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 September and 30 September 2012.
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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 |
Corporate income tax/VAT |
7 September 2012 |
Argentina’s tax administration issued a resolution providing changes to documentation requirements and to the income and VAT rates for final imports.
Read more |
| 1 October 2012 |
The tax administration issued resolution providing for a 15% tax on credit/debit card purchases made abroad and on “online” purchases.
Read more |
| IFRS |
September 2012 |
There are new requirements for information reporting and tax base calculation with Argentina’s adoption of the IFRS for the preparation of financial statements.
Read more |
| Treaties |
Tax information exchange agreement |
12 September 2012 |
The tax information exchange agreement between Argentina and the Cayman Islands was published in Argentina’s official gazette.
Read more |
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| Canada |
| Tax legislation adopted and regulatory update |
Personal income tax |
September 2012 |
The Canada Revenue Agency concluded that when an individual has been a beneficiary of an inter vivos trust for less than 24 months, that person may still be able to claim the capital gains deduction for a taxable capital gain designated by the trust.
Read more |
| Corporate income tax |
September 2012 |
The Canada Revenue stated that the corporate shareholders of a bare trustee cannot use funds from a new bank loan to ‘return capital to’ or ‘repay loans from’ themselves, likely making interest expense paid on that new loan non-deductible for tax purposes.
Read more |
| GST/HST |
1 April 2012 |
Canada’s federal government released new GST/HST regulations.
Read more |
| Proposed legislation |
Personal income tax |
2013 |
Quebec's individual (personal) combined top marginal income tax rates could increase from 48.22% to as high as 55.22% in 2013.
Read more |
| Other |
Tax facts |
September 2012 |
After India, Canada is the most tax competitive country among 14 major global economies according to KPMG’s Competitive Alternatives 2012: Focus on Tax.
Read more |
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| Chile |
| Tax legislation adopted and regulatory update |
Budget |
September 2012 |
The tax reform package was enacted 24 September 2012 and includes a wide range of rules affecting corporations and foreign investors.
Read more |
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| Costa Rica |
| Tax legislation adopted and regulatory update |
Sales tax |
September 2012 |
The tax administration of Costa Rica issued guidance how to deal with sales tax on packaging materials.
Read more |
| Proposed legislation |
Corporate income tax/transfer tax |
September 2012 |
A new law (pending publication before final enactment) provides that indirect transfers of real property are subject to the transfer tax for property transfers.
Read more |
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| Panama |
| Tax legislation adopted and regulatory update |
Incentives |
September 2012 |
There are new tax provisions for multinational taxpayers who have their headquarters located in Panama including an exemption from income tax, from dividend tax and from tax on the transfer of movable property.
Read more |
| 7 August 2012 |
A new law establishes incentives for the construction and operation of natural gas power plants generating electricity.
Read more |
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| Peru |
| Tax legislation adopted and regulatory update |
Tax Reform |
July 2012 |
Measures in the tax reform package include CFC rules and amendments of the transfer pricing rules.
Read more |
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| USA |
| Tax legislation adopted and regulatory update |
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For legislative changes and regulatory updates for the U.S. please visit below link to the TaxNewsFlash United States.
Read TaxNewsFlash US |
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