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

     This week's tax news from the Americas

• Argentina applies 17.5% tax on purchases of foreign currency for dividend and profit distributions
  On 6 May 2024, the Argentine National Executive Branch published in the Official Gazette Decree No. 385/2024, amending Decree No. 99/2019 with regard to the tax on purchases of foreign currency. Specifically, under the amendments, the tax applies to the remittance of profits and dividends abroad at a rate of 17.5%.

• Canada's 2024 budget implementation bill no. 1 introduced in House of Commons
  On 2 May 2024, Bill C-69, Budget Implementation Act, 2024, No. 1, received its first reading in Canada’s House of Commons. Bill C-69 implements the measures contained in the detailed notice of ways and means motion that was tabled on 30 April 2024, including certain tax measures announced in the 2024 federal budget and the 2023 federal fall economic statement, as well as various other tax measures (such as the implementation of Canada's Global Minimum Tax Act ) that were released in draft legislation on 20 December 2023 and 4 August 2023.

• Washington Dispatch for April 2024
  The latest edition of EY's Washington Dispatch is available. The monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include: (i) US tax policy battle lines are being drawn; House tax writers form 10 TCJA “tax teams”; (ii) US progress on global minimum tax will positively affect ongoing R&D talks, JCT updating BEPS Pillar Two analysis; (iii) APA report for 2023 shows number of APAs executed more than doubled; and (iv) OECD BEPS 2.0 update.

• Global Tax Policy and Controversy Watch | May 2024 edition
  EY’s publication, Global Tax Policy and Controversy Watch, highlights recent policy and administrative developments around the world. This month’s publication highlights (i) Poland publishes draft Pillar Two legislation, with option to apply retroactively from 1 January 2024; (ii) EU Public Country-by-Country Reporting Developments Tracker now available; and (iii) EY Green Tax Tracker updated.

• PE Watch | Latest developments and trends, May 2024
  The latest edition of the PE Watch is available. Highlights of this edition include (i) French Court rules against deducting foreign permanent establishment (PE) losses; (ii) Saudi Arabia issues guidelines for Regional Headquarters Tax rules; and (iii) Uganda introduces provisions on PEs.

     This week's newsletters

• Report on recent US international tax developments - 10 May 2024
  Our weekly report with brief summaries of all the week's US tax developments and related activity.

     This week's tax treaty news from the Americas

• United States and Taiwan: round of negotiations for the next agreement under the 21st-Century Trade Initiative held

     Upcoming EY webcasts

• 14 May: International tax talk quarterly series with the EY Global Tax Desk Network
• 22 May: Spotlight on BEPS 2.0: developments and practical implications for US MNEs
• 22 May: How mining and metals can navigate ESG tax and regulatory challenges
• 4 June: BEPS 2.0: what to explore with the ongoing activity on Pillars One and Two

    Recently archived webcasts

• Spotlight on BEPS 2.0: developments and practical implications for US MNEs
• EY 2024 Registered Funds Seminar

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Cross-Border Taxation Spotlight | 10 May 2024
• Washington Dispatch | April 2024
• EY Talks Tax | Tax in a time of transition: legislative, economic, regulatory and IRS developments (April 19, 2024)

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

• Report on recent US international tax developments - 10 May 2024
• Argentina applies 17.5% tax on purchases of foreign currency for dividend and profit distributions
• Canada's 2024 budget implementation bill no. 1 introduced in House of Commons

     Other Global Tax Alerts

• Algeria reduces certain requirements to reinvest of tax savings
• Global Tax Policy and Controversy Watch | May 2024 edition
• Hungarian businesses facing key decisions affected by Pillar Two implementation focus on accessing transitional safe harbor
• Kenya High Court reaffirms the applicability of withholding tax on interest-free loans
• Pakistan implements amendments to tax appeals system
• PE Watch | Latest developments and trends, May 2024
• Saudi Arabia announces amendments to Real Estate Transaction Tax Implementing Regulations

     Indirect Tax Alerts

• Finland's VAT increase could make VAT rate the second highest in the EU
• Kenya gazettes Tax Procedures (Electronic Tax Invoice) Regulations, 2024
• Poland announces new timeline for mandatory e-invoicing

     Human Capital Alerts

• Belgium implements new Cooperation Agreement impacting third-country nationals in Belgium
• China extends visa-free policy for 12 countries until 31 December 2025
• China updates rules regarding Exit-Entry Permits
• Ukraine suspends consular services, including passport renewals for certain Ukrainian citizens living abroad

      This week's EY Industry publications

     Mining and Metals

• How silver miners can build long-term competitiveness
• How mining and metals can navigate ESG tax and regulatory challenges

     Health

• Why metrics are the building blocks for supply chain transformation

     Private Equity

• How to get the most value from GenAI among portfolio companies
• How the drivers of private equity value creation are changing

     Oil and Gas

• How tax and finance can play a critical role in changing oil and gas

      This week's EY Services publications

     Transaction Advisory Services

• Macro Bites: How is M&E navigating the streaming services revolution?

     Risk

• EY Global Integrity Report 2024

Additional resources

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

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 personnel.