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

     This week's tax news from the Americas

• Argentina enacts new incentive regime for large investments
  Argentina has enacted a new incentives regime for large investments (RIGI), which will give taxpayers that qualify for the RIGI 30 years of stability around a project's tax, customs and foreign-exchange matters. The 30-year stability means the incentives (e.g., fixed tax rate) granted under this regime cannot be affected by the revocation of this regime or the issuance of new regulations. The program will be open until 8 July 2026.

• Chile adopts substitute dividend withholding tax
  Chile enacted Law No. 21,681 (Law), which creates a Temporary Emergency Fund for fires and establishes other measures for reconstruction, including an optional substitute dividend withholding tax. Taxpayers may choose to be taxed under the optional regime if they qualify. Under the optional regime, the dividend withholding tax is 12%, instead of 35%.

• Peru enacts law granting President certain powers
  On 4 July 2024, Peru enacted a new law authorizing the President to issue legislative decrees enacting certain tax measures, including the creation of a mechanism to collect the value-added tax from digital operations and amendments to the Online Gaming and Online Sports Betting Tax Law.

• Peruvian Tax Authority establishes guidelines to determine whether services qualify as digital services
  The Peruvian Tax Authority ruled that the list of services in the Income Tax Law Regulations that could be considered digital services will always qualify as digital services, even if they do not comply with certain other requirements for digital services established by law.

• Peruvian Tax Authority incorporates new scenarios as high-risk schemes under GAAR
  The Peruvian Tax Authority published on its website an updated version (third version) of the list of high-risk schemes for tax planning that could be challenged under the Peruvian General Anti-Avoidance Rule (GAAR). The updated list contains the 13 situations from the prior version of the list and adds 11 new situations that are considered high-risk.

• Peruvian Tax Authority indefinitely extends validity period for Certificates of Residence
  In Resolution 000141–2024/SUNAT (published 14 July 2024), the Peruvian Tax Authority extended the validity period for Certificates of Residence issued to Peruvian residents for the application of tax treaties entered by Peru.

• US imposes adjustments to steel and aluminum imports from Mexico
  On 10 July 2024, the Biden Administration reached an agreement with Mexican President Manuel Lopez Obrador to implement additional trade measures to prevent the circumvention of current US punitive tariffs imposed on steel and aluminum imports under Section 232 of the Trade Expansion Act of 1962 (Section 232).

     This week's newsletters

• Report on recent US international tax developments - 19 July 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.
• The Latest on BEPS and Beyond | July 2024
  EY's monthly report with brief summaries of the latest activity in the OECD Base Erosion and Profit Shifting (BEPS) project as well as country-specific legislative and administrative activity, including global and regional policy trends related to the global focus on BEPS.
• Trade Talking Points | June 2024
  Our monthly report with the latest insights from EY's Trade Strategy team.

     Upcoming EY webcasts

• 25 July: 2024 alternative and registered funds midyear update
• 30 July: Global economic outlook: Thriving in a new normal
• 9 August: Crypto and digital asset information reporting: new regulations outline reporting requirements for digital asset brokers and include transition relief for certain brokers
• 9 August: Tax in a time of transition: US legislative, economic, regulatory and IRS developments

     Recently archived webcasts

• 16 July: Sustainability Tax: net-zero transition and tax function strategy
• 11 July: New revisions to Form 6765: how they may change taxpayers’ approach to R&D credit claims

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Podcast: Weekly US international cross-border taxation news for week ending 19 July 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

• Ecuador launches new online platform for visa applications and apostille services

     Africa

• Ghana Revenue Authority issues directive for implementation of Additional Oil Entitlement

     Europe

• EU | New round of Tariff Suspension Quota Scheme; application window open until 31 July 2024
• Hungary updates eligibility lists for National Cards and Guest Worker Permits
• Netherlands announces longer application processing times during the summer period
• Sweden proposes stricter requirements for family members who accompany Swedish residence permit holders

   Middle East

• Turkiye imposes fees on vessels for greenhouse gases
• Turkiye proposes draft bill amending tax laws for corporations and individuals
• Turkiye proposes to introduce Pillar Two rules to be effective from 2024

   Oceania

• Australia continues to reform Skills in Demand visa

     This week's EY publications

     Banking

• Banking M&A Quick Takes: merger of equals

     Capital Markets

• Optimism in the private capital markets despite prevailing headwinds

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.