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A closer look at TP compliance for businesses in Latin America

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TP regulations in Argentina are regulated by the Income Tax Law, whose scope of application is limited to transactions carried out with related parties abroad and/or parties resident in non-cooperating jurisdictions.
Argentina’s tax authority, the Federal Administration of Public Revenues (AFIP), introduced new requirements including a TP study through Form 4501 informative declaration, and Form 2668. The TP study and Form 2668 must be filed by the sixth month after closing. Also, in the last year, the AFIP has incorporated the submission of a master file and country-by-country report, the latter through Form 8097, for fiscal years ending December 31 2018, which should be filed by the 12th month after the end of the relevant year.

Brazilian allowance rise to $500 looms as Receita Federal approves measure

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Tuesday, 24 November 2020 14:56
ASUTIL is hosting the Second Meeting of Border Duty Free Shops in Latin America, La Frontera (24-24 November). Pictured is ASUTIL Secretary General José Luis Donagaray.
The technical area of Brazil’s federal revenue agency Receita Federal has approved a proposal to lift the allowance ceiling for Brazilians purchasing in their own shops from $300 to $500.
ASUTIL is awaiting news from the country’s Ministry of Economy, but it is expected that the approval will be granted in mid-December.
The important development was shared during an update today on the Brazil free shop regime at the virtual La Frontera Hoy second edition of the meeting of border duty free shops in Latin America.

ASUTIL in 'positive' discussions over Brazil land border transactions system

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José Luis Donagaray, Secretary General, ASUTIL has praised Brazil’s government as ‘pro-business’.
Dialogue with Brazil’s government regarding cost reductions to obtain information on duty free land border transactions are ‘open’ and ‘positive’, Asociación Sudamericana de Tiendas Libres (ASUTIL) has confirmed to
ASUTIL, which represents the interests of South America’s duty free business, had sent a letter to the federal government seeking to lower payments associated with retrieving spending transaction data across the country’s new land border business.
The current system administered by Serpro – a firm delivering government IT infrastructure – uses a database to consult on land border duty free transactions and applies a fixed rate accordingly to retrieve the information.

An opportunity for convergence in transfer pricing and beyond

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March 30 2020
Much has been written and debated on the joint Brazil-OECD transfer pricing (TP) project, especially after the results of the project (the report) were published on December 18 2019. Little has, however, been discussed about what was outside the scope of the OECD/
Receita Federal do Brasil's (RFB) TP report – be it in relation to TP or in respect to other international tax matters relevant for Brazil's accession to the OECD – other than what is referenced in the technical note published by Brazil's National Confederation of Industry (
Confederação Nacional da Indústria, CNI) in December 2019.
CNI is the Brazilian representative of the Business at OECD network. It has supported Brazil to best reflect international practices and adopt the local rules of the OECD TP Guidelines (the Guidelines). CNI also defends other reforms in relation to Brazil's withholding tax policy, the widening of Brazil's treaty, and the use of best practices of international tax rules adopted widely by OECD member countries, particularly in the G7.

Globalising the transfer pricing landscape

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March 30 2020
In 2017, Rio de Janeiro hosted the Congress of the International Fiscal Association (IFA), where its second subject was titled "The future of transfer pricing (TP)". In the modern times of BEPS and the ongoing discussion regarding the role of the OECD in coordinating international tax rules, the time of the topic could not have been more apt.
In the same year, Brazil formally requested its ascension to the OECD. It is common belief that the Brazilian TP regime deviates quite extensively from the OECD TP guidelines and that it may lead to double taxation. Thus, questions have arisen over whether it will be necessary for the country's policymakers to review the existing regime and align it to the OECD's standards. But why?

Foreword: Assessing Brazil's tax landscape in 2020 | International Tax Review

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Foreword: Assessing Brazil’s tax landscape in 2020
The first edition of ITR’s Brazil Special Focus comes at a precarious time for the country’s economy, with the long-awaited matter of reform unexpectedly being overshadowed by a sudden global pandemic. Romero J S Tavares of PwC Brazil introduces the key topics that will dominate the tax landscape in 2020.
Sponsored by
March 30 2020
As the world moves through a pandemic, it would seem rather anti-climactic to debate tax reform in Brazil, or transfer pricing (TP) and other aspects of Brazil's accession to the OECD, as well as any themes that are not related to COVID-19 relief measures. However, it would not be an overstatement to posit that the most powerful stimulus package the Brazilian economy can receive to face the downturn caused by the global pandemic is precisely the enactment of much-needed structural tax reforms, ranging from consumption taxation to business profits, and tackling domestic and international tax issues.

Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Out of Business

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Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Out of Business
Tax regulations implemented even before dedicated legislation has been adopted have hit Brazilian cryptocurrency exchanges. Digital asset brokers failing to comply with the new reporting requirements face fines and the stricter rules are hurting smaller platforms, which are shutting down due to dwindling trading volumes.
Also read:
Exchanges Struggle With Compliance Costs and Diminishing Returns
One of the affected exchanges, Acesso Bitcoin, points to the current situation created by the new regulations as the main reason for its decision to quit. “After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume,” said cofounder Pedro Nunes, quoted by the crypto news outlet Portal do Bitcoin. “We also feel that the market has cooled off for smaller exchanges,” he added.

More potential changes expected for corporate income tax in Brazil

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The new CIT project will bring changes to the existing model
In a moment where many discussions on tax reform in Brazil are prevalent, some parallel tax changes are often hidden from the spotlight. In recent times, there has been some focus on the consolidation of taxes, VAT changes and the taxation of dividends, which have assisted tax authorities to put in place a new proposal to calculate corporate income tax in Brazil (new CIT project). 
Tax authorities, through the members of the Brazilian Revenue Service (Receita Federal do Brasil – RFB), are trying to project that the new CIT project would bring simplification, stability and legal security to the existing model. 

Why Latin America could become the cryptocurrency industry's biggest market

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Why Latin America could become the cryptocurrency industry’s biggest market
Why Latin America could become the cryptocurrency industry’s biggest market
Operations with bitcoin, cryptocurrencies, and technologies associated with blockchains have been silently earning hundreds of users in the digital ecosystem in Latin America. The cryptocurrency market is growing and it is evolving. There is increasing interest, both in trading and buying cryptocurrencies as investment. 2.49 million transactions were made in cryptocurrencies in just 2 months.
Cryptocurrency has had a difficult 2019 but there is some hope in Latin America. The continent has seen widespread adoption of cryptocurrency and could represent the next breakthrough region for the cryptocurrency industry. 

Brazil identifies a clear pathway for aligning its transfer pricing framework with the OECD standard

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April 19, 2021
You are here: Home / OECD News / Brazil identifies a clear pathway for aligning its transfer pricing framework with the OECD standard
Brazil identifies a clear pathway for aligning its transfer pricing framework with the OECD standard
(Robert Nyman, Unsplash)
This article is brought to you in association with OECD.
Brazil has identified a clear pathway for bringing its existing transfer pricing framework into alignment with the international consensus, and is weighing two options – immediate or gradual implementation, according to a new joint report by the OECD and
Receita Federal, Brazil’s federal revenue authority (RFB).
OECD Transfer Pricing Guidelines

Brazil identifies a clear pathway for aligning its transfer pricing framework with the OECD standard

Brazil identifies a clear pathway for aligning its transfer pricing framework with the OECD standard
Receita Federal, Brazil's federal revenue authority (RFB).
OECD Transfer Pricing Guidelines 
for Multinational Enterprises and Tax Administrations, which is the international consensus on transfer pricing.
The report, released today in Brasília, identifies two options for Brazil to converge with the OECD standard, while enhancing the positive attributes of its existing transfer pricing framework. Both options contemplate full adherence to the arm's length principle, which is at the core of the OECD standard, while seeking to preserve simplification, maintain ease of compliance and effectiveness of tax administration, as well as cross-border tax certainty.

Second Latin American border shop conference to take place next year

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José Luis Donagaray, Secretary General, ASUTIL.
The Asociación Sudamericana de Tiendas Libres (ASUTIL) and co-organiser Chamber of Uruguayan Free Shop Operators (CEFSU) are 
to run a second Latin American border store conference next year following the success of the inaugural event
(Primer Encuentro de Border Duty Free Shops de América Latina, La Frontera Hoy) 
at the Sheraton Porto Alegre Hotel in Brazil earlier this month.
Around 170 delegates took part in the two-day conference with the aim of unboxing the Brazilian duty free land border shops business.
“This was a very simple event, but people were very satisfied,” José Luis Donagaray, Secretary General, ASUTIL commented in a recent webinar hosted by the association. “This is a tailor-made event for the smaller family-owned companies.”

Seizing the duty free border store opportunity in Brazil - The Moodie Davitt Report - The Moodie Davitt Report

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BRAZIL. The first Latin American border store conference (
Encuentro de Frontera 2019) began at the Sheraton Porto Alegre on Tuesday morning (5 November),
writes John Gallagher. Some 170 delegates gathered to examine the potential for the duty free land border business in Brazilian territory.
As reported, Brazil’s federal revenue agency Receita Federal recently granted licences to begin trading in the new channel, with 32 twin border cities authorised to open duty free shops. Dufry opened its first store in Uruguaiana on the Argentinean frontier in August, with more to follow.
The official welcome at Encuentro de Frontera was provided by the Secretary Generals of the joint organisers, José Luis Donagaray of South American Duty Free Association ASUTIL and Carlos Loaiza of CEFSU, the Chamber of Uruguayan Free Shop Operators.

Brazil land border shops under the microscope at Porto Alegre meeting

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Tuesday, 5 November 2019 10:52
A two-day event unboxing the embryonic Brazilian duty free land border shops business begins in earnest today (5 November).
Primer Encuentro de Border Duty Free Shops de América Latina La Frontera Hoy (4-6 November), a partnership between ASUTIL and the Chamber of Free Shops of Uruguay (CEFSU), takes place at the Sheraton Hotel in Porto Alegre.
The event ­– open to members and non-members – gathers retail operators, suppliers and other stakeholders keen to discover more detailed information on operations, regulations, logistics and the legalities of running the shops.
Speakers include Argentinian Economist Carlos Melconian; Maria Villanueva, Senior Consultant, m1nd-set; Diego Lico, President of the Chamber of Free Zones of Uruguay; Gustavo Fagundes, General Manager, Brazil and Bolivia, Dufry Group; Luis Fernando Lorenzi, Auditor-Fiscal/Superintendent, Receita Federal; Oscar Bentancur, Managing Partner, Via Balcão; and Brazilian politician Frederico Antunes.

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