Chile's Internal Revenue Service (SII) is preparing a circular with instructions on the fines to take for late , incomplete or maliciously false presentation of the affidavit of transfer pricing, each taxpayer who perform transactions with related parties abroad must submit no later than last business day of June.
Jamaica is continuing to receive overseas technical assistance on Transfer Pricing. Ian Wood, an Advance Pricing Agreement (APA) expert affiliated to the Organisation for Economic Co-operation and Development (OECD), is currently in the island for a five day official visit from April 11 to the 15, 2016.
At 35%, the US has the highest corporate tax rate in the OECD. However, the US tax code is incredibly complex and has numerous peculiarities. One of these is the concept of ‘deferral’ for corporate income taxes, which means US multinationals can delay certain tax payments until the profits are transferred to US-incorporated entities in their corporate structure. The primary objective of many tax strategies used by US multinationals is to engineer such a deferral, sometimes permanently.
The prime minister admits that he doesn't think the current situation with New Zealand tax on multinationals is fair. It has been suggested that 20 multinational companies operating in New Zealand pay just $1.8 million of tax on revenue of $10 billion.
The first Budget tabled by Canada's new Liberal Government provides for a major crackdown on tax evasion and avoidance, and streamlines the domestic tax credits system. The Budget was delivered by Finance Minister Bill Morneau on March 22, 2016. He told Parliament: "Today, we begin to restore hope for the middle class. Today, we begin to revitalize the economy. Today, we begin a long-term plan that will use smart investments and an unwavering belief that progress is possible to ensure that Canada's best days lie ahead."