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Worldwide Tax Summaries, Corporate Taxes 2016/17, South America www.pwc.com/taxsummaries Worldwide Tax Summaries Corporate Taxes 2016/17 Quick access to information about corporate tax systems in 155 countries worldwide. South America Worldwide Tax Summaries Corporate Taxes 2016/17 All information in this book, unless otherwise stated, is up to date as of 1 June 2016. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. © 2016 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. Foreword Welcome to the 2016/17 edition of Worldwide Tax Summaries (WWTS), one of the most comprehensive tax guides available. This year’s edition provides detailed information on corporate tax rates and rules in 155 countries worldwide. As governments across the globe are If you have any questions, or need more looking for greater transparency and detailed advice on any aspect of tax, with the increase of cross-border please get in touch with us. The PwC tax activities, tax professionals often need network has member firms throughout access to the current tax rates and other the world, and our specialist networks major tax law features in a wide range can provide both domestic and cross- of countries. The country summaries, border perspectives on today’s critical written by our local PwC tax specialists, tax challenges. A list of some of our key include recent changes in tax legislation network and industry specialists is located as well as key information about income at the back of this book. taxes, residency, income determination, deductions, group taxation, credits and I hope Worldwide Tax Summaries incentives, withholding taxes, indirect continues to be a valuable reference tool taxes, and tax administration. All in helping you manage your organisation’s information in this book, unless otherwise taxes around the world. stated, is up to date as of 1 June 2016. Our online version of the summaries is available at www.pwc.com/taxsummaries. The WWTS website is fully mobile compatible giving you quick and easy access to regularly updated information anytime on your mobile device. Some of the enhanced features available Colm Kelly online include Quick Charts to compare Global Tax Leader rates across jurisdictions, and reference PwC Ireland materials on Organisation for Economic +353 1 792 8943 Co-operation and Development (OECD), [email protected] European Union (EU), and World Trade Organisation (WTO) member countries, amongst other valuable information. www.pwc.com/taxsummaries Foreword 1 Contents Foreword ...............................................1 Global Tax Contacts Building trust in society and Country chapters solving important problems ..............175 South America.......................................3 Indirect Taxes ...................................177 Argentina ..............................................4 International Tax Services ................180 Bolivia ................................................ 22 Legal Services ...................................184 Brazil ................................................. 33 Mergers and Acquisitions ..................187 Chile .................................................. 52 People and Organisation ..................191 Colombia ............................................ 71 Tax Controversy and Ecuador .............................................. 92 Dispute Resolution ...........................194 Guyana.............................................103 Tax Policy and Administration ..........197 Paraguay ..........................................110 Tax Reporting and Strategy ..............199 Peru .................................................119 Transfer Pricing ................................203 Uruguay ...........................................136 Value Chain Transformation .............206 Venezuela .........................................152 Global Tax Industry Leaders .............208 Worldwide Tax Summaries Editorial Team ..................................209 2 Contents PwC Worldwide Tax Summaries Country chapters South America Argentina PwC contact Jorge A. San Martin PricewaterhouseCoopers Edificio Bouchard Plaza Bouchard 557 C1106ABG Ciudad de Buenos Aires Argentina Tel: +54 11 4850 6722 Email: [email protected] Significant developments Standard for Automatic Exchange of Financial Account Information On 29 December 2015, the Argentine Federal Tax Authorities (AFIP) issued General Resolution 3826 implementing the Standard for Automatic Exchange of Financial Account Information in Argentina. The above-mentioned resolution sets forth a reporting and due diligence regime addressed to local financial institutions that are liable to exchange information on their reportable accounts in accordance with the Common Reporting Standard (CRS) issued by the Organisation for Economic Co-operation and Development (OECD). Such a resolution establishes the type of information to be reported as well as the penalties that may apply in case of failure to fulfil such reporting obligations. Such penalties, besides the ones than may apply in line with the Tax Procedure Law and with the administrative and judicial procedures that may take place, include, among others, the framing of such financial institution in an increasing category of risk of being inspected (Risk Profile System); the suspension or exclusion from the Special Tax Records; and/or the suspension of the exclusion and/or non-withholding certificate processing that may have been applied by the corresponding liable party. The regime entered into force on 1 January 2016, and the first reporting (relating to information from calendar year 2016) is expected to be in May 2017. Value-added tax (VAT) special payment regime for micro, medium, and small taxpayers On 17 May 2016, the AFIP issued General Resolution 3878 implementing a special VAT payment regime applicable to micro, small, and medium companies. Under the new payment scheme, qualifying taxpayers may opt to file their VAT returns on a monthly basis, but perform the payment of such tax returns on a quarterly basis. Additionally, those taxpayers covered by the regime are able to obtain VAT non- withholding certificates under a simplified regime. Extended term for settlement of foreign currency from exportations On 10 May 2016, the Department of Foreign Commerce published in the Official Gazette Resolution 91/2016 by means of which there were modified the general terms within which foreign currency arising from the collection of invoices from exportation of goods must be settled in the Exchange Currency Market (MULC for its Spanish acronym). As from the Official Gazette publication date, the liquidation term for all custom positions not due at that date is 365 days as from the exportation date. 4 Argentina PwC Worldwide Tax Summaries Argentina Taxes on corporate income A Profits tax The rate of profits tax on net taxable business profits is 35%. Legal entities resident in Argentina are subject to tax on Argentine and foreign-source income. Resident legal entities are able to claim any similar taxes actually paid abroad on foreign-source income as a tax credit. The tax rate applies on net income determined on a worldwide basis. Corporations, limited liability partnerships (LLPs), and branches, as well as other entities, are required to make a flat and final income tax withholding of 35% from dividend payments to resident or non-residents beneficiaries, to the extent that the amount of such dividends exceeds the net taxable income determined at a corporate level in accordance with the general tax rules (so-called ‘equalisation tax’). The Argentine government has also established a 10% tax rate on dividend distributions, without prejudice to the application of the so-called ‘equalisation tax’, if applicable. The corresponding tax has to be withheld and remitted to the tax authorities by the distributing entity. Argentine-source income (e.g. royalties, interests) received by foreign entities is subject to withholding tax (WHT) in full and final settlement at source (see the Withholding taxes section). Tax on minimum notional income In addition to the profits tax, there is a tax on minimum notional income. The rate is 1% on the value of fixed and current assets. The presumed tax, imposed annually, is applied only in excess of the profits tax of the same fiscal year. In addition, payment of this presumed tax, not offset by the profits tax, will be treated as payment on account of profits tax chargeable during a maximum period of ten years. Banking and insurance entities are only subject to this tax on 20% of the corresponding taxable assets. Local income taxes For a description of the local (jurisdictional) tax on gross revenues from the sale of goods and services, see Turnover tax in the Other taxes section. Corporate residence Corporate residence is determined on the basis of centres of activity, which may be the location of a company’s economic activity or management activity. Permanent establishment (PE) Centres of activity in Argentina of non-Argentine corporations are treated as PEs. Other taxes Value-added tax (VAT) VAT is assessable on the sales value of products (e.g. raw materials, produce, finished or partly finished merchandise) with few exemptions, most services (e.g. construction, utilities, professional and personal services not derived from employment, rental), and on import
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