21 January 2025 Americas Tax Roundup | 21 January 2025 | | A weekly summary of the top weekly tax news, trends and developments in the Americas | | | | | | | | | | This week's tax news from the Americas - Canada | Impact of prorogation on outstanding income tax proposals
On 6 January 2025, Canada’s current session of Parliament was prorogued, with the next session scheduled to open on 24 March 2025 with a Speech from the Throne. Prorogation means that the current session of Parliament and all proceedings before it come to an end. Subject to certain exceptions, unfinished business before Parliament, such as notices of ways and means motions and non-enacted bills, "die" on the Order Paper and must be reintroduced or reinstated in a subsequent session.
- Canada | Update on home office expenses for 2024
The Canada Revenue Agency (CRA) published Guide T4044, Employment Expenses 2024, which provides details on the process for claiming home office expenses for the 2024 tax year. The CRA also released Form T2200, Declaration of Conditions of Employment, for the 2024 tax year to certain stakeholders.
- Uruguay modifies minimum nontaxable amount of Net Wealth Tax
On 31 December 2024, Uruguay's Ministry of Economy and Finance issued Decree No.361/024, setting the amount exempt from the net wealth tax to UYU 6,381,000 (equivalent to approximately US$145,040) for individual taxpayers and undivided successions and approximately double that amount for family units.
- Pillar One Update from Co-chairs of Inclusive Framework on BEPS
On 13 January 2025, the Organisation for Economic Co-operation and Development released a statement by the Co-chairs of the Inclusive Framework, providing information regarding the current status of negotiations regarding both Amount A and Amount B of Pillar One. Although consensus has not yet been reached on either the Multilateral Convention to implement Amount A or an Amount B Framework that would require jurisdictions to apply Amount B in specified circumstances, the Statement indicates that progress has been made and work is continuing. The Statement outlines some of the outstanding issues that are close to resolution.
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Document ID: 2025-0268 |