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Brazil: Latest Technical Notes

Gas Market A Joint Technical Note was published by the Ministries of Economy on 08/07/2019. It summarizes the measures taken by the National Energy Policy Council (CNPE) on June 24, 2019, which instituted the beginning of the New Gas Market (NMG).   Subsidies for Liquefied Petroleum Gas (LPG) The SEI Technical Note No. 12/2019 /…

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Brazil: The latest SPED Updates

New ECF Version On July 31st, 2019, the ECF program version 5.1.7 has been published with the following changes: Improved performance of program validations Update ECF Accounts End Balance Comparison Rule Update with Current Error ECF Accounts Initial Balance for Warning However, the ECF program versions 5.1.5 and 5.1.6 may still be used for transmission.…

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Brazil: The End of Bloco K – SPED?

The Provisional Measure of Economic Freedom aims to reduce bureaucracy in Brazil and facilitate the opening up of micro and small enterprises. Among the key changes are the relaxation of labor rules and the elimination of permits for low-risk activities. The measure also separates the assets of corporate partners from debts of a legal entity…

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Mexico: New regulatory Requirements for Labor Subcontracting

On August 20, 2019, new rules have been introduced in Mexico with view to information that have to be submitted to the fiscal authorities for labor subcontracting. The changes are outlined in the “First Resolution of Amendments to the Miscellaneous Fiscal Resolution for 2019” (Primera Resolución de Modificaciones a la Resolución Miscelánea Fiscal para 2019).…

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Brazil: New Tax Rates Proposal

The Bill that introduces new tax tables is part of President Jair Bolsonaro’s campaign goal of exempting taxpayers with incomes of up to five times the minimum wages as well as easing the corporate tax burden and taxing profits and dividends.   Which Changes are introduced by the new Bill? Bill 3129/19 updates the values…

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Brazil: New Reporting Rules for Cryptocurrencies

Since August 1st, 2019, transactions with cryptocurrencies (such as Bitcoin) have to be reported to Brazil`s tax authority RFB. Specifically, the RFB wants to know who is using these currencies, how much they are paying for them and how. The rules are based on Normative Instructions RFB n° 1.888/2019 and RFB n° 1899/2019.   Who…

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Argentina implements digital certificate for commerce with Paraguay

Argentina`s tax authority AFIP implemented the Digital Certificate of Origin (COD) between Argentina and Paraguay, which aims to facilitate trade between the two countries. The system was already implemented with the countries of Brazil, Uruguay and Chile. The Argentine collection agency began with a pilot plan for the progressive replacement of paper certificates of origin…

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Brazil: Receita Federal introduces “Digital Cloud Certification”

What is the Digital Cloud Certification? The Brazilian Federal Revenue (RFB), in line with market trends and the needs of citizens who are increasingly using mobile devices, has already implemented several mobile applications, such as: My Income Tax, Individuals, Carnê-Leão, Micro Entrepreneur Individual, Importer, Travelers, Standards, e-Process and CNPJ. However, there was no possibility of…

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Argentina: New Conditions for Issuance of Credit and Debit Notes

Argentina`s tax authority AFIP detected a practice of certain taxpayers which could possibly distort tax-relevant information. Specifically, some companies issue their own credit and debit notes in order to adjust the operations they carry out with their suppliers, thus correcting the invoice or receipt they initially received. This operation results in the duplication of supporting…

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Mexico: Deadline for Voluntary Disclosure Program

What is the program about? Mexico’s Programas de Auto Regularización (Voluntary Disclosure Program) targets taxpayers with undeclared income or undisclosed assets. The goal of the program is the fight against money laundering and the generation of additional tax revenues. By participating in the program, they can avoid possible penalties if they apply to participate by…

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