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

     This week's tax news from the Americas

• Bermuda releases public consultation on administering 15% CIT
  On 7 August 2024, the Government of Bermuda began a four-week first public consultation (First Public Consultation) period on administering the country’s 15% corporate income tax (CIT), which will be effective for tax years beginning on or after 1 January 2025. The First Public Consultation includes a broad proposal on how the CIT will be administered, including filing and registration requirements and proposed due dates. Interested parties may submit comments through 5 September 2024.

• EY Global Tax Controversy Flash Newsletter (Issue 72) | The OECD’s International Compliance Assurance Programme: an avenue to address cross-border tax challenges?
  As the world of cross-border tax moves to its highest state of flux since the initial BEPS project, multinational companies may wish to consider whether the International Compliance Assurance Programme (ICAP) of the Organisation for Economic Co-operation and Development (OECD), in the absence of new dispute prevention/resolution tools, may provide an efficient way to address complex, multilateral issues. The latest issue of the EY Global Tax Controversy Flash Newsletter covers the recent statistics on the ICAP released by the OECD.

• PE Watch | Latest developments and trends, August 2024
  The August edition of the PE Watch is available. Highlights from this edition include: (1) Australia’s Pillar Two legislation clarifying the treatment of a permanent establishment; and (2) the United Arab Emirates’s guidance on exemptions for foreign permanent establishments.

     This week's newsletters

• Report on recent US international tax developments - 16 August 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.
• EY TradeWatch | Issue 2, 2024
  Our regular newsletter provides information about customs and international trade developments to help you develop strategies to manage duty costs and the risks of global trade, to improve trade compliance and to increase the operational effectiveness of international supply chains.
• Trade Talking Points | Latest insights from EY's Trade Strategy team - August 2024
  Our monthly report with the latest insights from EY's Trade Strategy team.
• Washington Dispatch for 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.

     Upcoming EY webcasts

• 21 August: US oil and gas report: reserves, production, and ESG
• 12 September: Securing critical assets: navigating geopolitical compliance
• 26 September: What Q3 IFRS Quarterly Tax Developments could impact tax accounting

     Recently archived webcasts

• 8 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

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 16 August 2024
• EY talks tax | Tax in a time of transition - 9 August 2024
• EY Podcast | Monthly ITS Washington Dispatch (July 2024)
• EY talks tax | What India’s 2024-25 Budget could mean for its economy - 31 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

• Canada announces stringent measures for Temporary Foreign Worker Program
• Venezuela announces immigration processing delays and travel disruptions amid diplomatic tensions

     Africa

• South Africa publishes amendments to customs duties on lead-acid batteries

     Asia

• China makes significant progress on tax certainty, launching pilot program for Advance Tax Rulings
• Malaysia introduces several changes to simplify immigration processes
• Singapore releases updated salary benchmarks for Employment Pass applicants

     Europe

• Luxembourg proposes various measures affecting individual and corporate tax

     Middle East

• Oman unveils Capital Market Incentives Program to boost economic growth

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.