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June 24, 2024

Americas Tax Roundup | 24 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 releases legislative details on proposed changes to capital gains tax rules
    On 10 June 2024, Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled a notice of ways and means motion (NWMM) to implement the increase in the capital gains inclusion rate, which was announced in the 2024 federal budget (Budget 2024) but was not part of Bill C-69, Budget Implementation Act, 2024, No. 1. The proposed rules on the capital gains inclusion rate are generally effective on or after 25 June 2024. Transition rules would apply for tax years starting before 25 June 2024 and ending after 25 June 2024.
  • OECD/G20 Inclusive Framework releases documents on Pillar One Amount B and Pillar Two
    On 17 June 2024, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) released a series of documents on the Pillar One Amount B approach for transfer pricing for certain baseline marketing and distribution transactions and the Pillar Two global minimum tax rules. The two Amount B documents list the jurisdictions that are (1) qualified for specified adjustments to the calculations under the Amount B approach; and (2) covered by the political commitment of Inclusive Framework member jurisdictions to respect the outcome of their jurisdictions’ application of Amount B. The two Pillar Two documents consist of an additional agreed Administrative Guidance document and a brief Q&A document with information on the peer review process for determining the qualified status of the Global Anti-Base Erosion rules of implementing jurisdictions.

     This week's newsletters


     This week's tax treaty news from the Americas

  • Colombia and Luxembourg: income and capital tax treaty signed
  • Colombia and United Arab Emirates: comprehensive economic partnership agreement signed
  • Curacao and Malta: draft bill for Curaçao-Malta Income Tax Treaty approved by Dutch lower house
  • Guatemala and Panama: memorandum of understanding on mutual assistance in customs matters signed
  • United States and Romania: administrative arrangement to social security agreement approved by Romanian government
  • United States and Russia: formal notice given to Russia by the United States of the suspension of specific provisions of the US-Russia Tax Treaty and its accompanying protocol

     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




     Middle East


      This week's EY Industry publications

   Automotive & Transportation



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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