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May 6, 2024

Americas Tax Roundup | 6 May 2024


A weekly summary of the top weekly tax news, trends
and developments in the Americas


      This week's tax news from the Americas

  • Canada's federal budget 2024 announces further changes to alternative minimum tax
    On 16 April 2024, as part of the 2024 federal budget, the government introduced several revisions and technical amendments (updated amendments) to the proposed changes to the alternative minimum tax regime introduced in the 2023 federal budget for tax years beginning after 2023. The updated amendments contain mostly welcome changes that address some concerns identified by stakeholders with respect to certain measures in the initial draft legislative proposals released on 4 August 2023.
  • Peru introduces new 10-year passports
    Effective 7 May 2024, Peruvian nationals aged 18 years or above will be eligible to obtain ordinary passports that are valid for 10 years. Peruvian nationals between the ages of 12 and 17 will be eligible for ordinary passports that are valid for five years. Those under the age of 12 will be eligible for passports with a validity period of three years. Amendments to Peru's immigration laws, including the extended validity period for passports, were introduced in 2023 but implementation was only recently confirmed.
  • EY Canada's Tax Matters @ EY for May 2024
    Prepared by Ernst & Young Canada, this monthly bulletin provides a summary of recent tax news, case developments, publications, and upcoming presentations. Highlights of this month's edition include (i) budget season 2024-25 in review: what do the measures mean for individuals? (ii) employer’s effort to encourage carpooling may lead to unintended tax consequences for employees; and (iii) a federal court rules that ignorance of taxation rules is not a “reasonable error.”
  • How to improve your tax data value chain
    In the tax domain, data is not just an asset but an instrument that unlocks value when correctly orchestrated. However, the value may be unrealized without effective data governance and accurate analysis. Tax leaders should harness the right tools, approaches and standards to create business value from data. Businesses should also be aware of the disruption AI will potentially bring. Tax functions strive for improved processes and technology enhancements that facilitate robust data collection, analysis and conversions into actionable insights. However, what are the challenges and how can leaders create sustainable solutions? Learn more in this EY article.

      This week's newsletters


      This week's tax treaty news from the Americas

  • Argentina and Canada: social security agreement and administrative arrangement approved by Argentine Senate
  • Argentina and Hungary: commitment to conclude a tax treaty expressed by Argentina
  • Chile and United Arab Emirates: joint statement confirming the successful conclusion of negotiations for a comprehensive economic partnership agreement signed
  • Ecuador and People’s Republic of China: free trade agreement entered into force
  • Venezuela and Hong Kong: first round of negotiations for a tax agreement scheduled to take place from 6 to 10 May 2024

      Upcoming EY webcasts

A calendar of all upcoming EY webcasts is available.


      Recent EY podcasts

All episodes of the EY Cross-Border Taxation Spotlight and
EY Talks Tax are available through Apple podcasts.


      This week's EY Global Tax Alerts

     Americas Tax Alerts

     Other Global Tax Alerts

     Indirect Tax Alerts

     Human Capital Alerts


      This week's EY Industry publications

     Banking & Capital Markets

     Energy reimagined

     Oil and Gas

     This week's EY Services publications

     Transaction Advisory Services



Additional resources

EY Global Tax News Update
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EY Guides available for download
Browse our in-depth guides covering corporate tax, indirect tax, personal taxes, TP and other tax matters in more than 150 countries.

Comments. If you have any questions or suggestions about this newsletter, please email Global Tax News Update Help at:


About Americas Tax Roundup

Published by NTD's Tax Technical Knowledge Services Group, Washington, D.C.
Jennifer Brittenham, writer and editor

Distributed weekly to all Americas Tax personnels.


The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


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