International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement


The key word for the 13th edition of the Latin America guide is transparency, as countries across the region, spurred by numerous international initiatives, begin to collect and share more information than ever before.

Unsurprisingly, the OECD's Base Erosion and Profit Shifting (BEPS) Project also features heavily in the pages of this guide. While only Mexico and Chile are full members of the OECD, Costa Rica is in the process of becoming a member, several other countries in this guide are associated with the organisation in some way, and more still are following many of the BEPS Project's recommendations.

Seismic events are occurring in Brazil following the impeachment of former president Dilma Rousseff and the rise to power of Michel Temer and his party. There is a major tax amnesty underway, which represents the most significant foray into transparency measures to date for the southern hemisphere's largest economy, and will provide an opportunity for the tax authorities to make use of improving technology.

Brazil is also a key partner of the OECD and is moving quickly to implement some elements of BEPS. In addition to expanding its information exchange network and bringing in measures regarding the disclosure of ultimate ownership, it is reforming the Administrative Tax Appellate Court and bringing in powerful anti-corruption legislation, forcing companies to focus less on tax planning and more on tax compliance.

Perhaps the biggest tax story of the year was the release of the 'Panama Papers'. However, as argued on pages 7 and 8, the 'British Virgin Islands Papers' may have been a more accurate name. Panama has been bringing its legal framework into line with international standards, and has been praised by the Financial Action Task Force for the progress it has made. It will also be implementing the common reporting standard bilaterally by 2018.

Chile is coming to terms with its second tax reform in four years, leaving plenty of work for advisers there, while transfer pricing professionals in Mexico have been kept busy filing for around 700 maquiladora APAs, for which a new fast-track methodology, the requirements of which are examined in the Mexican section of this guide's TP Focus, has been proposed.

I hope you enjoy the important content this year's guide has to offer.

Joe Stanley-Smith

Deputy editor

International Tax Review

more across site & bottom lb ros

More from across our site

Yusuf Akhmadi of Indonesia’s Directorate General of Taxation reports on the country’s latest domestic and cross-border initiatives to clamp down on tax evasion
The new rate is a blow to Samsung, while two law firms have made significant tax hires into their respective Washington DC offices
Rema Serafi, KPMG’s first-ever female vice chair for tax, talks about breaking the mould in an exclusive interview with ITR
The metal multinational’s victory, in a case worth $12 million, continues the trend of companies coming out on top against India’s revenue department
Guy Bud and Matthew Greene from litigation firm Stewarts review a dispute on tiered partnerships, which raises questions on corporation tax and partnership law
The stagnating pay and tax bonuses cap follow slashed payouts for the deals team and business consolidation in the last month
A greater UN role has been secured after disagreements between developed and developing countries over the OECD’s influence in global tax reform
The US-based firm picks up investment fund specialist Ceinwen Rees, while Ireland nearly doubles its corporation tax receipts in three years
The order comes amid controversy over another of David Collard’s companies’ tax and TP affairs
NASSCOM, which represents over 3,000 Indian companies, has argued for the removal of the segmentation rule