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Latin America in Focus — May 2016

Staying ahead of cross-border operations

Latin America's emergence as a world market has been, and continues to be, accompanied by an upsurge in the complexity of laws, regulations, and practices impacting cross-border operations throughout the region. Latin America in Focus shares the latest developments with consequences for the region's tax, legal, and overall business environment—developments that businesses and individuals with investments in Latin America cannot afford to ignore.

Click on any of the headings below to read more about the topic.

Brazil

New procedures for acceptance of foreign documents

The decision to join the Hague apostille convention will facilitate the recognition of foreign documents in the country.

Capital gains tax and CFC rules modified

A new law changes previous modifications to the capital gains tax rates for individuals and introduces changes to the CFC rules for affiliated entities.

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Cayman Islands

2016 Key Milestones

Reporting deadlines and other key compliance milestones in the Cayman Islands are approaching.

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Colombia

Guidance issued on tax treatment of transportation services provided by nonresidents

A ruling clarifies the tax treatment of transportation services provided by a foreign entity through a mobile app where the customer pays for the services via a credit or debit card.

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Costa Rica

Court ruling determines that cooperatives are not entities subject to Municipal Patent Tax in San José

Judicial tax court issues a ruling on the Municipality of San José's patent tax.

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Mexico

Milestones in the power sector

Amendments to the constitution, as well as relevant legislation, have opened up Mexico’s energy sector to private foreign and local investors.

New protocol signed to tax treaty with Spain

An amending protocol to the treaty will implement recommendations under action 6 of the OECD’s BEPS action plan, modify certain withholding tax provisions, change the anti-deferral rule for intragroup reorganizations and make certain other modifications.

Regulatory and tax aspects of the FIBRA E

Mexican investment trusts in energy and infrastructure, commonly referred to as the “FIBRA E,” have been the subject of discussion since the new vehicle became effective in September 2015.

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Panama

Expanded information requirements to avoid application of alternative minimum tax

Additional information must be submitted to request an exemption from the alternative minimum tax, and the tax authorities will conduct a review to determine whether to grant a request.

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Contact us

For more information, please contact the Americas Tax & Legal Hub.

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Note: Latin America in Focus is not intended to be an inclusive update for all Latin America countries but rather features key developments for applicable countries as available.

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