation released on 9 August 2022, provides details on the Canada recovery dividend, the additional 1.5% tax on banks and life insurers and tax changes to address International Financial Reporting Standards for Insurance Contracts (IFRS 17). Read more.

Proposed legislation

Income tax

18 August 2022

Draft legislation concerning the excessive interest and financing expenses limitation rules is proposed to apply to tax years beginning in 2023. Read more.

Proposed legislation

Income tax

17 August 2022

Ontario reintroduces 2022 budget bill, which includes various corporate income tax measures. Read more.

Proposed legislation

Income tax

17 August 2022

Possible changes to the general anti-avoidance rule that will affect how the CRA and courts address potential aggressive tax planning. Read more.

Proposed legislation

Tax compliance

17 August 2022

Amended draft legislation to expand the mandatory disclosure requirements. Read more.

Tax legislation approved and regulatory update

Income tax

05 August 2022

Increases to interest rates for income tax purposes and for pertinent loan or indebtedness purposes, fourth quarter of 2022. Read more.

KPMG Publication

Various tax topics

05 August 2022

Overview tax relief available from federal and Québec governments to businesses seeking to contribute to sustainable clean technologies. Read more.

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Costa Rica

 

Tax area concerned

Relevant date

Description of measures and publication link

Costa Rica

Tax legislation approved and regulatory update

Tax compliance

15 August 2022

The filing deadline for tax returns of dormant entities has been extended to 15 November 2022. Read more.

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Mexico

 

Tax area concerned

Relevant date

Description of measures and publication link

Mexico

KPMG Publication

Transfer pricing

30 August 2022

Transfer pricing documentation required by taxpayers in Mexico that carry out derivative financial transactions with related parties. Read more.

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Uruguay

 

Tax area concerned

Relevant date

Description of measures and publication link

Uruguay

Proposed legislation

Income tax

03 August 2022

Proposed changes to Uruguay's income tax on economic activities. Read more.

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United States

United States

 

 

 

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

Read TaxNewsFlash US

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