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International Tax Newsletter: Americas

Americas

International Tax Newsletter

Americas Region

May 2018

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Americas region between 1 May and 31 May 2018.

 

Barbados Canada Chile
Colombia Dominican Republic
Mexico
Uruguay United States  


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.

International Tax Newsletter: Americas

Barbados

Tax legislation approved and regulatory update

VAT / Tax compliance - 17 May 2018

The Barbados Revenue Authority has launched a new information and communication technology platform—the Tax Administration Management Information System.

Read more.

Canada

Tax legislation approved and regulatory update

Tax incentives - 23 April 2018

Saskatchewan Bill 127 received first reading. Bill 127 introduces two non-refundable tax credits that were announced in Saskatchewan's 2018 provincial budget-the Saskatchewan Technology Start-up Incentive (STSI) and the Saskatchewan Value-added Agriculture Incentive (SVAI).

Read more.

 

Corporate income tax - 4 May 2018

P.E.I. Bill 33 received first reading. This bill includes some tax measures that were introduced in the province's 2018 budget. Bill 33 reduces PEI's small business tax rate to 4 percent (from 4.5 percent) effective January 1, 2018, among other changes.

Read more.

 

Corporate Income Tax - 8 May 2018

Ontario Bill 31 received Royal Assent. Bill 31 includes miscellaneous tax measures that reflect a handful of federal tax changes that were recently enacted or proposed.

Read more.

 

Capital Cost Allowance - 9 May 2018

Quebec Bill 175 received first reading on May 9, 2018. This bill contains measures previously announced in Quebec's 2017 budget and in various information bulletins published in 2016 and 2017.

Read more.

 

Corporation Income Tax - 17 May 2018

British Colombia Bill 14 received royal assent. Bill 14 includes an amendment aligning the province's rules for determining a corporation's specified partnership income with federal changes to that definition.

Read more.

 

GST/HST - 30 June 2018

Many businesses must file GST/HST and/or QST annual information returns by June 30, 2018. This deadline affects financial institutions that have a December 31 year-end, as well as other types of entities, such as corporations and partnerships, that are deemed to be financial institutions under the GST/HST and QST rules.

Read more.

 

Corporate income tax - 8 May 2018

KPMG estimates that the quarterly prescribed interest rate that will be used to determine the deemed interest income inclusion from a pertinent loan or indebtedness will decrease to 5.16 percent (from 5.18 percent) for July 1, 2018 to September 30, 2018.

Read more.

Chile

Administrative and case law

VAT - 1 August 2018

The tax authority issued guidelines concerning the VAT reporting and payment on purchases of certain goods or services.

Read more.

Colombia

Tax legislation approved and regulatory update

Free zones regime - 17 April 2018

Changes have been made to the rules governing “free zones” (zonas francas) as established in Colombia under decrees issued in 1999 and in 2016.

Read more.

Dominican Republic

Tax legislation approved and regulatory update

Airlines ticket taxes - 7 May 2018

The tax authorities in the Dominican Republic have issued general notices that may have tax implications with respect to airline tickets.

Read more.

 

Others

Company law - 2 May 2018

There is a legal requirement for Dominican corporations to hold an annual general shareholder meeting within 120 days of the end of the fiscal year.

Read more.

Mexico

Tax legislation approved and regulatory update

Various tax areas - 14 May 2018

The upper chamber of the Mexican Congress in April 2018 passed legislation that is intended to strengthen the monitoring and control of the hydrocarbon and oil supply chain.

Read more.

 

Proposed legislation

Hydrocarbons tax law - 1 May 2018

Legislative proposals to reform the hydrocarbons tax law have been considered in the Mexican Congress.

Read more.

Uruguay

Tax legislation approved and regulatory update

Digital economy - 24 May 2018

The government of Uruguay on 24 May 2018 issued a decree that concerns the tax treatment of the digital economy, and these measures will affect multinational corporations operating in the digital economy space or providing digital economy services in Uruguay.

Read more.

United States

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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