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15 December 2025

Americas Tax Roundup | 15 December 2025

 
 

A summary of the top weekly tax developments in the Americas

 
 
      
 

     This week's tax news from the Americas

  • Canada announces new trade measures for steel imports
    On 26 November 2025, Prime Minister Mark Carney announced that Canada will reduce tariff rate quotas on certain steel imports and impose a new global tariff on a specific list of steel-derivative products. These measures, which become effective on 26 December 2025, are aimed at transforming the Canadian steel industry. The federal government will also begin to phase out the remission program for Canadian counter-tariffs on certain US imports, beginning on 31 January 2026.
  • Uruguayan Parliament approves the National Budget for 2025—2029
    On 9 December 2025, the Uruguayan Parliament approved the National Budget for 2025 through 2029. The budget clarifies that the Qualified Minimum Domestic Top-Up Tax (QMDTT) will be effective upon the law’s enactment, making the QDMTT applicable for fiscal years ended on 31 December 2025 and onward. For additional information, see Tax Alert 2025-2453.
  • OECD updates OECD Model Tax Convention
    On 19 November 2025, the Organisation for Economic Co-operation and Development (OECD) published the 2025 Update to its Model Tax Convention and its Commentary, the first comprehensive revision since 2017. The Update includes significant modification and expansion of the Commentary to Article 5 (Permanent Establishment) to clarify when an individual working from home in another country would or would not create a permanent establishment in that country for the business enterprise.
  
 
 

     This week's newsletters

  
 
 

    Upcoming EY webcasts

A calendar of all upcoming EY webcasts is available.

  
 
 

   Recent EY podcasts

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

  
 
 

  This week's EY Industry publications

     Banking and Capital markets

     Power & Utilities

     Tax

  
 
 
 

Additional resources

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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 Mannetta, writer and editor

Distributed weekly to all Americas Tax personnel.

 
 

Document ID: 2025-2489

 
 

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