Americas International Tax Newsletter

A regulatory decree was published in the official bulletin as guidance for implementing income tax changes introduced by the 2017 tax reform legislation.

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Updated common nomenclature of the Mercosur trading block and new units of measures for foreign trade apply beginning 1 January 2019.

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Guidance published in the official gazette provides for an adjustment to the amounts relating to social security in Brazil.

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Employers to be reimbursed by CRA—not employees—for CPP, EI & income tax on wage overpayments.

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P.E.I. Bill 57 received Royal Assent This bill reduces the province's small business tax rate to 3.5% (from 4%), among other changes.

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New Reporting Requirements for Private Federal Corporations.

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B.C. is announcing that property owners must complete an online registration process by March 31, 2019 if they want to be exempt from the province's new speculation and vacancy tax (SVT) for 2018.

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Certain 2018 Canadian income tax rate and other changes may need to be reflected in year-end financial statements.

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VAT Challenges for the Digital Economy.

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A tax amnesty program is available for three-month period, from 5 December 2018 to 5 March 2019.

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New tax reform legislation in Costa Rica was passed. The tax reform law includes significant income tax law changes such as the introduction of rules on the taxation of capital gains and interest expense deduction limitations, as well as rules addressing hybrid mismatch arrangements and anti-tax haven provisions.

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Costa Rica’s legislature approved legislation concerning ratification of an income tax treaty for the avoidance of double taxation and to prevent fiscal evasion between Costa Rica and Mexico.

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A report prepared by KPMG in Chile describes developments and guidance concerning the tax treatment relating to:

• virtual and digital assets
• advance sales invoices and returns
• foreign corporate bonds issued via a Chilean taxpayer
• effects of divisions related to tax paid abroad. 

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New tax provisions were introduced in Colombia beginning in 2019. Among other, they include a gradual reduction of the corporate income tax rate from 33% to 30% by 2022. It also introduces a new 7.5% withholding tax on dividend distributions among Colombian entities.

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Mexico’s executive administration in late 2018 presented to the Congress an economic package for the fiscal year 2019 that included certain initiatives, but did not propose new taxes or any tax rate increases, but did provide for adjustments to current tax standards.

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A decree was issued by the executive branch to promote the development of Mexico's northern border region (“frontera norte”).

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The rules for tax incentives for companies established in the Panama-Pacific special economic zone have been amended.

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

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