Americas International Tax Newsletter
Americas Region
October 2018
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 31 October 2018.
| Brazil | Canada | Costa Rica |
| Mexico | Uruguay | United States |
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.
Brazil
Administrative and case law
Tax compliance - 9 October 2018
The tax authority of São Paulo state published guidance with respect to implementation of a taxpayer compliance program for classifying taxpayers. The initiative is intended to increase tax collection without increasing the burden on taxpayers by strengthening relationships between taxpayers and the tax agency.
KPMG Publication
A Guide to Brazilian Oil & Gas Taxation
KPMG in Brazil prepared a guide to the Brazilian oil & gas taxation.
Canada
Tax legislation approved and regulatory update
Income tax - 9 October 2018
The CRA recently released the long awaited Income Tax Folio chapter S3-F10-C3, "Advantages - RRSPs, RESPs, RRIFs, RDSPs and TFSAs". It addresses the "advantage tax rules", which levy a 100 percent tax on certain advantages related to individuals' registered plans.
Tax compliance - 25 October 2018
The Department of Finance issued a release concerning the deadline for companies to file T1134 “Information Return Relating To Controlled and Not-Controlled Foreign Affiliates.”
Proposed legislation
Speculation tax - 16 October 2018
A wide range of residential property owners may benefit from new speculation tax relief.
Trade / Tariffs - 11 October 2018
Canada’s government announced further steps to prevent diversion of foreign steel products into Canada, and to provide relief to steel and aluminium users in specific circumstances relating to countermeasures on certain products imported from the United States.
Treaties
Trade deal - 2019 / 2020
Canada has reached a tentative trade deal with the United States and Mexico. The new deal, to be known as United States-Mexico-Canada Agreement, is reported to take effect in late 2019 or 2020.
Other
GST - 12 October 2018
Investment limited partnerships (ILPs) must act now if they want to make an important new GST/HST election for ILPs for their 2018 fiscal year.
Costa Rica
Tax legislation approved and regulatory update
Free trade zones - 23 October 2018
An executive decree amends the regulation under the free trade zone law.
Income tax - 1 October 2018
Updates to the income tax brackets for individual taxpayers and “small” corporate taxpayers for the tax year 2019 were published in the official gazette on 1 October 2018.
Proposed legislation
Tax reform - 5 October 2018
A tax reform bill is pending consideration. The draft law was approved in the first debate on 5 October 2018.
Administrative and case law
Stamp tax - 11 October 2018
Guidance from the tax administration clarifies that companies within a free trade zone are not exempt from paying the education and culture stamp tax.
VAT / Excise tax - 8 October 2018
A ruling establishes a new process for VAT and excise tax settlements with respect to goods that are exempt from tax and acquired in the domestic market.
Mexico
Proposed legislation
Digital economy - 10 October 2018
Legislation concerning business transactions conducted via the internet would aim to reach and impose tax on income from activities of entities that may have no or very little physical presence in Mexico.
Uruguay
Tax legislation approved and regulatory update
Digital economy - 12 October 2018
Uruguay’s tax authority introduced compliance and tax-payment rules relating to taxation of the digital economy.
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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