Latin America in Focus
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.
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Brazil’s tax authorities published a normative ruling on 10 November 2016, which provides guidance on the mutual agreement procedure in the context of Brazil’s 32 tax treaties, and to implement the OECD recommendations under action 14 of the BEPS project (“Making Dispute Resolution Mechanisms More Effective”).
Brazil’s tax authorities and the Ministry of Finance jointly released a public consultation document on 7 November 2016 that contains measures to implement the OECD recommendations under action 13 (country-by-country reporting) of the BEPS project.
The multilateral Convention on Mutual Administrative Assistance in Tax Matters (as amended by the 2010 protocol) entered into force in respect of Brazil on 1 October 2016 and generally will apply as from 1 January 2017.
Brazil’s tax authorities issued a ruling on 9 November 2016 concluding that payments made from a Brazilian source to an individual or a legal entity resident in Finland for the provision of technical services or technical assistance is not subject to withholding tax in Brazil under the tax treaty with Finland.
On 1 November 2016, Colombia and the UK signed the first tax treaty between the two countries.
Colombia’s Ministry of Finance presented a tax reform bill to Congress on 19 October 2016, which contains extensive proposed changes that would affect companies, individuals and nonprofit entities, as well as VAT and other indirect taxes and tax administration.
A new law introduced in Panama on 27 October 2016 includes an obligation for certain entities to maintain accounting records and supporting documentation.
An Executive Order published in Panama’s official gazette on 25 October 2016 amends the provisions of the tax code relating to the arm's length principle to bring the rules in line with the internationally agreed standards generally reflected in tax treaties.
- ITR World Tax 2017 Awards
- ITR Americas Tax Awards
- BEPS: Base Erosion and Profit Shifting
- World Tax Advisor
- Deloitte International Tax Source
- Country Highlights
- Deloitte tax@hand
- Deloitte Legal in Latin America
- Common Reporting Standard (CRS) Newsletter