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July 1, 2024
2024-1288

Americas Tax Roundup | 1 July 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 substantively enacts Global Minimum Tax Act
    On 19 June 2024, Bill C-69, Budget Implementation Act, 2024, No. 1, received third reading in the House of Commons and became substantively enacted for Canadian financial reporting purposes. Bill C-69 includes a revised version of Canada's Global Minimum Tax Act (GMTA), which implements into Canadian domestic law the global minimum tax under Pillar Two as developed by the Organisation for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting.
  • Canada enacts 2024 Federal Budget Implementation Bill No. 1, including Global Minimum Tax Act
    On 20 June 2024, Bill C-69, Budget Implementation Act, 2024, No. 1, received Royal Assent and became enacted. Bill C-69 implements Canada's global minimum tax legislation, as well as certain tax measures announced in the 2024 federal budget and the 2023 federal fall economic statement. Bill C-69 also includes some technical amendments to the carbon capture, utilization and storage ITC and the clean technology ITC.
  • Canada enacts income and indirect tax measures under Bill C-59 budget bill
    On 20 June 2024, amended Bill C-59, Fall Economic Statement Implementation Act, 2023, received Royal Assent and became enacted. Bill C-59 implements certain income and indirect tax measures from the 2023 federal budget, certain measures from the 2023 fall economic statement, and other previously announced tax measures. Other measures include enactment of Canada's domestic digital services tax and a new exception to the denial of the dividend-received deduction by financial institutions, which applies to insurance corporations.
  
 
 

     This week's newsletters

  
 
 

     This week's tax treaty news from the Americas

  • Argentina and Czech Republic: agreement made to begin working on a tax treaty
  • Brazil and Czech Republic: social security agreement approved by Brazil
  • Canada and Ecuador: social security agreement signed
  • Chile and EFTA: amending protocol to update 2003 free trade agreement signed
  • Curacao and Suriname: Dutch Minister of Foreign Affairs authorized to sign, on behalf of Curaçao, income and capital tax treaty with Suriname
  • Peru and People’s Republic of China: seventh round of negotiations for revision to the 2009 free trade agreement held
  
 
 

     Upcoming EY webcasts

     Recently archived 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

     Asia

     Europe

     Middle East

  
 
 

      This week's EY Industry publications

     Financial Services

     Real Estate

      This week's EY Services publications

     People Advisory Services

  
 
 
 

Additional resources

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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.