Global Tax Alert. Canada s Department of Finance releases draft financial services tax measures. Executive summary. Detailed discussion
|
|
- Gerald Davidson
- 5 years ago
- Views:
Transcription
1 4 September 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the region to help clients address administrative, legislative and regulatory opportunities and challenges in the 33 countries that comprise the Americas region of the global EY organization. Copy into your web browser: Services/Tax/Americas-Tax- Center---borderless-clientservice Canada s Department of Finance releases draft financial services tax measures Executive summary On 29 August 2014, Canada s Department of Finance released certain legislative proposals stemming from the February 2014 budget and earlier. Of particular relevance to the financial services industry are rules: Expanding the scope of foreign accrual property income (FAPI) rules to capture the insurance or reinsurance of arm s-length non-canadian risk where there is an insurance swap or similar arrangement that results in the affiliate s economic exposure being determined by reference to Canadian risks Restricting the application of the regulated financial institution exception for purposes of the investment business definition Modernizing the life insurance policy exemption test Allowing the use of partnership holding structures in the FAPI exception rules when deriving income from trading or dealing in indebtedness Interested parties are invited to provide their comments by 28 September Detailed discussion Insurance swap or similar arrangements The proposed legislation was originally set out and first introduced as part of the February 2014 budget to expand the FAPI rules to capture the insurance or reinsurance of arm s-length non-canadian risks where there is an insurance swap or similar arrangement that results in the affiliate s economic exposure being determined by reference to Canadian risks. The latest proposal is very much the same as the original release. This measure applies to taxation years of a taxpayer that begin on or after 11 February 2014.
2 Though often referred to as being directed at captive insurance arrangements, the proposed legislation is most accurately described as targeting insurance swaps. Unaffected are many variations of captive insurance arrangements that insurers use in managing bona fide risks that do not include the use of insurance swaps. The Canadian foreign affiliate system contains various antiavoidance rules that are designed to prevent taxpayers from shifting certain Canadian-source income to foreign affiliates. When these rules apply, such income earned by a controlled foreign affiliate is considered foreign accrual property income and is taxable in the hands of the Canadian taxpayer on an accrual basis. The specific anti-avoidance rule in paragraph 95(2)(a.2) is intended to prevent Canadian taxpayers from shifting income from the insurance of Canadian risks to foreign affiliates. The proposed legislation extends the application of the rules in paragraph 95(2)(a.2) to arrangements (i.e., insurance swaps) under which a foreign affiliate insures a foreign policy pool (i.e., a pool of foreign risks) but has either alone or together with non-arm s-length persons economic exposure to relevant Canadian risks by virtue of a tracked policy pool. If the economic exposure (i.e., the risk of loss or opportunity for gain) in respect of the foreign policy pool (including the economic exposure of the affiliate and non-arm s-length persons from the agreements or arrangements) can be tracked to the actual tracked policy pool, the proposed legislation deems this foreign policy pool to be in substance insuring Canadian risk. The proposed legislation includes a de minimis test that must be analyzed for each tracked policy pool independently. The de minimis test is based on a 10% threshold of Canadian risks. If the above conditions are satisfied, proposed paragraph 95(2)(a.22) deems activities performed in connection with the insurance swap also to be FAPI (including income that is incidental or pertains to the business). While there is no doubt as to the type of targeted transactions, there are still uncertainties as to the meaning and scope of proposed paragraph 95(2)(a.2). For example, could a derivative transaction be considered a form of insurance of Canadian risk and therefore caught in the FAPI net per proposed paragraph 95(2)(a.2)? Consider a Canadian corporation wanting to enter into a derivative transaction with respect to a Canadian asset. Rather than enter into that derivative directly, it could be executed instead by a foreign affiliate. Could potentially the gain on that derivative be viewed as a form of insurance on Canadian risk and therefore now FAPI? Definition of investment business The proposed legislation includes additional conditions for the application of the investment business definition for FAPI purposes, applicable to taxation years of a taxpayer that begin after The proposals ensure that the exception for a regulated foreign financial institution is only available to taxpayers that can establish themselves as primarily a regulated Canadian financial institution, or a taxpayer that is part of such a group. The definition in paragraph 95(1)(a.1) extends the regulated foreign financial institution exception such that a foreign affiliate is required to satisfy two additional conditions, introduced as paragraphs 95(2.11)(a) and (b). The first new condition in the form of proposed paragraph 95(2.11)(a) requires that throughout the period the taxpayer (i.e., the Canadian taxpayer of which the foreign corporation is a foreign affiliate) must be one of the following: A particular corporation that is a regulated Canadian financial institution (defined for this purpose to mean a Schedule I bank, a trust company, a credit union, an insurance corporation or a trader or dealer in securities or commodities that is resident in Canada, and carries on a business the activities of which are supervised by the Superintendent of Financial Institutions or a similar provincial regulator) A subsidiary wholly-owned corporation of such an institution A corporation that wholly owns such an institution (and is also subject to regulation) 2 Global Tax Alert Americas Tax Center
3 A corporation resident in Canada, each of the shares of which is owned by a corporation described in the above A partnership each member of which is a corporation described above We are pleased that paragraph 95(2.11)(a) has been expanded from the original proposal to contemplate a holding company structure, for example those that arose out of demutualization of insurers. However, potential pitfalls remain. Although the proposals allow for a foreign minority interest in a foreign affiliate, the presence of a minority interest in a Canadian corporation within the ownership chain would cause the income of a downstream foreign financial institution to be subject to the FAPI regime, regardless of their activities or operations. Further, paragraph 95(2.11)(a) prevents an otherwise unregulated third party from benefiting from the regulated foreign financial institution exception through the use of special or tracking shares of a particular corporation. The particular corporation cannot have outstanding, at any time during the period, a class of shares the fair market value of which is determined by reference to (i.e., tracks) any of certain criteria (fair market value of, any revenue, income or cash flow from, any profits or gains from the disposition of, or any other similar criteria) for underlying property where the fair market value of the underlying property is less than 90% of the fair market value of all property of the corporation. To reinforce the intent of the exception proposed for regulated financial institutions, an arbitrary size test has been introduced as part of paragraph 95(2.11)(b). To ensure that the larger Canadian financial institutions are not impacted, the paragraph is intended for entities regulated under the Bank Act, the Trust and Loan Companies Act or the Insurance Companies Act with at least $2 billion of equity. Alternatively, where it is established that more than 50% of the taxable capital of the taxpayer or related Canadian group is attributable to a regulated business, the condition is also met. Life Insurance exemption test Included in the 29 August 2014 legislation proposals are updates to the life insurance exemption test or the exempt test to determine the application of accrual taxation to life insurance policies. This release is similar to proposals originally released for comment on 23 August 2013 and comes after several years of discussion with the life insurance industry. As described by Finance, the proposals are intended to reflect the modernizing of the life insurance policy exemption test and to eliminate perceived abusive opportunities by addressing current economic assumptions. The rules as originally drafted did not contemplate the wide range of options inherent in current life insurance policies, in particular universal life. The proposed rules would take effect for policies issued after 2016 or which no longer maintain grandfathered status. Life insurers will be required to maintain several generations of grandfathering and to be able to identify those policy changes which result in a loss of grandfathering. The proposals will have a significant impact on the life insurance industry and consumers in Canada, including: An increase in the Part XII.3 Tax on Investment Income of Life Insurers, particularly on universal life policies, which received favorable treatment under the existing rules The potential need to redesign and reprice existing insurance contracts to reflect the additional tax costs as well as to ensure new products maintain their taxexempt status Significant investment by the life insurance industry to update administration systems and processes to reflect the new rules While the exempt test maintains most of its basic elements, virtually all the assumptions used in the tests will undergo some level of change. The impact of these changes will vary by product and insurer. Global Tax Alert Americas Tax Center 3
4 Among the more significant changes included in the proposals are: The introduction of more recent mortality tables for determining the capital element of annuity payments (Annuity 2000 Basic Mortality Table) and the net cost of pure insurance (CIA ) Updating and standardizing assumptions used in determining the exempt status of life insurance policies Changes impacting the maintenance of policy ACBs and certain taxable dispositions The introduction of a specific anti-avoidance rule for life insurance policies in order to limit future potential abusive tax planning. Trading or dealing in certain indebtedness Generally speaking, income derived principally from trading or dealing in certain indebtedness by a foreign affiliate is subject to the FAPI rules by way of paragraph 95(2)(l), unless particular exemptions are met. Generally, the FAPI rules do not apply if the affiliate is a regulated foreign bank or similar financial institution and is an affiliate of a regulated Canadian financial institution. For taxation years that begin after 2014, the legislative proposals contain an extension of the exception from the application of paragraph 95(2)(l) to foreign affiliates held through a partnership, provided that each member of the partnership is a regulated Canadian financial institution. 4 Global Tax Alert Americas Tax Center
5 For additional information with respect to this Alert, please contact the following: Ernst & Young LLP (Canada), Toronto Reya Ali-Dabydeen Craig Bates Doris Foo Gail MacLeod Jayshree Govind Mal Leighl Mark Stevens Martin Wickins Russ Lavoie Shannon McLaughlin Ernst & Young LLP (Canada), Vancouver Mike Vantil Global Tax Alert Americas Tax Center 5
6 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Americas Tax Center 2014 EYGM Limited. All Rights Reserved. EYG No. CM4699 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com
Global Tax Alert. Canada presents legislation impacting insurance swaps and offshore banking arrangements. Executive summary
30 October 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across
More informationTax Alert Canada. Insurance swaps and offshore banking arrangements: Bill C-43 (2014) Insurance swaps
2014 Issue No. 56 28 October 2014 Tax Alert Canada Insurance swaps and offshore banking arrangements: Bill C-43 (2014) EY Tax Alerts cover significant tax news, developments and changes in legislation
More informationCanada amends taxation of investment income earned through a private corporation
14 December 2015 Global Tax Alert News from Americas Tax Center Canada amends taxation of investment income earned through a private corporation EY Global Tax Alert Library The EY Americas Tax Center brings
More informationCanada: Ontario Ministry of Finance seeks input on proposals to facilitate compliance with the Land Transfer Tax Act
24 July 2017 Indirect Tax Alert News from Americas Tax Center Canada: Ontario Ministry of Finance seeks input on proposals to facilitate compliance with the Land Transfer Tax Act EY Global Tax Alert Library
More informationMultinational life insurers will now be taxed on Canadian risk in their foreign branches
2017 Issue No. 12 24 March 2017 Tax Alert Canada Federal budget 2017 18 Targeted measures for FSOs EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian
More informationFinance Canada issues legislative proposals on implementation of the OECD Common Reporting Standard
12 May 2016 Global Tax Alert News from Americas Tax Center Finance Canada issues legislative proposals on implementation of the OECD Common Reporting Standard EY Global Tax Alert Library The EY Americas
More informationCanada: Ontario unveils details of retirement pension plan
15 February 2016 Global Tax Alert News from Americas Tax Center Canada: Ontario unveils details of retirement pension plan EY Global Tax Alert Library The EY Americas Tax Center brings together the experience
More informationCanada releases draft income tax proposals for public comment
12 September 2017 Global Tax Alert News from Americas Tax Center Canada releases draft income tax proposals for public comment EY Global Tax Alert Library The EY Americas Tax Center brings together the
More informationCanada s Federal budget impacts Canadian private company sale transactions
4 April 2016 Global Tax Alert News from Americas Tax Center Canada s Federal budget 2016-17 impacts Canadian private company sale transactions EY Global Tax Alert Library The EY Americas Tax Center brings
More informationGlobal Tax Alert. Canada Alberta increases corporate and personal income tax rates. Executive summary. Detailed discussion
22 June 2015 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationEY Wealth Insights Canada
2018 Issue No. 1 January 2018 EY Wealth Insights Canada Preparing for retirement: your RRSP and you After a lifetime of planning, one of the most important financial decisions you will make will be what
More informationOECD invites comments on discussion draft on treaty residence of pension funds
4 March 2016 Global Tax Alert OECD invites comments on discussion draft on treaty residence of pension funds EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationInterested parties are invited to submit comments on the legislative proposals by 15 November 2016.
2016 Issue No. 41 20 September 2016 Tax Alert Canada Finance releases draft income tax technical amendments EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More informationUK HMRC issues update on diverted profits tax
20 March 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date UK
More informationGlobal Tax Alert. Spain proposes amendments to the Spanish ETVE and participation exemption regimes. Executive summary. Detailed discussion
12 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationUK CFC rules: European Commission publishes opening decision on State aid
20 November 2017 Global Tax Alert UK CFC rules: European Commission publishes opening decision on State aid EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationTax Alert Canada. Proposed changes to section 55. Background. Current section 55
2015 Issue No. 35 8 June 2015 Tax Alert Canada Proposed changes to section 55 EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses. They act
More informationGlobal Tax Alert. Colombian Government proposes tax reform. Proposed tax changes. News from Americas Tax Center
7 October 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationThe NWMM includes the following business tax measures announced in the 2016 federal budget:
2016 Issue No. 24 19 April 2016 Tax Alert Canada Budget implementation NWMM tabled in the House of Commons EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More informationJapan and Chile sign income tax treaty
28 January 2016 Global Tax Alert Japan and Chile sign income tax treaty EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationTax Alert Canada. Finance tables NWMM for tax measures and adjusts proposed filing deadline for Form T1134s
2018 Issue No. 38 29 October 2018 Tax Alert Canada Finance tables NWMM for tax measures and adjusts proposed filing deadline for Form T1134s EY Tax Alerts cover significant tax news, developments and changes
More informationAustralian Treasury releases revised Exposure Draft on Investment Manager exemption
23 March 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Australian
More informationCyprus Tax Authority issues guidance on revised transfer pricing framework for intra-group financing activities
5 July 2017 Global Tax Alert News from Transfer Pricing Cyprus Tax Authority issues guidance on revised transfer pricing framework for intra-group financing activities EY Global Tax Alert Library Access
More informationCanada enacts omnibus technical bill (C-48)
27 June 2013 Global Tax Alert Americas Tax Center Ernst & Young s Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the region to help our clients
More informationGlobal Tax Alert. Spain releases second draft bill amending Spanish tax system. Executive summary. Detailed discussion
7 August 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Spain
More informationGlobal Tax Alert. Costa Rican Government submits to Congress two bills to replace the Income Tax Law and substitute the current Sales Tax Law with VAT
26 August 2015 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationGlobal Tax Alert. Colombia issues regulations on taxation of permanent establishments. Permanent establishment definition. Fixed place of business
8 January 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationOECD releases new guidance on transfer pricing for low value-adding intra-group services under BEPS Actions 8-10
13 October 2015 EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including news, Alerts
More informationSpain proposes to strengthen CFC rules
5 November 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Spain
More informationTax Alert Canada. BC tables LNG income tax legislation. Introduction
2014 Issue No. 55 22 October 2014 Tax Alert Canada BC tables LNG income tax legislation EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.
More informationGlobal Tax Alert. Mexico s lower House of Congress approves tax reform proposal affecting financial institutions. Allowance for loan losses
24 October 2013 News from Americas Tax Center and Financial Services Americas Tax Center EY s Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across
More informationAustralia releases draft law implementing countryby-country. increasing penalties for tax avoidance and transfer pricing.
7 August 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Australia
More informationGlobal Tax Alert News from Americas Tax Center Chile s Ministry of Finance presents amendments to tax reform
20 August 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationBelgium introduces 100% participation exemption
20 March 2018 Global Tax Alert Belgium introduces 100% participation exemption EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationGlobal Tax Alert. Puerto Rico s legislature proposes numerous tax changes for individuals, conduit entities and corporations.
3 March 2015 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationInland Revenue Authority of Singapore releases 2016 Transfer Pricing Guidelines
11 January 2016 Global Tax Alert News from Transfer Pricing Inland Revenue Authority of Singapore releases 2016 Transfer Pricing Guidelines EY Global Tax Alert Library Access both online and pdf versions
More informationBarbados conducting review on OECD-designated preferential regimes
26 October 2017 Global Tax Alert News from Americas Tax Center Barbados conducting review on OECD-designated preferential regimes EY Global Tax Alert Library The EY Americas Tax Center brings together
More informationCanada: Saskatchewan issues budget
11 April 2018 Global Tax Alert News from Americas Tax Center Canada: Saskatchewan issues budget 2018-19 EY Global Tax Alert Library The EY Americas Tax Center brings together the experience and perspectives
More informationSouth African Revenue Service releases public notice on recordkeeping for transfer pricing transactions
9 November 2016 Global Tax Alert News from Transfer Pricing South African Revenue Service releases public notice on recordkeeping for transfer pricing transactions EY Global Tax Alert Library Access both
More informationAustralian Tax Office releases guide for offshore hubs involving procurement, marketing, sales and distribution functions
24 January 2017 Global Tax Alert News from Transfer Pricing Australian Tax Office releases guide for offshore hubs involving procurement, marketing, sales and distribution functions EY Global Tax Alert
More informationCanada: Prince Edward Island issues budget
10 April 2018 Global Tax Alert News from Americas Tax Center Canada: Prince Edward Island issues budget 2018-19 EY Global Tax Alert Library The EY Americas Tax Center brings together the experience and
More informationCanada and the US sign intergovernmental agreement to implement FATCA
10 February 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationCanada: Yukon issues budget
28 April 2017 Global Tax Alert News from Americas Tax Center Canada: Yukon issues budget 2017-18 EY Global Tax Alert Library The EY Americas Tax Center brings together the experience and perspectives of
More informationCanadian personal tax increases on non-eligible dividends scheduled for 2018 and 2019
27 November Global Tax Alert News from Americas Tax Center Canadian personal tax increases on non-eligible dividends scheduled for and EY Global Tax Alert Library The EY Americas Tax Center brings together
More informationTax Alert Canada. TCC rejects mark-to-market accounting for option contracts. The decision
2015 Issue No. 42 24 June 2015 Tax Alert Canada TCC rejects mark-to-market accounting for option contracts EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More informationBangladesh Transfer Pricing Regulations Finance Act, 2014
30 October 2014 Global Tax Alert News from Transfer Pricing EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/
More informationTanzania issues transfer pricing guidelines
30 June 2014 Global Tax Alert News from Transfer Pricing EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/
More informationEYGS UK tax strategy. Financial year ending 30 June 2017
EYGS UK tax strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EYGS LLP and all its
More informationEU Commission approves enhancements to Madeira International Business Center Tax Regime
3 September 2013 EU Commission approves enhancements to Madeira International Business Center Tax Regime Executive summary On 2 July 2013, the EU Commission issued a decision allowing Portugal to increase
More informationA fundamental consideration in virtually all Canadian private company sale transactions is whether the parties wish to structure the deal as either:
2016 Issue No. 16 4 April 2016 Tax Alert Canada Federal budget 2016-17 consequences for Canadian private company sale transactions EY Tax Alerts cover significant tax news, developments and changes in
More informationGlobal Tax Alert. Spain releases draft bill of Spanish tax system reform. Executive summary. Detailed discussion
25 June 2014 Spain releases draft bill of Spanish tax system reform EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International-
More informationSpain to require maintenance and submission of VAT books by electronic means
24 November 2015 Indirect Tax Alert Spain to require maintenance and submission of VAT books by electronic means EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationCanada: provisional implementation of trade agreement with EU is delayed to Fall 2017 due to dairy, pharmaceuticals and ISDS disputes
26 July 2017 Indirect Tax Alert News from Americas Tax Center Canada: provisional implementation of trade agreement with EU is delayed to Fall 2017 due to dairy, pharmaceuticals and ISDS disputes EY Global
More informationGreece enacts changes in transfer pricing penalties and issues guidance on transfer pricing documentation and audit issues
27 October 2015 Global Tax Alert News from Transfer Pricing EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/
More informationGlobal Tax Alert. Mexico s President issues Decree granting tax incentives to maquiladoras. Executive summary. News from Americas Tax Center
30 December 2013 News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the region to help
More informationGlobal Tax Alert. OECD releases report under BEPS Action 2 on hybrid mismatch arrangements. Executive summary
23 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationOECD releases final report on preventing the artificial avoidance of permanent establishment status under Action 7
19 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationCanada Revenue Agency revises income tax Voluntary Disclosures Program
20 December 2017 Global Tax Alert News from Americas Tax Center Canada Revenue Agency revises income tax Voluntary Disclosures Program EY Global Tax Alert Library The EY Americas Tax Center brings together
More informationGlobal Tax Alert. Australian multinational antiavoidance. reporting and increased penalties. Wide-ranging impact requires action by multinationals
17 September 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationCanada: Québec announces QST and e-commerce measures
5 April 2018 Indirect Tax Alert News from Americas Tax Center Canada: Québec announces QST and e-commerce measures EY Global Tax Alert Library The EY Americas Tax Center brings together the experience
More informationGlobal Tax Alert. Costa Rica proposes farreaching. Income Tax Law
24 March 2015 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationOECD releases final report on CFC rules under BEPS Action 3
11 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationState income tax exposure for fund managers
State income tax exposure for fund managers Continuing trends and recent developments in state tax legislation may result in fund managers having a taxable presence (also known as tax nexus) and a potential
More informationOECD meets with business on base erosion and profit shifting action plan
4 October 2013 OECD meets with business on base erosion and profit shifting action plan Executive summary On 1 October 2013, the Organisation for Economic Cooperation and Development (OECD) held a meeting
More informationAustralia s proposed Diverted Profits Tax to affect many multinational businesses
2 December 2016 Global Tax Alert Australia s proposed Diverted Profits Tax to affect many multinational businesses EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationSpain enacts tax reform
4 December 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Spain
More informationCanada: Quebec relaxes QST ITR restrictions
31 October 2017 Indirect Tax Alert News from Americas Tax Center Canada: Quebec relaxes QST ITR restrictions EY Global Tax Alert Library The EY Americas Tax Center brings together the experience and perspectives
More informationSignificant tax changes: UK implications for captive insurers
Tax Services Significant tax changes: UK implications for captive insurers Executive summary This alert sets out how recent developments in the global tax environment may impact UK-connected groups with
More informationPakistan implements formal transfer pricing documentation and Country-by- Country Reporting requirements
7 August 2017 Global Tax Alert News from Transfer Pricing Pakistan implements formal transfer pricing documentation and Country-by- Country Reporting requirements EY Global Tax Alert Library Access both
More informationOver 21,000 individual submissions were made to the proposals, including some that were several hundred pages long.
2017 Issue No. 48 25 October 2017 Tax Alert Canada Private company tax reform: where are we now? EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.
More informationGlobal Tax Alert. Singapore Tax Authority releases updated transfer pricing guidelines. Executive summary. News from Transfer Pricing
8 January 2015 Global Tax Alert News from Transfer Pricing EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/
More informationHong Kong introduces legislative bill for corporate treasury center incentives
11 December 2015 Global Tax Alert Hong Kong introduces legislative bill for corporate treasury center incentives EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationNew Zealand to implement wide ranging international tax reforms
15 August 2017 Global Tax Alert New Zealand to implement wide ranging international tax reforms EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationTax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for 2018 and 2019
Issue No. 51 23 November Tax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for and EY Tax Alerts cover significant tax news, developments and changes
More informationFinance Canada releases revised income splitting measures
20 December 2017 Global Tax Alert News from Americas Tax Center Finance Canada releases revised income splitting measures EY Global Tax Alert Library The EY Americas Tax Center brings together the experience
More informationGlobal Tax Alert. Venezuela amends additional laws through Enabling Act 1. Law on Exchange Regime and Illegal Acts. News from Americas Tax Center
15 January 2015 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across
More informationHong Kong and India sign income tax treaty
28 March 2018 Global Tax Alert Hong Kong and India sign income tax treaty EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationOECD issues Action Plan on Base Erosion and Profit Shifting (BEPS)
22 July 2013 OECD issues Action Plan on Base Erosion and Profit Shifting (BEPS) Executive summary On 19 July 2013, the Organisation for Economic Cooperation and Development (OECD) issued its much-anticipated
More informationEXPLANATORY NOTES - FOREIGN AFFILIATE AMENDMENTS
Page 1 EXPLANATORY NOTES - FOREIGN AFFILIATE AMENDMENTS Overview Various provisions of the Income Tax Act (the Act ) and Income Tax Regulations (the Regulations ) that deal with foreign affiliates of taxpayers
More informationUruguay s Executive Power proposes bill on fiscal transparency
12 August 2016 Global Tax Alert News from Americas Tax Center Uruguay s Executive Power proposes bill on fiscal transparency EY Global Tax Alert Library The EY Americas Tax Center brings together the experience
More informationRussia s State Duma passes De-offshorization draft law
18 November 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationIndia introduces secondary adjustment and interest limitation rules
6 April 2017 Global Tax Alert News from Transfer Pricing India introduces secondary adjustment and interest limitation rules EY Global Tax Alert Library Access both online and pdf versions of all EY Global
More informationThe proposal documents contained 137 pages of material and potentially represent a change in tax policy towards private companies.
2017 Issue No. 33 31 July 2017 Tax Alert Canada Private company insights: federal tax reform EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.
More informationOECD releases Switzerland s peer review report on implementation of BEPS Action 14 minimum standards
19 October 2017 Global Tax Alert OECD releases Switzerland s peer review report on implementation of BEPS Action 14 minimum standards EY Global Tax Alert Library Access both online and pdf versions of
More informationUpdated Decrees confirm Dutch APA/ATR procedures and practice
16 June 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Updated
More informationQuebec budget After six consecutive years of deficits [ ] Quebec is finally returning to budget balance in
2015 Issue No. 20 26 March 2015 Tax Alert Canada Quebec budget 2015-16 After six consecutive years of deficits [ ] Quebec is finally returning to budget balance in 2015-16. EY Tax Alerts cover significant
More informationWelcome news for the charitable sector in federal budget Donations related to the disposition of private corporation shares or real estate
2015 Issue No. 29 27 April 2015 Tax Alert Canada Welcome news for the charitable sector in federal budget 2015 EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More informationCanada: Revenu Québec implements new mandatory certificate for personnel placement agencies and subcontractors
23 June 2016 Global Tax Alert News from Americas Tax Center Canada: Revenu Québec implements new mandatory certificate for personnel placement agencies and subcontractors EY Global Tax Alert Library The
More informationUK issues position paper update on corporate tax and the digital economy
14 March 2018 Global Tax Alert UK issues position paper update on corporate tax and the digital economy EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationTax Alert Canada. Investment income earned through a private corporation
2015 Issue No. 59 11 December 2015 Tax Alert Canada Investment income earned through a private corporation EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More informationPuerto Rico extends automatic extension period for filing a 2017 tax return from three months to six months
17 April 2018 Global Tax Alert News from Americas Tax Center Puerto Rico extends automatic extension period for filing a 2017 tax return from three months to six months EY Global Tax Alert Library The
More informationCanada: British Columbia issues budget
23 February 2017 Global Tax Alert News from Americas Tax Center Canada: British Columbia issues budget 2017-18 EY Global Tax Alert Library The EY Americas Tax Center brings together the experience and
More informationDominican Republic modifies transfer pricing regulations
4 April 2014 Global Tax Alert News from Transfer Pricing and Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals
More informationHong Kong releases new practice note on concessionary tax regime for qualifying aircraft leasing activities
10 November 2017 Global Tax Alert Hong Kong releases new practice note on concessionary tax regime for qualifying aircraft leasing activities EY Global Tax Alert Library Access both online and pdf versions
More informationFrench Tax Authorities release unofficial draft of Transfer Pricing Statement required to be filed with 2013 tax return
24 June 2014 Global Tax Alert News from Transfer Pricing EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/
More informationCanada: Federal Court of Appeal reaffirms existence of common interest privilege outside a litigation context
20 March 2018 Global Tax Alert News from Americas Tax Center Canada: Federal Court of Appeal reaffirms existence of common interest privilege outside a litigation context EY Global Tax Alert Library The
More informationUK publishes draft legislation on restrictions for UK interest deductions
12 December 2016 Global Tax Alert UK publishes draft legislation on restrictions for UK interest deductions EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationGlobal Tax Alert. Russia publishes revised draft law on de-offshorization. Executive summary. Detailed discussion
17 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationCanada: New Brunswick issues transitional rules regarding HST increase of 2%
6 April 2016 Indirect Tax Alert Canada: New Brunswick issues transitional rules regarding HST increase of 2% EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationDutch Government publishes 2017 Budget Proposal
20 September 2016 Global Tax Alert Dutch Government publishes 2017 Budget Proposal EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More information