Russia

Details

  • Service: Tax & Legal, International Corporate Tax
  • Type: Publication series
  • Date: 6/11/2014

International Tax - Americas Region (1 May and 31 May 2014) 

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 2014.

 

 

Argentina

Cayman Islands

Jamaica

Turks and Caicos

Bahamas

Chile

Mexico

USA

Brazil

Curacao

Panama

Uruguay

Canada

Dominican Republic

Peru

Venezuela

 

To contact the International Tax Group in Russia and the CIS go to the Contacts section.

 

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

Taxation of business activities

1 June 2014

The tax administration for Buenos Aires issued a resolution that includes changes concerning the general system of tax on gross revenue in Buenos Aires, which in turn effectively increases affected taxpayers’ liability for certain taxes.
Read more

Back to top

Bahamas

KPMG publications

Captive insurance

2014

The Bahamas has legislative and regulatory regimes that allow for a clear, predictable, and efficient structure so that a captive insurance company covering risks outside the Bahamas may be established in the Bahamas.
Read more

Back to top

Brazil

Tax legislation adopted and regulatory update

Tax accounting

14 May 2014

With recent steps that finalize the enactment of a law in Brazil, tax accounting rules are aligned with IFRS-based accounting rules.
Read more

State sales tax amnesty programs

1 August-30 September 2014/1 July-30 September 2014/19 May-30 June 2014

The Brazilian states of Rio de Janeiro and São Paulo announced amnesty programs allowing taxpayers to resolve their ICMS liabilities (the Brazilian state sales tax).
Read more

Back to top

Canada

Tax legislation adopted and regulatory update

Tax compliance

Taxation years ending July 1, 2014 and later

The Canada Revenue Agency has extended the first date for filing Schedule 88, Internet Business Activities. A corporation is now required to file Schedule 88 with the corporate income tax return (T2) when the filing due date is after 31 December 2014.
Read more

GST/HST and QST

30 June 2014

Many financial institutions must soon file their 2013 GST/HST and QST final returns as well as their GST/HST and QST annual information returns to comply with complex GST/HST rules. The returns are due 30 June 2014.
Read more

Import/export permits

May 2014

It can be challenging to keep track of the rules involved in the import and export of goods. One of the most easily overlooked procedures when dealing with the Canada Border Services Agency is meeting all of the requirements of the other government departments. Failing to comply with all requirements can result in penalties.
Read more

Proposed legislation

Yukon, Northwest Territories and Nunavut budgets

2014

The Yukon, Northwest Territories and Nunavut tabled their 2014 budgets.
Read more

Ontario’s budget

2014

Ontario Finance Minister on 1 May 2014 delivered the province's 2014 budget.
Read more

Administrative and case law

Taxation of investment income of Indians

Bastien and Dube cases (Supreme Court of Canada, 2011 SCC 38 and 2011 SCC 39)

Persons who qualify as an Indian under Canada's Indian Act may want to consider recent court decisions about when and how investment income may be taxed.
Read more

Foreign affiliate anti-avoidance rule

The Queen v. Lehigh Cement Ltd. (2014 FCA 103)

The Federal Court of Appeal unanimously upheld a decision of the Tax Court of Canada, finding for the taxpayer by concluding that the foreign affiliate anti-avoidance rule does not deny a deduction for exempt surplus dividends that a Canadian corporation received from its U.S. affiliate through a tax-efficient financing structure.
Read more

KPMG publications

Tax Facts

2014-2015

KPMG in Canada presents an annual guide containing quick answers to many practical questions that arise during the tax and financial planning process.
Read more

Mining-related M&A

First quarter of 2014

A KPMG report reviewing mining-related mergers and acquisition activity for the first quarter of 2014 focuses on certain key transactions—and highlights Canadian transactions.
Read more

Back to top

Cayman Islands

Proposed legislation

IGA-FATCA

12 May 2014

The Cayman Islands on 12 May 2014 released a first draft of FATCA guidance notes concerning the compliance requirements of the intergovernmental agreement (IGA) between the Cayman Islands and the United States and between the Cayman Islands and the United Kingdom.
Read more

Back to top

Chile

Proposed legislation

Various tax areas

2014

A package of tax reform measures, that would overhaul the Chilean tax system, was approved by the lower house of the Chilean Congress.
Read more

Back to top

Curacao

Treaties

IGA-FATCA

30 April 2014

The U.S. Treasury Department updated its FATCA webpage to report that Curaçao has “in substance” reached an IGA with the United States as of 30 April 2014.
Read more

Back to top

Dominican Republic

Tax legislation adopted and regulatory update

Interest deductibility

May 2014

The tax authorities of the Dominican Republic issued guidance (General Ruling No. 02-14) concerning the deductibility of interest expenses paid by a taxpayer—specifically, when such interest is paid abroad.
Read more

Film industry incentives

April 2014

The Dominican tax authorities—along with the Dominican film commission and others involved in the management of the film industry in the Dominican Republic—held several meetings in April 2014 to focus on how best to communicate with film producers about the incentives available under law no. 108-10.
Read more

Back to top

Jamaica

Proposed legislation

Taxation of insurance companies

2014

The Minister of Finance, in his budget closing speech, announced the withdrawal of certain proposed tax measures affecting insurance companies.
Read more

Back to top

Mexico

Proposed legislation

Hydrocarbon tax

1 January 2015

Legislative proposals announced by Mexico’s government would, if approved by the Congress and enacted into law, revise the rules for taxation of amounts relating to exploration and extraction of hydrocarbons, effective 1 January 2015.
Read more

Energy-related legislative proposals in Mexico would create a “fee” (or tax) to be imposed with respect to hydrocarbon exploration contracts.
Read more

KPMG publications

Investments in Mexico

2014

A KPMG report examines the Mexican economy, and notes the government has made improvements in infrastructure and has opened competition in seaports, electricity generation, telecommunications, airports, distribution of natural gas, and railroads.
Read more

Back to top

Panama

Tax legislation adopted and regulatory update

Tax compliance

31 May 2014

Under Panama’s income tax rules, taxpayers must submit information returns concerning their employees and salaries within the first five months of each year.
Read more

Back to top

Peru

Tax legislation adopted and regulatory update

Custom’s related debt

7 May 2014

Peru’s tax administration on 7 May 2014 issued guidance concerning the deferment of customs-related debt.
Read more

Back to top

Turks and Caicos

Treaties

IGA-FATCA

12 May 2014

The U.S. Treasury Department today updated its FATCA webpage to report that the Turks and Caicos Islands reached an “agreement in substance” for a Model 1 IGA with the United States and consented to this status as of 12 May 2014.
Read more

Back to top

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

Back to top

Uruguay

Tax legislation adopted and regulatory update

Tax compliance

April 2014

Uruguay’s tax administration issued a resolution containing measures that revise the information reporting period for corporations, joint-stock partnerships, and other entities that have modified shares or equity interests.
Read more

Back to top

Venezuela

Tax legislation adopted and regulatory update

Taxation of banking and financial institutions sector

No. 00257 (19 February 2014)/ No. 1979 (6 February 2014)

Courts in Venezuela have addresses tax issues concerning banks and financial institutions.
Read more

Back to top

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

 

 

Contacts

Anna Voronkova
Partner,
Head of International Tax
+7 (495) 937 44 24

 

Alexander Tokarev
Senior Manager,
International Tax
+7 (495) 937 44 77
 

   

Evgenia Wolfus
Partner,
International Tax
+7 (495) 937 44 19

 

Elena Dolgova
Manager,
International Tax
+7 (495) 937 44 77

 

Olga Ermolaeva
Senior Manager,
International Tax
+7 (495) 937 44 77