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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 July and 31 July 2013

Argentina Canada USA Venezuela
Brazil Peru Uruguay

For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.

To contact the Global International Corporate Tax Group email go-fmglobalict@kpmg.com.

  Tax area concerned Relevant date/case reference Description of measures and publication link
(Considerations in italic where necessary)
Argentina
KPMG publications Various taxes 2013 A KPMG report prepared for businesses considering investments in Argentina provides an overview of the tax system—including taxation of businesses, individuals, and foreign beneficiaries, transfer pricing provisions, and indirect taxes.
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Brazil
Tax legislation adopted and regulatory update Tax compliance 2012 There is an opportunity for companies to review and correct inconsistencies with respect to information filed with the Brazilian tax authorities.
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Canada
Tax legislation adopted and regulatory update Tax compliance 2 July 2013 The Canada Revenue Agency announced that taxpayers unable to file their T2 returns by 2 July 2013 due to flooding in Alberta can apply to have any related interest and/or penalties waived or cancelled.
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2 August 2013 The Canada Revenue Agency announced that business taxpayers affected by flooding in Alberta have more time to file their corporation income tax return.
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2013 The Canada Revenue Agency released a revised version of the form used to report foreign income.
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2013 The Canada Revenue Agency issued a recent technical interpretation, confirming that disaster assistance payments—whether made by the Government of Alberta, a municipality, or a public authority, to individuals for personal losses or expenses (as opposed to business expenses) from the recent Alberta floods—will not be included in the recipient's income for income tax purposes.
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Various taxes 2013 Two Canadian tax legislative packages—Bill C-48, the "catch-up bill," containing a large backlog of tax legislation, and Bill C-60, implementing certain measures announced in the 2013 federal budget—received Royal Assent on 26 June 2013. The bills contain a broad variety of measures concerning:
foreign affiliate rules
tax status and treatment of a real estate investment trust
implementation of remaining 2010 federal budget measures
charitable donation advantage and split-receipting rules
change in the taxation of non-eligible dividends for 2014
GST changes
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Tax accounting 2013 Tax professionals involved in preparing financial reports for corporations or other organizations need to consider that certain 2013 income tax changes in Canada are reflected in their interim period financial statements under IFRS, Accounting Standards for Private Enterprise (ASPE) or U.S. generally accepted accounting principles (U.S. GAAP).
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Tax incentives 3 July 2013 Quebec announced new incentives for cultural donations—including non-refundable credits for significant contributions and measures to encourage taxpayers to donate artworks for display in public or educational spaces.
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Import duties July 2013 Importers of certain electronic goods (such as MP3 players) may be able to import these goods duty-free into Canada without the need for retailers to have their individual customers sign certificates about the end-use of these products.
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Personal services business income tax 31 October 2012 Services provided through a corporation, if a personal services business, may lose a previously available tax deferral advantage because of a recent tax rate increase on personal services business income.
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Financial instruments 21 March 2013 Canada’s Department of Finance announced transitional relief for the character conversion transaction rules as proposed in the 2013 federal budget.
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Various tax measures 2013 Quebec issued an information bulletin that, among other measures, introduces harmonization measures with the 2013 federal budget (now partly contained in the first federal budget bill, Bill C-60).
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Atlantic provinces’ budget 2013 The bills containing the 2013 budget income tax measures for New Brunswick, Nova Scotia and Prince Edward Island all recently received Royal Assent.
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Proposed legislation Trusts 2016 Individuals whose estate plans include creating a trust in a will (or individuals who are a trust beneficiary or an estate trustee) may be affected by the federal government’s proposals to tax certain trusts at a top tax rate—rather than the lower graduated tax rates that some trusts currently pay—beginning in 2016.
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British Columbia’s budget 2013 British Columbia’s newly re-elected Liberal government reintroduced the 2013 B.C. budget on 27 June 2013. The budget—which remains essentially the same as the budget originally presented on 10 February 2013—increases both corporate and individual (personal) tax rates, as follows:
the B.C. general corporate tax rate increases to 11 percent (from 10 percent ), effective 1 April 2013.
the small business corporate income tax rate remains at 2.5 percent.
a new top tax rate is 16.8 percentfor individuals with income above CAN$150.000.
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Tax compliance 1 January 2014 The Canada Revenue Agency announced that in October 2013, it will release a revised version of Form T661, Scientific Research and Experimental Development Expenditures Claim.
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Shipping industry 12 July 2013 Canada’s Department of Finance released for public comment draft legislation that includes proposals that would affect the taxation of foreign affiliates, functional currency reporting, and the residence of international shipping corporations.
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Non-resident’s taxation 13 September 2013 Canada’s Department of Finance released draft legislation on 12 July 2013 that includes provisions concerning the taxation of foreign affiliates, non-resident corporations without share capital, and the foreign currency election.
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Treaties DTT 19 June 2013 Canada in June 2013 completed its ratification procedures concerning income tax treaties with Namibia, Serbia, Poland, and Hong Kong.
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Peru
Tax legislation adopted and regulatory update Customs 18 July 2013 A decree establishes the “user fees” for administrative services provided by Peru’s customs authorities regarding imports intended for domestic consumption and customs warehousing.
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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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Uruguay
Tax legislation adopted and regulatory update VAT/ custom duties July 2013 New measures in Uruguay allow exemptions from VAT and customs duties for certain online purchases.
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Venezuela
Tax legislation adopted and regulatory update VAT July 2013 New guidelines (Providencias Administrativas Nros. SNAT/2013-0029 and 0030) concerning VAT withholding include special rules concerning credit/debit card transactions.
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