A summary of the top weekly tax developments in the Americas

     This week's tax news from the Americas

• Canadian government announces new productivity mega deduction for capital investments
  The Canadian government has proposed a productivity mega deduction that would permanently allow taxpayers to immediately expense eligible capital property acquired after 14 September 2026, expanding coverage from approximately 15% to about two-thirds of capital asset investments. Eligible taxpayers generally could deduct the full cost when property becomes available for use, subject to certain exclusions. Qualified liquefied natural gas equipment would receive permanent immediate expensing, and the proposed emissions-intensity test would be removed so qualified equipment would be eligible for immediate expensing and related buildings would qualify for accelerated depreciation.

• Canada implements counter-tariffs
  In two orders-in-council (SOR/2026-186 and SOR/2026-187) released 7 September 2026, the Canadian government implemented the counter-tariffs announced on 25 August 2026 in response to US tariffs imposed on Canadian goods. The measures cover CA$27.6b in imports from the United States and focus on sectors most affected by the US tariffs. Effective 8 September 2026, SOR/2026-186 imposes surtaxes of 15%, 25% or 50% on specified US-origin goods, including certain dairy products, appliances, agricultural equipment, pulp and paper products, electronics, clothing, furniture and other consumer and industrial goods. The surtax applies to the goods' value for duty. Also, effective 8 September 2026, SOR/2026-187 increases the surtax on most US-origin steel and aluminum products covered by the existing Steel and Aluminum Order from 25% to 50%. Only specified aluminum and steel products remain subject to the 25% rate, and goods that were in transit to Canada on the effective date remain subject to the previously applicable rate.

• Colombia reconsiders reinvestment requirement under the dividend provisions of the Colombia-Spain tax treaty, eliminates withholding tax
  In Tax Opinion No. 015313 (internal 1605), the Colombian Tax Authority (DIAN) concluded that the dividend provisions in the Colombia-Spain tax treaty only require Spanish investors to reinvest 35% (rather than 65%) of previously untaxed dividends from a Colombian company. The DIAN also concluded that a 35% withholding tax no longer applies to these dividends. The changes, which are effective 1 September 2026, and supersede the DIAN’s position in Tax Opinion No. 48261 of 2012, could significantly improve a company's cash flow.

      This week's newsletters

• Report on recent US international tax developments - 18 September 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 - 9 September 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 - 11 September 2026
  Our monthly report with brief summaries of the latest permanent establishment activity and trends.

• Trade Lines - 11 September 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.

      Upcoming EY webcasts

• 22 September: What you need to know for Q3 2026 financial reporting (Offering - 2 of 2)
• 23 September: How retailers can win when AI agents make buying decisions
• 24 September: Private equity & private capital quarterly tax update – Q3 2026
• 24 September: BorderCrossings with EY transfer pricing and tax professionals - September 2026
• 24 September: 2026 TMT Corporate Development Survey: What leading TMT acquirers do differently

A calendar of all upcoming EY webcasts is available.

      Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 18 September 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

     Americas

• Canada | British Columbia's expanded sales tax rules are effective 1 October 2026

     Europe

• The Netherlands publishes budget proposals with key tax legislative updates for 2027
• Netherlands | The Hague Court of Appeal rules on arm's-length pricing of intragroup credit facilities with headroom

     Oceania

• Australian Taxation Office finalizes software royalties ruling and expands compliance approach

 
     This week's EY Industry publications

     Banking and Capital markets

• How prediction markets are creating new opportunities and challenges

     Consumer products and Retail

• Growth strategy under pressure: How CP&R leaders are navigating a tougher market

     Power and utilities

• How utilities can strengthen customer trust through energy wellbeing
• Why tax and finance transformation for utilities is now essential

     Tax

• How early tax input improves outcomes in carve-outs
• The modern head of tax: navigating the first year
• Building an ecosystem-powered tax function with AI and trusted data

     Trade

• Tariff refunds: 3 ways to help reduce the process’s corporate risk

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.