A summary of the top weekly tax developments in the Americas

     This week's tax news from the Americas

EY US offices are closed 29 June to 5 July. The next Americas Tax Roundup will be published on 13 July.

• Brazilian exporters consider how to navigate ongoing tariff instability in light of new US tariffs
  Like its prior tariff proposals, the US government's latest (29 May 2026) proposal to impose a 25% tariff on Brazilian imports will likely affect global trade. Tariff-related changes require companies to undertake a deeper reassessment of their international market-access approaches. An EY Tax Alert identifies the issues companies may want to consider to address these challenges. Read the full Alert via the link.

• Canada enacts federal spring economic update tax bill
  On 18 June 2026, Canada enacted amended federal Bill C-30, which allows taxpayers to elect accelerated depreciation, in the form of an enhanced first-year deduction, for eligible greenhouses acquired after 3 November 2025 and available for use before 2034. The size of the deduction depends on when the greenhouse becomes available for use. Other changes include (1) modifying the definition of a zero-emission vehicle to exclude any vehicle for which the federal government has paid a rebate under the Electric Vehicle Affordability Program, (2) making permanent the CA$10m capital gains exemption for qualifying transfers to employee ownership trusts, and (3) reducing the base Canada Pension Plan contribution rate.

• Peru | New bill would affect taxation of cross-border transactions
  A bill submitted to the Peruvian Congress on 29 May 2026 proposes tax neutral/deferral treatment for certain cross-border intragroup restructurings. It would also (1) tighten the rules governing when nonresident capital gains tax applies to indirect disposals of shares in Peruvian companies, and (2) change how tax basis is determined when shares are acquired for consideration.

• Brazil publishes amendments to QDMTT legislation
  In Normative Instruction (NI) No. 2,329/2026 (published 18 June 2026), the Brazilian Federal Revenue Service amended the Additional Social Contribution on Net Profit (CSLL) regulations. The amendments clarify how multinational groups may make designated-constituent-entity elections for Brazilian purposes of the Qualified Domestic Minimum Top-up Tax (QDMTT).

• USTR initiates Section 301 investigation into Germany pharmaceutical pricing practices
  The United States Trade Representative (USTR) has initiated a Section 301 investigation into Germany's pharmaceutical pricing regime, reflecting increased scrutiny of foreign government measures affecting the life sciences sector. The investigation will assess whether Germany's pricing practices for innovative pharmaceutical products suppress prices below fair market value and result in US consumers bearing a disproportionate share of global research and development costs. The investigation follows earlier policy actions, including Executive Order 14297, issued on 12 May 2025, which directed US agencies to address foreign pricing practices that may shift the cost of pharmaceutical innovation onto US patients. The USTR subsequently solicited comments on global pharmaceutical pricing practices and their impact on US commerce.

 
     This week's newsletters

• Report on recent US international tax developments - 26 June 2026
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

• Tradelines – 19 June 2026
  Our trade newsletter for global business leaders delivers timely insights into the issues shaping global commerce—from tariff shifts and supply chain disruptions to legislative developments and compliance trends.

• EY's global e–invoicing developments tracker - 17 June 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.

      Upcoming EY webcasts

• 13 July: US health sector update – July 2026
• 15 July: 2026 Midyear global economic outlook: fraying growth amid supply shocks
• 17 July: EY Center for Tax Policy monthly update - July 2026
• 21 July: Fighting AI with AI: evolving today’s SOC for tomorrow’s cyber threats
• 28 July: Business and trade policy at the Trump Administration’s midpoint
• 29 July: From awareness to action: increasing financial wellness, employee engagement

A calendar of all upcoming EY webcasts is available.

    Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 26 June 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

     Europe

• European Commission publishes proposals on Tax Omnibus and DAC recast
• United Kingdom | What's next for tax policy in the UK?

    Middle East

• Turkiye extends, through December 2026, 0% withholding tax on income from government bonds, Treasury bills and certain lease certificates

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.