December 2003

Issue

Date

Subject

2003-24

December 30, 2003
  • Canada: Ontario Corporate Tax Rate Increases Now Enacted
  • Mexico: Recent Miscellaneous Tax and Foreign Trade Developments
  • Panamá: Withholding Tax Regime for Credit Card Transactions Is Withdrawn
  • Argentina: Amendments to Tax Procedural Law
  • Argentina: Company Owned 99.9999% by Foreign Entity Must Be Registered as Branch

2003-23

December 9, 2003
  • Canada: Alberta Corporate Income Tax Rate Reduced
  • Canada: IRS Simplifies Rules for Americans with Canadian Retirement Plans
  • Mexico: Expanded Tax Benefits for Maquiladoras
  • Panamá: Invoices No Longer Must Separately State Goods and Services Transfer Tax
  • Colombia: New Revenue Raising Tax Proposals Are Presented to Congress
  • Ecuador: Tax Treaty Update
  • Brazil: New Measures Are Expected to Affect the Taxation of M&A Transactions
  • Uruguay: Summary of VAT and Income Tax Changes in 2003


November 2003

Issue

Date

Subject

2003-22

November 18, 2003
  • Canada: Ontario Corporate Income Tax Rates to Increase
  • Canada: New Proposals to Restrict Deductibility of Interest and Other Expenses
  • Mexico: New Regulation Makes Conforming Changes Under the Income Tax Law
  • Argentina: Procedural Changes in Transfer Pricing Regulation
  • Chile: Guidance for Determining VAT Rates
  • Chile: New Charitable Donations Law

2003-21

November 4, 2003
  • Costa Rica: Proportionality of Expenses When Taxable and Exempt Income Are Produced
  • Trinidad and Tobago: Budget 2003-2004 Includes Tax Developments
  • Venezuela: Changes to the Procedures for Reimbursement of "VAT Credit for Exporters"
  • Bolivia: Recent Modifications to the General Tax Law
  • Argentina: Amendments to Income Tax Law Include Import/Export Changes


October 2003

Issue

Date

Subject

2003-20

October 24, 2003
  • Canada-United Kingdom: New Protocol to Canada/UK Double Tax Treaty
  • Mexico: Miscellaneous Foreign Trade Developments
  • Mexico: New Procedures and Requirements Concerning Importer Registry and Permits
  • Guatemala: New Guidelines for Work Permit Authorization
  • Costa Rica: Tax Authorities Begin Review of 40,000 Tax Returns
  • Costa Rica: Procedures for Remitting the One-Time Tax on Equity
  • Colombia: Legislation Concerning Tax Havens Declared Unconstitutional
  • Colombia: VAT on Basic Goods and Services Is Declared Unconstitutional
  • Argentina: Chilean Investors in Argentina Are Exempted from Personal Assets Tax
  • Argentina: Reduced VAT Withholding Rate on Credit Card Purchases

2003-19

October 7, 2003
  • Mexico: Electronic Signature Procedure Becomes Part of Commerce Law
  • Costa Rica: New Tax Rates, Other Developments
  • Jamaica: Recent Changes to General Consumption Tax
  • Venezuela: Exemption of "Prior Boarding Foreign Currency Purchase Authorization"
  • Argentina: New Registration Regulations for Corporations Incorporated Abroad


September 2003

Issue

Date

Subject

2003-18

September 15, 2003
  • Mexico: Recent Tax Modifications
  • Colombia: Initiatives to Encourage Foreign Investment
  • Venezuela: New Free Trade Zone Regulations
  • Uruguay: Tax Exemptions, Accelerated Depreciation for Certain Assets
  • Argentina: Individuals May Request Reimbursements of Income Tax on Capital Gains


August 2003

Issue

Date

Subject

2003-17

August 29, 2003
  • Guatemala: Constitutional Court Approves VAT Tax Credit
  • Bolivia: New Tax Code Is Enacted
  • Ecuador: New Regulations Allow for Conditional Refunds of Custom Duties and VAT on Certain Imports Destined for Export
  • Ecuador: New Regulation Concerning Profit-Sharing Regime
  • Argentina: Update on Foreign Exchange Rules
  • Argentina: Clarification on How to Calculate Wealth Tax

2003-16

August 19, 2003
  • Mexico: Procedure for Profit-Sharing Calculation Found to be Unconstitutional
  • Cayman Islands: Cayman Islands Challenges Imposition of EU Savings Tax Directive
  • Cayman Islands: Retrospective Review Deadline Extended to September 30, 2003
  • Jamaica: Tax Measures Included in Budget 2003/2004
  • Trinidad and Tobago: Increased Exemption Limit for Severance Payments
  • Venezuela: New Foreign Currency Insurance Arrangements for Importers
  • Brazil: New Measures Relating to Service Tax (ISS) Are Approved by the President

2003-15

August 12, 2003
  • Canada: Americans with Canadian RRSPs Get U.S. Reporting Reprieve
  • Trinidad and Tobago: Tax Changes Effective in 2003
  • Venezuela: Update on Foreign Exchange Controls
  • Peru: Additional Tariffs on Items From Colombia Are Lifted
  • Peru: Temporary VAT Rate Increase Is Effective August 1
  • Argentina: Withholding Rates for Dividends, Interest and Royalties
  • Argentina: New Return Procedures for Negotiable Securities


July 2003

Issue

Date

Subject

2003-14

July 28, 2003
  • Costa Rica: New Rules for Immediate Withholding and Transfer of VAT
  • Panamá: Tax Changes Effective in 2003
  • Colombia: Tax Exemptions for Agribusiness
  • Uruguay: Tax Reform Proposals Are Submitted to Congress
  • Argentina: New Reporting Requirements for Financial Institutions

2003-13

July 21, 2003
  • Canada: New Graduated Penalties for Late Payroll Remittances
  • Canada: CCRA Committee to Vet All Significant Transfer Pricing Reassessments
  • Guatemala: VAT and Tariff Exemptions for Medicines
  • Ecuador: New Income Tax Withholding Rate Guidance
  • Bolivia: Provisions to Promote Exports Include Tax Reimbursements and VAT Credits
  • Argentina: VAT Deferral for Certain Equipment Imports Is Extended
  • Chile: Tax Treaty Update; VAT Rate Is Temporarily Increased

2003-12

July 8, 2003
  • Mexico-United States: Protocol Amending Mexico-U.S. Income Tax Treaty Enters Into Force
  • Mexico: New Deduction Percentages for Capital Investments
  • Costa Rica: Guidance for Tax on Refreshments and Carbonated Beverages, Tax on Fuels
  • Peru: Additional Tariffs Imposed on Items from Andean Region
  • Argentina: Rules Concerning Operation of Free Foreign Exchange Markets Are Amended
  • Argentina: New Plans to Counter Tax Evasion
  • Argentina: New Controls on Short-Term Foreign Capital; Funds to Remain in Country for 180 Days


June 2003

Issue

Date

Subject

2003-11

June 26, 2003
  • Canada: 2003 Quebec Budget Reduces Corporate Tax Credits
  • Canada: Resource Income — Legislation Introduced to Enact New Tax Regime
  • Mexico: Guidance on R&D Tax Credit
  • Nicaragua: Tax Reform Measures Are Approved
  • Colombia: Court Allows for Refund of "Implicit VAT" for Certain Imports
  • Venezuela: Miscellaneous Tax Developments
  • Chile: Tax Treaties with Argentina and Spain

2003-10

June 12, 2003
  • Canada: Grandfathering Introduced for New Non-Resident Withholding Tax Rules
  • Canada: 2003 Alberta Budget Confirms Corporate Tax Rate Reductions
  • Mexico: Recent Tax Modifications
  • Mexico: Modifications to the Asset Tax Provisions
  • Colombia: Government Addresses Validity of Net Worth Tax
  • Chile: New Trade Agreement with the EU


May 2003

Issue

Date

Subject

2003-09

May 15, 2003
  • Canada: Ontario Travelers Get Sales Tax Break on Hotels and Entertainment
  • Mexico: Mexico Recognizes LLCs as U.S. Residents for Treaty Purposes
  • Costa Rica: Tax Authorities Move Toward Electronic Filing System
  • Argentina: Foreign Company Branches Also Responsible for Remitting Shareholders' Personal Wealth Tax

2003-08

May 1, 2003
  • Canada: 2003 Manitoba Budget Proposes Enhanced Manufacturing Investment Tax Credit
  • Costa Rica: Clarification of Sales Tax Exemption for Certain Raw Materials
  • Venezuela: Reforms to the Import Preliminary Inspection Procedures
  • Argentina: VAT Relief for Certain Capital Goods Imports


April 2003

Issue

Date

Subject

2003-07

April 10, 2003
  • Canada: 2003 Ontario Budget Cuts Capital Tax Rate
  • Canada: 2003 Alberta Budget Includes Corporate Tax Changes
  • Caribbean Basin: Tax Exchange Agreement Between United States and Antigua and Barbuda
  • Costa Rica: Recent Tax and Customs Developments
  • Venezuela: Bank Debit Tax Is Extended for Additional Year
  • Ecuador: New Customs Law to Tighten Traffic Controls
  • Argentina: Amendments to Export Refund Provisions


March 2003

Issue

Date

Subject

2003-06

March 27, 2003
  • Canada: New Entry into Force Date for Canada-Peru Treaty
  • Argentina: Transfer of VAT Credits to Third Parties
  • Chile: Discussions About Economic Implications of Possible Tax Increases
  • Chile:Single Member Limited Liability Companies (SMLLC)

2003-05

March 13, 2003
  • Canada: Taxation of Resource Income — New Regime Proposed
  • Colombia: Transfer Pricing Rules Take Effect
  • Argentina: New Measures Aim to Promote Industrial Investment in Tierra del Fuego Region


February 2003

Issue

Date

Subject

2003-04

February 27, 2003
  • Canada: Potential New Non-Resident Withholding Tax Obligation
  • Mexico: Codification of Exemptions of Certain Stock Exchange Based Transactions for Corporate and Individual Foreign Residents
  • Mexico: Plans for External Bonds with Collection Action Clauses
  • Venezuela: Initial Orders Related to New Foreign Exchange Rules
  • Argentina: Luxembourg Removed from Argentine "Tax Haven" List
  • Argentina: Cessation of Payments Now Available as Bad Debt Factor

2003 - Special Edition

February 19, 2003
  • Canada: 2003 Federal Budget Is Presented

2003-03

February 13, 2003
  • Canada: Draft Bill Overhauls Canadian Taxation of Foreign Affiliates
  • Canada: Federal Budget to Be Delivered on February 18, 2003
  • Mexico: Free Trade Agreement with European Economic Community
  • Venezuela: New Foreign Exchange Rules
  • Brazil: Failure to Obtain a Taxpayer Registration Number Jeopardizes Dividend Remittance from Brazil
  • Argentina: Changes to Certain Tax Exemptions


January 2003

Issue

Date

Subject

2003-02

January 30, 2003
  • Canada: 2003 Federal Budget Outlook — Targeted Tax Changes Under Review?
  • Mexico: Recent Tax Modifications
  • Costa Rica: Tax Contingency Law
  • Aruba: Continuation of Overview of Recently Enacted Tax Laws
  • Chile: Free-Trade Agreement Concluded Between Chile and the United States
  • Chile: Discussion of Economic Stimulus Measures

2003-01

January 16, 2003
  • Canada: Foreign Affiliates Affected by New Bill
  • Canada: New Canada-Australia Protocol and Four New Tax Treaties Enter into Force
  • Mexico: Changes to Maquiladora Transfer Pricing Rules Effective in 2003
  • Mexico: Tax Changes for 2003
  • Aruba: Overview of Recently Enacted Tax Laws
  • Argentina: Monetary Restrictions Are Loosened

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