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

• Report on recent US international tax developments - 17 May 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.
• Tax M&A Update for April 2024
  Tax M&A Update is a monthly newsletter that provides a summary of developments in the marketplace, leading technical developments, and other thought leadership notes in the area of mergers and acquisitions (M&A) taxation and general corporate taxation.

     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

• 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
• 25 June: What Q2 IFRS Quarterly Tax Developments could impact tax accounting

    Recently archived webcasts

• Tax in a time of transition: US legislative, economic, regulatory and IRS developments
• International tax talk quarterly series with the EY Global Tax Desk Network

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Cross-Border Taxation Spotlight | 17 May 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 — 17 May 2024
• Canada proposes change in capital gains inclusion rate
• US Biden Administration and USTR announced additional tariffs upon completion of China Section 301 review

     Other Global Tax Alerts

• Australia delivers 2024-25 Federal Budget
• Pakistan's employees exempted from registering with Sindh Revenue Board as service providers under certain conditions
• Turkiye's Constitutional Court rejects the annulment requests for 'Additional Tax' applied on certain 2022 exempted income

     Transfer Pricing Alerts

• Ghana | Transfer pricing compliance required in Country-by-Country Reporting

     Indirect Tax Alerts

• EU has not yet reached agreement on VAT in the digital age (ViDA) proposal
• EU Member States reach political agreement on Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER)
• Kenya High Court rules tax laws don't explicitly impose additional customs duties on oil 'product gains'

     Human Capital Alerts

• Ecuador suspends consular services in Mexico
• Estonia simplifies EU Blue Card requirements
• Finland implements automated decision-making for some citizenship applications, proposes to tighten requirements for citizenship
• Finland simplifies EU Blue Card requirements
• Indonesia introduces new Bridging Visa for eligible foreign nationals residing in Indonesia
• Ireland allows eligible spouses and partners of certain employment permit holders to now work without obtaining a work permit
• Ireland confirms plans to introduce single permits
• Japan implements new visa-free policy for eligible Panamanian nationals
• Nigeria introduces penalties for companies that do not file expatriate quota returns on time
• Saudi Arabia relaxes requirements for companies hiring certain foreign nationals
• UK | Migration Advisory Committee publishes rapid review of the Graduate route

      This week's EY Industry publications

     Mining and Metals

• How mining and metals can navigate ESG tax and regulatory challenges

     Health

• Why metrics are the building blocks for supply chain transformation
• How can data standards unleash the future power of health data?

     Insurance

• How to revolutionize the insurance value chain with generative AI

      This week's EY Services publications

     Tax

• The taxation of energy transitions: clean hydrogen production
• Exchange of Information in the New Era of Multilateral Transfer Pricing Enforcement (Tax Analysts)
• How Microsoft built a new mobility model for cross-border talent

     Transaction Advisory Services

• How value-based care can help boost health system revenue

     Finance

• Why the EU Taxonomy could be a game-changer for green investments

     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.