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June 10, 2024

Americas Tax Roundup | 10 June 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 EIFEL rules and other business income tax measures substantively enacted as part of Bill C-59
    Amended Bill C-59, Fall Economic Statement Implementation Act, 2023, received its third reading in Canada’s House of Commons and became substantively enacted for Canadian financial reporting purposes. Bill C-59 implements the majority of the remaining income tax measures from the 2023 federal budget, as well as certain measures from the 2023 fall economic statement and other previously announced measures. From a business income tax perspective, Bill C-59 contains (1) rules on the excessive interest and financing expenses limitation (EIFEL), (2) the carbon capture, utilization, and storage and clean technology investment tax credits, (3) the substantive Canadian-controlled private corporation measure, (4) the hybrid mismatch arrangement rules, and (5) changes to the General Anti-Avoidance Rule.
  • Canada's proposed changes to capital gains inclusion rate and stock option deduction has implications for employers/employees
    Proposals introduced in Canada’s 2024 federal budget would effectively cause stock options and capital gains that exceed an annual limit to be taxed at a higher effective rate than under the current rules. For example, the top effective marginal tax rate for stock option benefits and capital gains that exceed the annual limit in Ontario will increase from 26.8% to 35.7%. Although employers will have time to implement the required changes to their processes and policies to comply with these proposals, employees have a short time to assess their potential tax exposure before the new proposals take effect on 25 June 2024.
  • Colombia | Government Decree updates customs regulations
    Colombia’s Ministry of Finance and Public Credit issued Decree 659, partially amending Decree 1165 of 2019 (Customs Code) to reflect current operational realities and improve the country's logistical performance. The Decree introduces significant changes to various aspects of the customs regime, including rules on customs brokers, primary customs zones, the import regime, customs classification and free trade zones.

     This week's newsletters


     This week's tax treaty news from the Americas

  • Dominican Republic and United States: negotiations for an arrangement on the exchange of country-by-country reports are ongoing
  • Peru and People’s Republic of China: negotiations for a tax treaty are underway
  • United States and Bulgaria: agreement on the automatic exchange of country-by-country reports signed

     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 and Other Publications

     Life Sciences



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.

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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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