India has introduced general anti-avoidance rules (GAAR) that may affect investments by Canadians and other foreign entities.
Canada ratified the Convention on Mutual Administrative Assistance in Tax Matters on November 21, 2013.
Finance has announced that Canada's tax treaty with Hong Kong came into force on October 29, 2013.
Finance has announced that Canada's tax treaty with Poland came into force on October 30, 2013. Under
Finance has announced that Canada's tax treaty with Serbia came into force on October 31, 2013.
Finance announced that Canada's agreement with Switzerland on the avoidance of double taxation came into force on October 31, 2013.
Canadian financial institutions and certain other non-U.S. entities may benefit from guidance on upcoming changes to the FATCA regulations that the IRS released in Notice 2013-69 on October 30, 2013.
Both Ireland and Norway seem to be proposing legislation to comply with the OECD's intention to limit base erosion via interest deductions as detailed in Action Four of its Action Plan for dealing with Base Erosion and Profit Shifting (BEPS).
The CRA recently released its Advance Pricing Arrangement (APA) Program Report for 2012-2013 for the CRA's year ended March 31, 2013.
The OECD released a memorandum on transfer pricing documentation and country-by-country reporting on October 3, 2013 in advance of its public consultation event on November 12-13, 2013 at the OECD Conference Centre in Paris.
"Becoming Resident in Portugal", a document prepared by KPMG Portugal, discusses recent changes that have been introduced within the Portuguese law that may benefit foreign nationals currently considering becoming resident in Portugal.
International business representatives met with the OECD's Business and Industry Advisory Committee (BIAC) to provide comments on the OECD's Action Plan for dealing with Base Erosion and Profit Shifting (BEPS) on October 1, 2013.
Importers pay high duty rates on many common consumer household items, creating significant additional costs.
Portugal is considering reforms to its Corporate Income Tax that will significantly increase the competitiveness of Portugal for foreign investors.
On September 8, 2013, Mexico's Congress was presented with an economic package for 2014 that includes proposals to repeal the single rate business tax and the tax on cash deposits, and eliminate certain special tax regimes and deductions.
The total number of open Mutual Agreement Procedure (MAP) cases in OECD member countries for resolving cross-border tax disputes has increased to 4,061, a 6% increase from 2011, according to the OECD's latest annual report on MAP statistics for 2012.
The Organisation for Economic Co-operation and Development (OECD) has released a report to the G20 Leaders' Summit describing the status of the OECD's efforts and action plan to address base erosion and profit shifting (BEPS).
The Department of Finance released a 26-page package of amendments to the foreign affiliate (FA) dumping rules in section 212.3 on August 16, 2013.
Recent tax changes in Australia may have important consequences for Canadian businesses doing business in this country.
Barbados has proposed several changes to its taxation system in its 2013 budget, which was delivered on August 13, 2013.
The OECD recently released a white paper on transfer pricing documentation and a revised discussion draft on the transfer pricing aspects of intangibles.
The Department of Finance released a 26-page package of amendments to the foreign affiliate dumping rules on August 16, 2013.
The Department of Finance has released a 25-page consultation paper on possible measures to prevent treaty shopping.
Finance announced on July 24, 2013 that the second Protocol to the tax treaty between Canada and Austria will enter into force on October 1, 2013.
The IRS has announced that it will extend the timeline for withholding agents and foreign financial institutions (FFI) to begin their due diligence and withholding and reporting requirements to payments made after June 30, 2014, a six-month extension.
The Department of Finance released draft legislation on July 12, 2013 relating to among other things, the taxation of foreign affiliates, non-resident corporations without share capital, and the foreign currency election.
Finance released for public comment draft legislation including among other things, proposals affecting the taxation of foreign affiliates, functional currency reporting and the residence of international shipping corporations on July 12, 2013.
The European Parliament has approved rules that will require EU financial institutions (FIs) and EU-based companies active in the extractive and logging industries to begin country-by-country reporting of tax and other payments made to governments.
The OECD has released a new report, A Step Change in Tax Transparency, which details the steps needed to create a fairer and more transparent global tax system.
The G8 leaders have committed to establish the automatic exchange of information between tax authorities as the new global standard, according to a release issued at the conclusion of the G8 summit in Northern Ireland held on June 17-18, 2013.
Bill S-17, which implements four tax treaties that Canada has concluded with Namibia, Serbia, Poland and Hong Kong, received Royal Assent on June 19, 2013.
U.S. persons who are required to file a Report of Foreign Bank and Financial Accounts (FBAR) must ensure that their paper 2012 filing is received by the IRS by Friday, June 28, 2013, since the June 30 deadline for FBARs falls on a Sunday this year.
Finance has announced that Canada recently signed a new Tax Information Exchange Agreement (TIEA) with Bahrain on June 4, 2013.
China has issued guidance on determining the beneficial ownership of dividends under the China-Hong Kong income tax agreement, for purposes of withholding tax relief.
Australia's 2013 budget, which was delivered on May 14, 2013, proposes to introduce business taxation changes.
Finance has announced that Canada recently signed new Tax Information Exchange Agreements (TIEA) with the British Virgin Islands and Brunei on May 21 and May 9, 2013, respectively.
The OECD has approved new guidance on safe harbours in Chapter IV of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.
A committee of the OECD Global Forum on Transfer Pricing has released a draft Handbook on Transfer Pricing Risk Assessment for discussion.
KPMG's 2013 Global Transfer Pricing Review is now available.
China's tax authorities have issued guidance on when the cross-border secondment of expatriate workers into China by foreign enterprises may give rise to a taxable presence in China.
Financial institutions have an opportunity to review and provide comments on a draft registration-process form for the U.S. Foreign Account Tax Compliance Act (FATCA).
Financial institutions in the European Union will soon have to begin country-by-country reporting of tax payments made to governments, and will also have to comply with stronger bank solvency and liquidity requirements and a cap on bankers' bonuses.
The OECD's recently released report "Aggressive Tax Planning based on After-Tax Hedging" describes the features of aggressive tax planning schemes based on after-tax hedging as well as strategies used by countries to detect and respond to those schemes.
The OECD has released its annual report on the caseloads of all its member countries under the Mutual Agreement Procedure (MAP) for resolving cross-border tax disputes.
The U.K. has announced an agreement with France, Germany, Italy, and Spain to develop and pilot a multilateral tax information exchange process.
The Department of Finance announced that Canada signed a new Tax Information Exchange Agreement (TIEA) with Liechtenstein on January 31, 2013.
June 30, 2013 is an important date for Canadian business that may be eligible to recover value-added tax (VAT) paid to many European Union (EU) member countries.
The United Kingdom delivered its 2013 budget on March 20, 2013.
The 2013 federal budget included several changes to tariffs and other customs measures that may affect taxpayers who import goods into Canada.
India has proposed a new Companies Bill for all companies meeting prescribed criteria that will require companies to contribute 2% of their average net profits from the previous three years as part of new corporate social responsibility measures.
Business shipping across the Canada-U.S. border may experience delays due to new U.S. budget cuts.
India delivered its 2013-14 budget on February 28, 2013.
KPMG Global has created a new resource centre to track the introduction of the financial transaction tax (FTT), a European transactions tax that is proposed to be levied on financial institutions carrying out transactions in securities and derivatives.
The Organisation for Economic Co-operation and Development (OECD) has released a major study paper,
Finance has announced that Canada signed a new Tax Information Exchange Agreement (TIEA) with Uruguay on February 5, 2013.
The CRA has now officially confirmed that it will administratively accept the old version of the foreign affiliate information reporting Form T1134 series (i.e., old Forms T1134A and T1134B) until June 30, 2013.
The CRA has released details of its new administrative relief for certain non-resident employees who attend a conference in Canada as part of the duties of their employment.
Finance has announced that Canada signed a new Tax Information Exchange Agreement (TIEA) with Liechtenstein on January 31, 2013.
The U.S. Treasury Department and the IRS have released the final Foreign Account Tax Compliance Act (FATCA) provisions.
U.S. President Obama signed the American Tax Relief Act of 2012 (the Act) on January 2, 2013 to avert the much publicized "fiscal cliff" of tax increases and spending cuts (the latter is deferred to March 2013).
The CRA has released new Form T1134 which combines both the previous Forms T1134A and T1134B.