Key tax accounting considerations relating to recent Latin American tax law reforms

Tax Insights

In the final months of 2012, Mexico, Colombia, Nicaragua, and the Dominican Republic all enacted tax reform packages that included income tax rate changes along with a variety of other tax reforms. Additionally, Costa Rica repealed certain withholding tax laws in December. Under US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), many companies will need to analyze their tax provision calculations and reflect any corresponding impacts from these newly enacted laws in their 2012 financial statements.

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