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

     This week's tax news from the Americas

• Canada | Northwest Territories budget 2024-25 introduced
  On 24 May 2024, Canada’s Northwest Territories Finance Minister Caroline Wawzonek tabled the territory's fiscal 2024-25 budget. The budget contains no new taxes (other than a previously announced vaping products tax) and no income tax increases. The minister anticipates an operating deficit of CA$150m for 2023-24 and projects an operating surplus of CA$294m for 2024-25, as well as operating surpluses for each of the next three years.

• Uruguay Tax Authority sets due dates to pay taxes stemming from noncompliance with special regimes' requirements
  The Uruguayan Tax Authority has set the due dates and outlined the conditions for paying corporate income tax, net-wealth tax, personal income tax and value-added tax, as applicable, that stem from noncompliance with the requirements for accessing tax benefits associated with mergers, spin-offs and capital gains from the transfer of capital participations.

• USTR to extend most of the 429 Section 301 tariff exclusions through 14 June 2024 — and some through 31 May 2025
  The United States Trade Representative announced in a 27 May 2024 Federal Register Notice (FRN) that it will extend through 14 June 2024 exclusions of 429 products (352 previously reinstated exclusions and 77 COVID-19-related exclusions), set to expire on 31 May 2024. The FRN also granted a one-year extension, through 31 May 2025, for more than 100 eligible product descriptions from List 1 through List 4A of Section 301(Annex C of FRN).

• Peru and Switzerland to begin negotiating new protocol on double-tax treaty
  In Ministerial Resolution No. 176-2024-EF/43, Peru announced that Peru and Switzerland will soon conduct the first round of negotiations for a protocol on a double tax treaty (DTT). Specifically, the ministerial resolution authorizes representatives of Peru’s Ministry of Economy and Finance to travel to Switzerland to negotiate an amending protocol to update the Peru-Switzerland DTT.

     This week's newsletters

• Report on recent US international tax developments - 31 May 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

     This week's tax treaty news from the Americas

• Argentina and Switzerland: social security agreement and administrative arrangement signed
• Brazil and Benin: amending protocol to update the air-services agreement signed
• Chile and Austria: income and capital tax treaty amended by Austria under most favoured nation clause
• Costa Rica and Iceland: exchange of information agreement entered into force
• Mexico and Curacao: air-services agreement entered into force
• Paraguay and Spain: income tax treaty approved by the Spanish Congress of Deputies
• Peru and Switzerland: first round of negotiations for protocol to tax treaty to be held
• United States and Kenya: sixth round of negotiations under Strategic Trade and Investment Partnership held

     Upcoming EY webcasts

• 12 June: Domestic tax quarterly webcast series: a focus on state tax matters - June 2024
• 13 June: BEPS 2.0: what to explore with the ongoing activity on Pillars One and Two
• 18 June: Accounting for income taxes: a quarterly perspective
• 21 June: Tax in a time of transition: legislative, economic, regulatory and IRS developments - June 2024

    Recently archived webcasts

• Spotlight on BEPS 2.0: developments and practical implications for US MNEs
• How mining and metals companies can navigate ESG tax and regulatory

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Podcast: Weekly US international cross-border taxation news for week ending 31 May 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

• Canada | Northwest Territories budget 2024-25 introduced
• Peru and Switzerland to begin negotiating new protocol on double-tax treaty
• Uruguay Tax Authority sets payment deadlines for noncompliance with special regimes' requirements
• USTR to extend most 429 Section 301 tariff exclusions through 14 June 2024 — and some through 31 May 2025

     Other Global Tax Alerts

• Belgium publishes Royal Decree Pillar Two Notification Form, starting countdown to first Pillar Two compliance submission, due 13 July 2024
• Cyprus provides update on submitting Summary Information Table for tax year 2022
• Greece transposes into law Minimum Tax Rate for MNE groups and large-scale domestic groups (BEPS Pillar Two)
• Saudi Arabia announces 12th wave of Phase 2 e-invoicing integration

     Transfer Pricing Alerts

• Algeria's annual transfer pricing declaration update; form now due by 30 June

     Indirect Tax Alerts

• Ghana Revenue Authority issues multiple administrative guidelines on Income Tax and VAT
• Saudi Arabia tax bulletin clarifies requirements and procedures for excise tax refund

     Human Capital Alerts

• China introduces new visa-free policy for nationals of Antigua and Barbuda and Georgia
• Indonesia launches Autogate system for eligible foreign nationals
• Slovenia’s Administrative unit staff strike impacts immigration services
• South Africa approves amendments to immigration regulations
• Sweden announces simplified requirements for certain residence permit applications
• Thailand approves new 10-year visa for qualifying highly skilled foreign nationals

      This week's EY Industry publications

        Life Sciences

• Beyond Borders: EY Biotechnology Report 2024

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 personnel.