International Tax Newsletter: Americas

International Tax Americas March 2019

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Europe and Africa Regions between 1 March 2019 and 31 March 2019.

Brazil	Colombia
Canada	Costa Rica
Cayman Islands	United States

For a full summary of global tax developments, visit home.kpmg/taxnewsflash.

To contact the International Tax Team email internationaltax@kpmg.com.

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Brazil

Tax legislation and regulatory update

Customs

March 2019

There is new guidance in Brazil concerning the procedures for verifying the country of origin of imports subject to preferential tariff treatment.

Tax legislation and regulatory update

Tax compliance

March 2019

The tax authorities released the 12th edition of a computerized manual for the sale and acquisition of an integrated foreign trade system with respect to transactions involving services, intangibles, and other transactions that result in a change in equity.

Canada

Tax legislation and regulatory update	QST / Digital economy	March 2019	Certain operators of electronic platforms face new QST obligations. Read more
Proposed legislation	Federal budget	19 March 2019	Finance Minister delivered the government’s 2019 federal budget. Although the budget does not include any personal or corporate tax rate changes, it did include several measures affecting corporate and personal taxpayers. Read more
Proposed legislation	Budget	7 March 2019	Manitoba’s Finance Minister delivered the province’s 2019 budget. Read more
Proposed legislation	Budget	19 March 2019	New Brunswick’s Finance Minister delivered the province’s 2019 budget. Read more
Proposed legislation	Budget	26 March 2019	Nova Scotia’s Finance Minister Karen Casey delivered the province’s 2019 budget. Read more
Proposed legislation	Budget	March 2019	Companies that offer employee stock option plans should consider whether to make changes before new rules are enacted later in 2019. Read more
Proposed legislation	Budget	26 February 2019	Quebec Bill 13 received first reading. This bill contains measures previously announced in Quebec's 2017 and 2018 budgets and in various information bulletins published between 2016 and 2018. Read more

Cayman Islands

Tax legislation and regulatory update

Economic substance

March 2019

The Council of the European Union announced, following a review of the Cayman legislation on economic substance, an updated list on tax co-operation.

Colombia

Tax legislation
and regulatory update

Tax compliance

March 2019

KPMG in Colombia has prepared a report that outlines the 2019 annual corporate compliance measures for legal entities having a presence in Colombia.

KPMG publications

Tax calendar

March 2019

A “tax calendar” lists the dates for remitting payments of income tax, withholding tax, VAT, and other taxes.

Costa Rica

Tax legislation approved and regulatory update	Interest rate for tax underpayments/ overpayments	27 March 2019	Resolutions published in the official gazette reflect a change in the rate of interest that is imposed on both taxpayers and the tax and customs authorities for underpayments and overpayments of tax and customs duties. Read more
Tax legislation approved and regulatory update	VAT	18 March 2019	An executive decree published in the official gazette provides that certain basic food products will be exempt from the VAT until 1 July 2020. Read more
Tax legislation approved and regulatory update	Tax compliance	July 2019	The Ministry of Finance released new guidelines for electronic receipts. Read more
Treaties	Double tax treaty	March 2019	Costa Rica has ratified an income tax treaty with Mexico—an agreement that addresses double taxation issues. Read more