A weekly summary of the top weekly tax news, trends
and developments in the Americas

      This week's tax news from the Americas

• US IRS APA report for 2023 shows number of APAs executed more than doubled
  The US IRS Advance Pricing and Mutual Agreement Program (APMA) issued the 25th annual Advance Pricing Agreement (APA) report (the Report) on 30 March 2024, in Announcement 2024-16. The Report discusses the APMA, including its activities and structure for calendar year 2023, and gives useful insights into its operation.

• Canada's proposed clean hydrogen investment tax credit discussed
  EY reviews draft legislative proposals for the introduction of Canada's clean hydrogen investment tax credit (ITC), which was initially announced in the 2022 federal budget, confirmed in the 2023 federal budget and released for public consultation on 20 December 2023. The clean hydrogen ITC legislative proposals are generally consistent with the federal government's previous announcements relating to the credit. The draft legislative proposals also contained measures related to the clean technology manufacturing ITC.

• Canada | Manitoba Budget 2024-25 includes certain business tax credits
  On 2 April 2024, Manitoba Finance Minister Adrien Sala tabled the province's fiscal 2024-25 budget. The budget contains several tax measures affecting corporations and individuals. The budget contains no increases in the corporate or personal income tax rates but does introduce a phase-out of a few business tax credits and the basic personal amount above a certain net income level, beginning in 2025.

• Ecuador extends state of emergency until 8 April 2024
  On 29 March 2024, Ecuador extended the ongoing state of emergency in the country until 8 April 2024 to manage domestic security concerns.

• EY Canada’s Tax Matters@EY - April 2024
  The latest edition of TaxMatters@EY is available. Highlights in this edition include (i) recent legislative developments and (ii) important considerations for registered retirement savings plans as individuals prepare for retirement.

• Digital services tax – 2024 jurisdiction activity summary (1 April 2024)
  An updated version of EY's DST jurisdiction activity summary, current as of 1 April 2024, is now available. The summary outlines the status, scope, rate, thresholds, exclusions, and effective dates of DSTs in 24 jurisdictions. It also includes links to relevant EY Global Tax Alerts and EY contact details.

      This week's newsletters

• EY Cross-Border Taxation Spotlight | 5 April 2024
  Our weekly report with brief summaries of all the week's US tax developments and related activity.

• Washington Dispatch | March 2024
  Prepared by Ernst & Young's International Tax and Transaction Services group, this monthly newsletter summarizes recent developments in US international taxation

      This week's tax treaty news from the Americas

• Chile and Korea (Rep.): ninth round of negotiations for revision to free trade agreement held
• Colombia and Netherlands: income tax treaty approved by Dutch Lower House

      Upcoming EY webcasts

• 11 April: How leveraging AI impacts the commodities trading lifecycle
• 18 April: US REIT capital markets, legislative outlook and SEC climate disclosures
• 19 April: Tax in a time of transition: US legislative, economic, regulatory and IRS developments
• 24 April: US corporate income tax compliance: Planning for tax year 2023 and beyond

A calendar of all upcoming EY webcasts is available.

      Recent EY podcasts

• EY Cross-Border Taxation Spotlight | 5 April 2024
• EY Talks Tax | The outlook for global tax policy and controversy in 2024
• Washington Dispatch | March 2024

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 Tax Alerts

• Report on recent US international tax developments — 5 April 2024
• Canada's proposed clean hydrogen investment tax credit discussed
• Canada | Manitoba Budget 2024-25 includes certain business tax credits
• Ecuador extends state of emergency until 8 April 2024
• US IRS APA report for 2023 shows number of APAs executed more than doubled

     Other Global Tax Alerts

• China | Highlights of revised Company Law
• Dubai amends DIFC Employment Law, requiring employer 'top-up' payments
• Ireland announces new registration process for residence permit applicants in Meath, Kildare and Wicklow counties
• Luxembourg tax administration publishes FAQs on Pillar Two clarifying disclosure requirements for deferred taxes
• New Zealand enacts OECD GloBE (Pillar Two) rules effective 1 January 2025
• Saudi Arabia announces 10th wave of Phase 2 e-invoicing integration
• Saudi Arabia issues new Executive Regulations for Zakat Collection
• Thailand releases draft Top-up Tax Act to implement the global minimum tax rules under BEPS 2.0 Pillar Two

     Human Capital Alerts

• Cyprus' Ministry of Interior provides additional clarification regarding naturalization applications
• Finland announces land border closure with Russia to continue until further notice, multiple maritime border crossing points to close as of 15 April 2024
• Italy announces new Digital Nomad Visa
• Qatar announces new five-year Mustaqel residence visa for foreign talent and entrepreneurs

     Indirect Tax Alerts

• Pakistan introduces special procedure for tax payments by traders and shopkeepers
• Trade Talking Points | Latest insights from EY's Trade Strategy team (March 2024, no. 2)

 
     This week's EY Industry publications

     Banking & Capital markets

• How banking leaders are reimagining transformation programs

     People and workforce

• How GenAI can unleash potential for knowledge and frontline workers
• What payroll regulatory changes are effective from April 2024

     Managing Risk

• How organizations can navigate compliance and greenwashing risks

Additional resources

Comments. If you have any questions or suggestions about this newsletter, please email Global Tax News Update Help at: globaltaxnewsupdatehelp@ey.com.

About Americas Tax Roundup

Published by NTD's Tax Technical Knowledge Services Group, Washington, D.C.
Jennifer Brittenham, writer and editor

Distributed weekly to all Americas Tax personnels.