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| | A weekly summary of the top weekly tax news, trends
and developments in the Americas | |
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| | This week's tax news from the Americas - Canada | Navigating through uncertainty of potential new tariffs on Canadian products imported into United States
On 25 November 2024, US President-elect Donald Trump announced via social media his intention to impose a 25% tariff on all products imported from Canada and Mexico. The President-elect also announced a plan to impose an additional 10% tariff on all imports of Chinese goods, which would apply in addition to tariffs currently in place. The proposed 25% tariff on Canadian imports is a significant increase from the universal 10% tariff proposed by the President-elect during the US election campaign. The President-elect has linked the proposed tariffs to Canadian and Mexican border security and immigration issues. - Long-awaited US proposed regulations address certain PTEP complexities
In proposed regulations (REG-105479-18; Proposed Regulations), the US Treasury Department and the Internal Revenue Service addressed previously taxed earnings and profits (PTEP) of foreign corporations and related basis adjustments under IRC Sections 959 and 961 and related statutory provisions. The Proposed Regulations cover core aspects of the PTEP system, including PTEP accounting, basis adjustments, and related provisions. They also address longstanding questions and new complexities introduced by the Tax Cuts and Jobs Act of 2017.
- Canada | Reminder to register under Digital Services Tax Act by 31 January 2025
The deadline to register for Canada's digital services tax (DST) is approaching quickly. Even if tax is not payable under the Digital Services Tax Act (DSTA), registration under the DSTA may be required under certain conditions. The DSTA imposes tax on large domestic and foreign businesses with a corporate group that has global consolidated revenues of at least €750m and earns Canadian digital services revenue exceeding CA$20m from providing online marketplace services, online advertising and social media services and the monetizing of user data.
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| | This week's newsletters | | |
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| | Upcoming EY webcasts A calendar of all upcoming EY webcasts is available. | | |
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| | Recent EY podcasts All episodes of the EY Cross-Border Taxation Spotlight and
EY Talks Tax are available through Apple podcasts. | | |
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| | This week's EY Global Tax Alerts Americas Africa Europe Middle East Oceania | | |
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| | Additional resources EY Global Tax News Update
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| | About Americas Tax Roundup Published by NTD's Tax Technical Knowledge Services Group, Washington, D.C.
Jennifer Mannetta, writer and editor Distributed weekly to all Americas Tax personnel. | |
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