International Tax – Americas, July 2019

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas Region between 1 July and 31 July 2019.

Canada Mercoser
Brazil Costa Rica United States


For a full summary of global tax developments, visit TaxNewsFlash- Global.

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International Tax Newsletter: Americas


Tax legislation approved and regulatory update
Substance requirements July 2019

Newly enacted law in Bermuda provides that non-resident entities are not subject to economic substance requirements in Bermuda.


Proposed legislation  ICMS / ST June 2019

A tribunal in São Paulo recognized a taxpayer’s right to a full tax credit with regard to ICMS / ST imposed on fuel acquisitions relating to the production process of sugar and ethanol plants.


Tax legislation approved and regulatory update  Budget  12 July 2019

Prince Edward Island's budget implementation bill received Royal Assent, thereby several income tax measures that were introduced in the 2019 budget have been enacted.

Tax legislation approved and regulatory update Compliance July 2019

Certain 2019 Canadian tax changes need to be reflected in interim financial statements.

Tax legislation approved and regulatory update Compliance 15 October 2019

Distributed investment plans—including investment limited partnerships—need to begin considering their collection of certain ownership details from their investors before 15 October 2019.

Proposed legislation  Trade July 2019

The Department of Finance proposed to allow the Canada Border Services Agency address price distortions when calculating margins of dumping and also new policy changes to help monitor anti-dumping levels of steel imports.

Proposed legislation  QST July 2019

Quebec announced new harmonization measures to align two Quebec sales tax (QST) measures with proposed changes to federal goods and services tax / harmonized sales tax legislation.

Other Taxation of international executives  

KPMG in Canada prepared a summary on the taxation of international executive.

Costa Rica

Tax legislation approved and regulatory update VAT  10 July 2019

A law providing a moratorium on penalties related to VAT deficiencies was published in the official gazette.

Tax legislation approved and regulatory update Various tax areas  June 2019

The income tax regulations in Costa Rica were updated in late June 2019. There are measures relating to, among other topics, dividend distributions, the tax treatment of real estate capital, and transfer pricing.


Treaties Trade agreement  July 2019 

The European Union and Mercosur member states—Argentina, Brazil, Paraguay and Uruguay—in late June 2019 reached a political agreement for a trade agreement.

United States


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

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