11 August 2024 Americas Tax Roundup | 12 August 2024 | | | | A weekly summary of the top weekly tax news, trends
and developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - Brazil moves major VAT reform bill to Senate for consideration
Following approval by the Brazil Chamber of Deputies on 19 July 2024, a complementary bill (the Bill) on value-added tax (VAT) reform has been forwarded to the Federal Senate and is expected to pass within the next few months. The Bill would significantly simplify how indirect taxes are calculated but could also pose some challenges for taxpayers. Businesses will need to review and understand the effect the proposed changes could have on their current operating models, particularly considering major milestones in the transition period.
- Peru enacts rules for levying 18% VAT on use of digital services by individuals
On 4 August 2024, the Executive enacted Legislative Decree 1623, establishing new rules for levying an 18% VAT on individuals’ use of digital services via online platforms and their import of intangibles via the internet. The legislative decree also implements a mechanism through which nonresident digital services providers, or nonresident sellers of intangibles, must register before the Peruvian Tax Authority, obtain a Tax ID, withhold the VAT and pay it to the Peruvian Tax Authority.
- G20 Finance Ministers affirm commitment to BEPS 2.0 and enhanced global tax cooperation
At a 25-26 July 2024 meeting in Rio de Janeiro, G20 Finance Ministers and Central Bank Governors reaffirmed their commitment to the October 2021 statement of the OECD/G20 Inclusive Framework on the Base Erosion and Profit Shifting (BEPS) 2.0 project and to its swift implementation by all interested jurisdictions. The G20 Finance Ministers also expressed, among other things, their commitment to finalizing all components of the Pillar One agreement expeditiously and their intent to engage cooperatively on effective taxation of ultra-high-net-worth individuals in the G20 and in other forums.
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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. | | | |
Document ID: 2024-1527 |
