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May 28, 2024

Americas Tax Roundup | 28 May 2024


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


     This week's tax news from the Americas

  • Canada | Finance releases details on CA$10m capital gains exemption on sale to employee ownership trust
    In early May 2024, Bill C-69, Budget Implementation Act, 2024, No. 1, received first reading in the House of Commons. Bill C-69 implements the measures contained in the notice of ways and means motion that was tabled on 30 April 2024, including the temporary exemption from taxation of the first CA$10m in capital gains realized on the sale of a business to an employee ownership trust. This measure was first announced in the 2023 fall economic statement and confirmed in the 2024 federal budget.
  • Colombian Tax Authority issues new ruling on Significant Economic Presence
    The Colombian Tax Authority issued Ruling No. 100208192-305, aimed at resolving several concerns in relation to the significant economic presence (SEP) rules. Under the SEP rules, nonresidents who sell goods and/or provide certain digital services to customers and/or users located in Colombia may create an SEP. In such a scenario, the nonresident seller will be subject to Colombian income tax either through (i) a 10% withholding tax, or (ii) a 3% income tax calculated on the gross income obtained in Colombia.
  • Honduran Tax Authority launches its new Virtual Office
    The Honduran Tax Authority has announced the launch of its new virtual office. The new virtual office aims to streamline and improve the taxpayer experience by providing an online website that simplifies the process and reduces the time required to fulfill tax obligations.
  • USTR publishes further guidance on impacted China-origin products subject to additional Section 301 tariffs
    On 22 May 2024, the United States Trade Representative (USTR) issued a formal statement concerning recent updates to the Section 301 tariff actions and published a Federal Register Notice (FRN) detailing the conclusion of the statutory four-year review. The statement and FRN provide additional information for companies in consideration of the 14 May 2024 announcement from the White House and the USTR that formalized continued Section 301 of Trade Act of 1974 duties and intention to increase such duties between 2024 and 2026 on certain Chinese products in strategic sectors totaling US$18b.

     This week's newsletters


     This week's tax treaty news from the Americas

  • Argentina and Hungary: first round of negotiations for revision to the investment protection agreement held
  • Argentina and Korea: meeting held to discuss concluding a tax treaty
  • Honduras and People’s Republic of China: fifth round of negotiations for a free trade agreement held
  • Peru and United Kingdom: tax treaty initialed
  • Venezuela and Turkiye: investment protection agreement ratified by Venezuela

     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 Tax Alerts

     Other Global Tax Alerts

     Transfer Pricing Alerts

     Indirect Tax Alerts

     Human Capital Alerts


      This week's EY Industry publications

     Oil and Gas

      This week's EY Services publications

     People and Workforce




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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 personnel.