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NAFTA

NAFTA Negotiations Begin This Week

NAFTA negotiations began in Washington D.C. this week, with working groups focused on more than two dozen topics, including those expected to be most controversial, holding their first meetings. Groups on government procurement and intellectual property met yesterday, groups on auto-parts rules of origin are scheduled to meet today, and groups on agriculture are scheduled to meet tomorrow. Significant Changes Sought As we’ve previously discussed, the U.S. is seeking significant changes to… Read More

Business Management

Latest Flashpoint in NAFTA Discussions: Duty-Free Online Shopping

We’ve previously blogged about the US’s NAFTA negotiation goals. This week, the pending NAFTA discussions are back in the news after the U.S proposed that Canada and Mexico vastly raise the value of online purchases that can be imported duty-free from online retailers such as Amazon and eBay. The issue may prove to be a sticking point in the upcoming renegotiations of the NAFTA trade agreement. The Proposed Change The U.S Trade Representative has proposed… Read More

Corporate Tax Planning

Current Developments Affecting The Foreign Bank Reporting Form (FBAR) And Filing Requirements

An interesting tax case regarding the Foreign Bank Accounts Reporting Form (FBAR) and the associated penalty for non-filing has been prominent in the news recently. The Report of Foreign Bank and Financial Accounts filing requirement was introduced by the Currency and Foreign Transactions Reporting Act of 1970, also identified as the Bank Secrecy Act (Title 31 of the United States Code). The purpose of the requirement is to obtain information that would be useful in… Read More

Corporate Tax Planning

US Government Will Not Pursue Border Adjustment Tax

Canadian businesses have had a piece of good news in the recently announced “shared vision” for US tax reform, as the US government announces that it will not pursue a Border Adjustment Tax (“BAT”) as part of their broader tax reform efforts. Border Adjustment Tax will not be part of tax plan A small group of Republican leaders released a very brief, relatively undefined, Joint Statement on Tax Reform late last week. Among other… Read More

Corporate Tax Planning

US Releases NAFTA Negotiation Goals

Last week, the United States Trade Representative (USTR) announced their NAFTA negotiation goals  for the upcoming renegotiation process. In order to proceed under the “fast-track” process rules, these had to be presented to Congress for feedback before beginning formal discussions. Broad NAFTA negotiation goals do not disclose specific policies There are a number of details missing from the document released, and it has been criticized for being overly vague. Despite hyperbolic statements about the… Read More