The Ministry of Economy and Finance announced that, as of July 1, the Chattels and Services Transference Tax (ITBMS) rate will be 7%, by virtue of the entry into force of Law 8 of March 15, 2010.

The Internal Revenue Service invited public comment on how to most effectively carry out a law change that, starting in 2012, will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099. These comments will help the IRS issue guidance that implements this provision in a manner that minimizes burden and avoids duplicate reporting.

The National Tax Superintendency (SUNAT) facilitates taxpayer compliance with tax obligations. Starting on July 19, micro and small enterprises (MSEs) under the Special Income Regime (RER) or General Regime, may issue electronic invoices to heir suppliers.

The Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada opportunities Agency and Minister for the Atlantic Gateway, is pleased to announce the introduction of a new simplified logbook for motor vehicle expense provisions as part of the government's overall strategy to assist small and medium sized businesses and Canada Revenue Agency's (CRA's) aim to ease the tax compliance burden of small business owners.