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May 20, 2024

Americas Tax Roundup | 20 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 proposes change in capital gains inclusion rate
    As part of the 2024 federal budget (Budget 2024), Canada proposed an increase to the capital gains inclusion rate. For capital gains realized on or after 25 June 2024, the capital gains inclusion rate will increase from one-half to two-thirds for corporations and trusts, and from one-half to two-thirds on the portion of capital gains realized in the year that exceed CA$250,000 for individuals.
  • US Biden Administration and USTR announced additional tariffs upon completion of China Section 301 review
    On 14 May 2024, the White House and the United States Trade Representative (USTR) issued statements to announce imposing new or additional tariffs on US$18b of Chinese goods to further protect interests of American workers and businesses. The tariffs target strategic sectors, such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes and medical products.
  • Ecuador suspends consular services in Mexico
    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
    Effective 16 May 2024, the Ecuadorian government suspended consular services in Mexico. As a result, individuals located in Mexico who seek to obtain Ecuadorian visas or require any other consular service (e.g., passport renewal) from an Ecuadorian consulate may travel to Guatemala City (Guatemala), Houston, Texas (United States) or Phoenix, Arizona (United States) to access these services.
  • Japan implements new visa-free policy for eligible Panamanian nationals
    Japan implemented a visa-free policy for eligible Panamanian nationals. Effective 1 April 2024, Panamanian nationals who hold ePassports that are in compliance with International Civil Aviation Organization standards can enter Japan without a visa and stay for up to 90 days per visit. Those who do not hold such ePassports must still apply for and obtain a visa before entering Japan.

     This week's newsletters


     This week's tax treaty news from the Americas

  • Argentina and OECD: the OECD Ministerial Council welcomed the adoption of the Accession Roadmap for Argentina
  • Honduras and Iberoamerican Organization: multilateral Iberoamerican Organisation Social Security Agreement signed by Honduras
  • United States and India: commitment to conclude social security agreement renewed
  • United States and Kenya: ongoing fifth round of negotiations under Strategic Trade and Investment Partnership

     Upcoming EY webcasts

    Recently archived 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

     Transfer Pricing Alerts

     Indirect Tax Alerts

     Human Capital Alerts


      This week's EY Industry publications

     Mining and Metals



      This week's EY Services publications


     Transaction Advisory Services




Additional resources

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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.


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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