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International Tax

Newsletter

 

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas Region between 1 June and 30 June 2014.

Argentina Colombia Mexico Venezuela
Bahamas Curacao Panama  
Canada Dominican Republic Peru  
Chile Jamaica USA  

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.

  Tax area concerned Relevant date/case reference Description of measures and publication link (Considerations in italic where necessary)
Argentina
Tax legislation adopted and regulatory update Reporting requirements  May 2014 Argentina’s tax administration in May 2014 issued guidance concerning the information reporting requirements for companies producing, distributing, and marketing inputs and final consumer goods.
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Bahamas
Proposed legislation Budget 2014-2015 The Prime Minister and Minister of Finance in late May 2014 presented the 2014-15 budget for the Bahamas. 
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Canada
Tax legislation adopted and regulatory update FATCA 1 July 2014 Canadian entities that could be subject to the U.S. FATCA regime—which is effective 1 July 2014—need to be familiar with new guidance from the Canada Revenue Agency with respect to Canada’s intergovernmental agreement with the United States.
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The Canada Revenue Agency released its much-anticipated administrative guidance on the intergovernmental agreement between Canada and the United States as enacted into law on 19 June 2014.
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19 June 2014 Canada’s Bill C-31—that implements certain measures announced in the 2014 federal budget as well as measures to implement the FATCA agreement between Canada and the United States—received Royal Assent on 19 June 2014.
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Foreign investment reporting 31 July 2014 Taxpayers required to file Return T1135, Foreign Income Verification Statement, for the 2013 tax year have only a short time left to gather information on foreign investments before the 31 July 2014 due date.
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GST/HST 1 January 2015 Participants in joint ventures that include nominee corporations or bare trusts only have a short period of time in which to take steps to benefit from the GST/HST temporary administrative “tolerance” policy of the Canada Revenue Agency.
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MAP 2013-2014 A report about the 2013-14 mutual agreement procedure (MAP) program shows that the Canada Revenue Agency is making gains in some areas towards reaching its targeted completion times, but that completion times for foreign-initiated adjustments were up 40 percent from last year.
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QST 30 June 2014 Fund managers and insurance companies that are not registered for the indirect tax in Quebec (QST) may need to file a specific new QST return no later than 30 June 2014, to remit QST or claim refunds relating to a “tax adjustment transfer election.”
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GST/HST and QST June 2014 Businesses in the real estate industry continue to face indirect tax—GST/HST and QST—challenges.
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Employee benefit plans 2007 and subsequent tax years Employers with employees who are members of an employee benefit plan, providing benefits to employees who render services to Canadian resident employers, or a stock plan administered through a non-resident trust, need to review whether the trust is deemed to be a resident in Canada and taxed on its worldwide income for the 2007 and subsequent tax years under Canada's new deemed resident trust rules.
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Discretionary trust rules May 2014 In British Columbia, amendments to limit a spouse or common-law partner's rights to certain trusts' property in the event of a relationship breakdown were enacted into law in late May 2014.
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Pension plans May 2014 Legislation offering Pooled Registered Pension Plans to persons in British Columbia received Royal Assent in late May 2014.
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Newfoundland budget 26 May 2014 Newfoundland Bill 13, which includes tax changes as announced in the 2014 Newfoundland budget, received first reading on 26 May 2014—and because Newfoundland has a majority government, the bill is considered substantively enacted for purposes of IFRS and ASPE as of 26 May 2014.
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Tax compliance June 2014 Corporations that engage in cross-border transactions with a related party need to be aware of updated guidance from the Canada Revenue Agency with respect to contemporaneous documentation.
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Proposed legislation Mining tax 1 January 2014 Quebec announced several measures that will affect the mining industry as part of the 2014-15 Quebec budget.
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Quebec’s budget 2014-2015 Quebec's Minister of Finance and the Economy on 4 June 2014 delivered the province’s 2014 budget.
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KPMG publications Corporate tax competitiveness 2014 KPMG prepared a 2014 report which compares total tax costs in more than 100 cities among 10 countries around the world.
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Chile
Tax legislation adopted and regulatory update Transfer pricing End of June 2014 An annual transfer pricing declaration (information return) is due in Chile by the last business day of June.
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Colombia
KPMG publications Tax calendar Second half of 2014 KPMG in Colombia produced a tax calendar that sets out the filing and reporting obligations of taxpayers in Colombia for the second half of 2014.
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Curacao
Treaties Bilateral tax agreement 10 June 2014 New bilateral rules for the avoidance of double taxation between the Netherlands—including Dutch jurisdictions located in the Caribbean—and Curaçao were announced and presented on 10 June 2014 to the Dutch parliament for approval.
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Dominican Republic
Tax legislation adopted and regulatory update Real estate tax levy 8 April 2014 Changes to the national cadastre—i.e., a real estate tax levy—in the Dominican Republic were enacted under Law No. 150-14 (8 April 2014).
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Jamaica
Tax legislation adopted and regulatory update Minimum business tax 15 June 2014 The first payment of Jamaica’s new minimum business tax is due 15 June 2014.
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Mexico
Tax legislation adopted and regulatory update Commercial code, corporate governance and law 13 June 2014 In Mexico, a decree (published 13 June 2014) amends and revises certain provisions of Mexican law including the Commercial Code, the General Law for Commercial Companies, the Law on Investment Funds, and the General Law of Negotiable Instruments and Loans, among others.
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Proposed legislation Taxation and energy reform June 2014 As part of a legislative package proposed by the executive branch, there are measures relating to taxation and energy reform and, in particular, proposals for Petróleos Mexicanos (Pemex) to become an entity that eventually could be subject to the general tax regime like any other Mexican legal entity.
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Panama
Tax legislation adopted and regulatory update Transfer pricing 30 June 2014 Taxpayers subject to the transfer pricing rules in Panama must file a report by 30 June 2014 for the tax year ended 31 December 2013—i.e., six months after the end of the tax year.
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Income tax, surtax 30 June 2014 In Panama, an estimated payment of income tax (impuesto sobre la renta) and the full amount of the surtax (impuesto complementario) are due 30 June 2014.
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Peru
Proposed legislation Taxation of investments 18 June 2014 A bill presented to the legislature on 18 June 2014 concerns tax proposals that are intended to promote and revitalize investment in Peru.
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USA
Tax legislation adopted and regulatory update - - 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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Venezuela
Tax legislation adopted and regulatory update Customs June 2014 Venezuela’s tax and customs administration (SENIAT) announced changes to both versions—S++ and SW—of its automated customs system (Sistema Aduanero Automatizado or SIDUNEA) on the basis of foreign exchange agreements.
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Commercial property leases May 2014 In Venezuela, a new legislative decree (published in late May 2014) includes changes to the regulations concerning commercial property leases.
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