This e-newsletter gives you an overview of international corporate tax developments being reported globally by KPMG member firms in the Americas Region between 1 January and 31 January 2013.
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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 |
1 February 2013 |
A ‘foreign trade e-window’ implemented in Argentina provides rules for reporting payments remitted abroad with respect to certain transactions conducted by Argentine residents. The regime has an effective date of 1 February 2013.
Read more |
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| Canada |
| Tax legislation adopted and regulatory update |
Social security |
January 2013 |
Representatives of Canada and India signed a social security agreement that is intended to help employers and their mobile employees in avoiding double social security contributions.
Read more |
| Reporting requirements |
January 2013 |
The Canada Revenue Agency released a new information return (Form T1134) concerning controlled and not-controlled foreign affiliates.
Read more |
| Educational outreach campaign |
January 2013 |
The Canada Revenue Agency announced it will send educational and intent-to-audit letters to selected taxpayers who earn self-employment income, receive rental income, or are employees who have claimed employment expenses, as part of its ‘educational’ outreach campaign.
Read more |
| Automobile allowance |
2013 |
Canada Finance announced that while the automobile expense deduction limits will not change in 2013, the prescribed rates for determining the taxable benefits on automobile operating expenses or allowances will increase in 2013.
Read more |
| Financial reporting |
2012 |
Persons involved in preparing financial reports for corporations or other organizations need to be aware that certain 2012 Canadian tax changes may need to be reflected in the year-end financial statements under IFRS, ASPE or U.S. GAAP.
Read more |
| Personal income tax |
January 2013 |
The Canada Revenue Agency released a technical interpretation confirming that the debt-forgiveness rules of section 80 apply on the inter vivos settlement of non-arm's length obligations resulting from the gifting of notes held by a surviving spouse's spousal trust to her children.
Read more |
| GST/HST |
31 January 2013 |
Many corporations' tax directors and pension plan administrators working for employers with a 31 December year-end had to calculate and remit a deemed GST/HST amount before 31 January 2013.
Read more |
| Proposed legislation |
Reporting requirements |
January 2013 |
Labour organizations are a step closer to being required to file annual information returns to report details of their expenditures and activities with the Canada Revenue Agency, as a result of the House of Commons' passage of a private member's bill.
Read more |
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| Colombia |
| Tax legislation adopted and regulatory update |
Corporate income tax/Sales Tax |
2013 |
Colombia enacted measures that reform the Colombian tax system. The changes generally are effective beginning in 2013 and include:
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New income tax on equity |
| • |
Rules to determine when dividends or share participations are not subject to tax |
| • |
Reduce the general rate of income tax; |
| • |
New tax on foreign capital investment portfolio income |
| • |
Modify the sales tax |
| • |
Rules concerning the tax treatment of corporate reorganizations and mergers. |
Read more |
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| Jamaica |
| Other |
Filing terms |
15 March 2013 |
Individual taxpayers in Jamaica are reminded that the deadline for filing income tax returns for the year 2012 and declarations of estimated income tax for the year 2013 is 15 March 2013.
Read more |
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| Mexico |
| Tax legislation adopted and regulatory update |
Corporate income tax |
December 2012 |
A miscellaneous Mexican tax resolution (Resolución Miscelánea Fiscal) has been published. Among the measures included in the resolution are rules for:
| • |
Tax receipts when consideration is paid in installments |
| • |
Filing deadlines. |
Read more |
The late December 2012 resolution clarifies that travel and per-diem expenses of workers provided by parties related to the contract manufacturing company or personal service company are not deductible by the taxpayer.
Read more |
| Tax amnesty program |
2013 |
Mexico has established a tax amnesty program, effective in 2013. The tax amnesty program provides an opportunity for individuals and legal entities to qualify for a total or partial waiver of tax assessments of federal taxes, antidumping duties, surcharges, and inflationary adjustment.
Read more |
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| Peru |
| Tax legislation adopted and regulatory update |
Corporate income tax |
1 January 2013 |
New measures effectively amending the income tax law in Peru are effective 1 January 2013. The new measures include:
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Foreign tax credits rules; |
| • |
CFC’s rules. |
Read more |
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| USA |
| Tax legislation adopted and regulatory update |
Corporate income tax |
January 2013 |
President Obama has signed the American Taxpayer Relief Act of 2012 averting the fiscal cliff of tax increases and spending cuts.
Read more |
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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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