The Tax Authority (Superintendencia de Administración Tributaria, SAT) has announced a tax bill introducing anti-avoidance measures to battle VAT and corporate income tax evasion. Some of the most important measures proposed are the following: introduction of transfer pricing to transactions between local related parties. amending and clarifying regulations regarding non-deductibility of costs and expenses. amending VAT withholding regulations. modernization of audit procedures; and updating and clarifying VAT credit regulations. Additionally, the SAT proposed to allow access to financial information without judicial authorization and allow the exchange of information with other jurisdictions. The SAT proposed the above tax avoidance measures in...