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

     This week's tax news from the Americas

• Argentine Congress approves bills that include major tax measures
  The House of Representatives gave final approval on 27 June 2024 to the Law of Bases and Starting Points for the Argentine's Freedom ("Ley de Bases y Puntos de Partida para la Libertad de los Argentinos") and to the Fiscal Package Law ("Ley de Medidas Fiscales Paliativas y Relevantes"). Prior versions of both bills had already been approved by the House of Representatives, but the Senate subsequently introduced certain changes and the amended bills had to return to the Lower House for final approval.

• US Treasury suspends key provisions of US-Russia Tax Treaty and Protocol, effective 16 August 2024
  In Announcement 2024-26 (Announcement), issued on 21 June 2024, the Internal Revenue Service (IRS) announced that the United States (US) provided, on 17 June 2024, formal notice to the Russian Federation (Russia) to confirm the suspension of specific provisions of the US-Russia Tax Treaty (signed on 17 June 1992) (Treaty), along with the suspension of its accompanying protocol (Protocol), by mutual agreement. The Announcement indicates that the suspension of these provisions will be effective on 16 August 2024 for taxes withheld at source and for other taxes; the suspension will continue until otherwise decided by the two governments. The US Treasury had previously announced the suspension of exchange of tax information with Russia on 5 April 2022.

• OECD/G20 Inclusive Framework releases fourth tranche of Administrative Guidance on Pillar Two GloBE Rules
  On 17 June 2024, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) released additional Administrative Guidance on the Global Anti-Base Erosion (GloBE) Model Rules, which provides additional information on a series of technical issues under the GloBE Rules. As with the prior tranches of Administrative Guidance, the June 2024 Administrative Guidance will be incorporated in the Commentary to the GloBE Model Rules.

• OECD and country officials discuss BEPS 2.0 Pillars One and Two and other tax work
  The OECD held its annual tax conference in Washington, DC, on 24-25 June 2024. The bulk of the discussion at the conference focused on developments with respect to BEPS 2.0 Pillars One and Two project. In addition, there were sessions covering the OECD's work on global mobility of workers, tax administration and tax certainty.

     This week's newsletters

• IFRS version of Quarterly Tax Developments - June
  This publication provides a quarterly overview of enacted and substantively enacted tax legislation and IFRS accounting developments, as well as regulatory developments and other items.

     Upcoming EY webcasts

• 10 July: What global payroll regulatory changes are effective from July 2024
• 11 July: Strategic perspectives on IT modernization, risk and governance
• 11 July: New revisions to Form 6765: How they may change taxpayers’ approach to R&D credit claims
• 16 July: Sustainability Tax webcast - net zero transition and tax function strategy
• 30 July: Global economic outlook: Thriving in a new normal

     Recently archived webcasts

• 2 July: Tax Policy Matters: EU Tax Policy in Transition: recent developments and the new Commission's agenda

A calendar of all upcoming EY webcasts is available.

      This week's EY Global Tax Alerts

     Americas

• Colombia requires certain residence permit holders to obtain a new permit before 21 October 2024
• Costa Rica implements new rules for driver's licenses for foreign nationals

     Africa

• Algeria signs OECD Multilateral Convention (MLI)
• Ghana clarifies new visa-free policy for nationals of the Bahamas not yet ratified by parliament
• Kenya's President declines to assent to the Finance Bill 2024

     Asia

• China announces five-year visas for eligible Australian business visitors and new visa exemption policy for nationals of Australia, New Zealand and Poland
• India launches new Fast Track Immigration Trusted Traveller Programme
• Japan launches substantial 10-year fund to accelerate space business development R&D
• Philippines announces amended processes for PEZA Visa downgrading, motions for reconsideration and Temporary Visitor Visa extensions
• Singapore releases draft legislation on BEPS 2.0 Pillar Two for public consultation

     Oceania

• Australian Full Federal Court reverses finding of embedded royalty in arm's-length contract

      This week's EY Industry publications

     Energy

• Energy with EY: Unlocking value with sustainability data

      This week's EY Services publications

     Tax

• Remote work and Pillar Two: navigating tax compliance

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.