A summary of the top weekly tax developments in the Americas

     This week's tax news from the Americas

• US Section 232 proclamation imposes 25% tariff on certain semiconductors
  On 14 January 2026, United States (US) President Donald Trump issued a proclamation, titled "Adjusting Imports of Semiconductors, Semiconductor Manufacturing Equipment, and their Derivative Products into the United States" (the Proclamation). As a result, effective 15 January 2026, a 25% ad valorem tariff applies to certain advanced computing chips and specified derivative products if their importation does not contribute to building out the US technology supply chain. Certain defined end-use exceptions apply.

• Canada provides guidance for steel derivative goods surtax and relief for certain steel goods
  In Customs Notice 25-33, Steel Derivative Goods Surtax Order, the Canada Border Services Agency provides administrative guidance on the 25% surtax imposed by the Steel Derivative Goods Surtax Order on certain steel derivative goods imported into Canada on or after 26 December 2025.

• Canada Border Services Agency issues 2026 trade compliance verification list
  The Canada Border Services Agency (CBSA) has released its January 2026 update to the trade compliance verification priorities list. The CBSA's latest update reflects ongoing and new areas of focus, including tariff classification, enforcement of surtax orders and other compliance strategies.

• Canada Revenue Agency reverses longstanding position on GST/HST status of trailing commissions
  The Canada Revenue Agency confirmed to an industry group that it will reverse a longstanding position and subject trailing commissions to goods and services tax/harmonized sales tax (GST/HST) effective 1 July 2026. Consequently, mutual fund trailing commissions paid to managers, agents and dealers will now incur GST/HST, requiring dealers and agents to register for GST/HST if their taxable supplies exceed CA$30,000, potentially necessitating significant operational adjustments.

• United States | Forthcoming proposed regulations would address the pre-OBBBA transition rule for IRC Section 951(a)(2)(B) and the GILTI and FDDEI changes made by OBBBA
  In three notices, the US Treasury Department and the Internal Revenue Service announced their intent to issue proposed regulations on (i) the transition rule for IRC Section 951(a)(2)(B) in effect before the "One Big Beautiful Bill Act" (OBBBA) amendments, (ii) the effective date of IRC Section 960(d)(4), and (iii) the exclusion from foreign-derived deduction eligible income for sales or other dispositions of intangible property and other excluded property. Taxpayers may rely on the guidance provided in specific sections of the notices until the proposed regulations are issued, subject to certain consistency requirements.

• Uruguayan Ministry of Economy and Finance amends investment projects regime
  In a decree, Uruguay's Ministry of Economy and Finance effectively restricted the availability of benefits under the country’s investment projects regime by generally reducing the period in which an investor must complete its project from 10 fiscal years to five. The decree also decreases from 20% to 10% how much a project may vary from regime’s requirements and still qualify for benefits. The reduced “tolerance margin” may affect the assessment of project compliance and benefits.

• Uruguay's Ministry of Economy and Finance increases minimum nontaxable amount for Net Wealth Tax
  In Decree No. 334/025, Uruguay's Ministry of Economy and Finance increased the minimum nontaxable amount under the Net Wealth Tax for individuals to UYU6.65m (equivalent to approximately US$166,000) from UYU6.381m (approximately US$145,040) for fiscal year 2025. For family units, the nontaxable minimum amount increases to UYU13.2m (approximately US$332,100) from UYU12.8 (approximately US$290,080).

• Peru-United Kingdom income tax treaty enters into force, applicable from April 2026 for UK and January 2027 for Peru
  The income tax treaty between Peru and the United Kingdom enters into force on 21 January 2026. The treaty will apply from April 2026 for the UK and January 2027 for Peru. It is expected to enhance cross-border trade and investment, offering affected taxpayers greater certainty and stability in their operations within both jurisdictions.

• Argentina enacts 'Tax Innocence Law' with changes to criminal and procedural tax laws
  On 2 January 2026, the Argentine Government enacted Law No. 27,799 (referred to as the Tax Innocence Law or the Law) through publication in the Official Gazette. Among other things, the Law increases the thresholds for applying penalties under the Criminal Tax Law and increases the penalties imposed under the Tax Procedural Law. Additionally, the Law reduces the statute of limitations for taxes and social security contributions in certain situations.

    This week's newsletters

• Report on recent US international tax developments - 16 January 2026
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

• EY's global e–invoicing developments tracker - 7 January 2026
  Our global E–invoicing Developments Tracker includes the latest developments to empower organizations to adapt swiftly to the changing landscape of global tax compliance.

• PE Watch | Latest developments and trends - January 2026
  Our monthly report with brief summaries of the latest permanent establishment activity and trends.

• Global Tax Policy and Controversy Watch - January 2026
  Our monthly report with highlights of the latest Global Tax Controversy developments.

   Upcoming EY webcasts

• 23 January: EY Center for Tax Policy monthly update - January 2026
• 29 January: BorderCrossings with EY transfer pricing and tax professionals - January 2026
• 30 January: 2026 Geostrategic Outlook: Navigating new rules for global business
• 3 February: New OBBBA charitable-giving rules

A calendar of all upcoming EY webcasts is available.

  Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 16 January 2026

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

• Algeria | Companies operating in strategic sectors need authorization before transferring stock or equity to foreign individuals or entities
• Ghana's Parliament enacts several indirect tax-related laws, effective 1 January 2026
• Kenya Supreme Court affirms concept of continuing security as standard banking practice
• West Africa | From legislation to action - 2026 business outlook on tax reforms in Nigeria and Ghana

     Asia

• Singapore implements OECD's simplified and streamlined approach under BEPS 2.0 Pillar One
• Singapore issues Transfer Pricing Guidelines (Eighth Edition) with helpful updates

    Middle East

• Israel implements Qualified Domestic Minimum Top-up Tax effective beginning in 2026
• Turkiye further extends Qualified Domestic Minimum Top-Up Tax filing and payment deadlines
• Turkiye removes simplified entries for B2C e-commerce imports

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 Mannetta, writer and editor

Distributed weekly to all Americas Tax personnel.