01 July 2024 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
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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. | | | |
Document ID: 2024-1288 |
