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

The Americas Tax Roundup will not be published next week because of the US holiday. It will be published again on 9 December 2024.

     This week's tax news from the Americas

• Canada Revenue Agency clarifies changes regarding concessional loans; claimants may amend scientific research and experimental development claims for open tax years
  Canada Revenue Agency (CRA) representatives provided additional information on recent legislative amendments to the Income Tax Act (the Act), which exclude from government assistance certain bona fide concessional loans made after 2019. Specifically, the CRA clarified that claimants affected by the change in definition of government assistance may file amended tax returns and revised scientific research and experimental development (SR&ED) claim forms for the year(s) affected, even if their SR&ED reporting deadline has passed, as long as the tax year is still open.

• Uruguayan Executive Power grants tax incentives to telecommunications entities
  In Decree No. 281/024, Uruguay’s Executive Power allows telecommunication entities that perform electronic surveillance activities for the investigation of crimes to benefit from a series of tax exemptions for investments in electronic-data-processing equipment and software, performed from 31 October 2024 through 30 June 2025.

• OECD holds Tax Certainty Day addressing dispute prevention and resolution developments
  On 15 November 2024, the OECD held its sixth annual OECD Tax Certainty Day. During the event, the OECD released the 2023 statistics on the mutual agreement procedure (MAP) and advance pricing arrangements (APA), followed by a presentation of the 2023 MAP and APA awards. In 2023, MAP case inventory for new cases (post-2016) decreased by approximately 16% for new transfer pricing cases, while the inventory for new “other” cases increased 2.8% compared with 2022.

     This week's newsletters

• Report on recent US international tax developments - 22 November 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 | November 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

• 11 December: How can finance deliver reporting to shape the future with confidence?
• 13 December: Tax in a time of transition: Legislative, economic, regulatory and IRS developments
• 17 December: Accounting for income taxes: A quarterly perspective

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 22 November 2024
• EY talks tax | Special post-election edition: Tax in a time of transition - 8 November 2024
• EY talks tax | BorderCrossings … with EY transfer pricing and tax professionals 31 October 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

     Africa

• Kenya introduces Public Procurement Capacity Building Levy

     Asia

• Vietnam releases Draft Decree guiding implementation of top-up Corporate Income Tax

     Europe

• Czech Republic introduces State Investment and Development Company (SIRS)
• Latvia to require business-to-government e-invoicing as of 1 January 2025
• Spain approves invoicing software specifications for taxpayers not using electronic VAT system

     Middle East

• Turkiye extends and amends withholding tax rates on income/gains from various sources

Additional resources

Comments. If you have any questions or suggestions about this newsletter, please email Tax News Update Help at: ustaxalertshelp@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.