Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

September 23, 2024
2024-1735

Americas Tax Roundup | 23 September 2024

 
 

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

 
 
      
 

     This week's tax news from the Americas

  • Colombian 2024 tax reform bill submitted to Congress, would affect corporate and capital gains rates, among others
    On 10 September 2024, the Colombian government submitted to the Congress a tax reform bill (Financial Law) aimed at covering a gap of approximately US$4b in the proposed 2025 budget law, which is also currently under discussion in the Congress. The 2024 tax reform bill proposes: (i) a progressive corporate income tax rate and a phased reduction of the marginal rate (35%); (ii) an increase in the minimum tax rate from 15% to 20%; and (iii) an increase in the capital gains tax rate from 15% to 20%.
  • Canada imposes surtaxes on imports of Chinese EVs, steel and aluminum products, considers surtaxes on critical manufacturing goods
    On 26 August 2024, Canada’s Department of Finance (Finance) announced that the government intends to implement a 100% surtax on all Chinese-made electric vehicles (EVs), effective 1 October 2024. In addition, the federal government intends to apply a 25% surtax on imports of steel and aluminum products from China, effective 15 October 2024. As part of the same announcement, Finance indicated that a consultation would be launched for other key sectors in the near term. On 10 September 2024, Finance announced a 30-day consultation period, from 10 September 2024 to 10 October 2024, on potential surtaxes in response to Chinese trade practices in critical manufacturing sectors related to EV production.
  • US White House publishes Fact Sheet outlining proposed changes to de minimis shipments exemption
    On 13 September 2024, the Biden-Harris Administration published a Fact Sheet outlining its intent to publish two Notices of Proposed Rulemaking (NPR) and one Final Rule relating to de minimis shipments, which are shipments that are valued at US$800 or less and permitted to enter the United States without duties and taxes, and with less stringent import documentation, when imported by one person in one day. The NPRs would exclude certain shipments from the de minimis exemption, most notably those goods subject to the punitive 301 tariffs, and strengthen information collection requirements. The Final Rule would require importers of consumer products to electronically file Certificates of Compliance with US Customs and Border Protection and the Consumer Product Safety Commission at the time of entry, including for de minimis shipments.
  
 
 

     This week's newsletters

  
 
 

     Upcoming EY webcasts

A calendar of all upcoming EY webcasts is available.

  
 
 

     Recent EY podcast

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

     Africa

     Asia

     Europe

     Middle East

     Oceania

  
 
 
 

Additional resources

EY Global Tax News Update
EY's Global Tax Alerts and other content can be delivered directly to your inbox. Register for EY's Global Tax News Update.

EY Guides available for download
Browse our in-depth guides covering corporate tax, indirect tax, personal taxes, TP and other tax matters in more than 150 countries.

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.

 
 
 
 

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.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.

 


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or ey.com. Please refer to the privacy notice/policy on these sites for more information.


Yes, I accept         Find out more