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

     This week's tax news from the Americas

• Canada | Changes to treatment of concessional loans could increase credits and deductions available under incentive program for scientific research and experimental development
  Important legislative amendments to Canada’s Income Tax Act (ITA) in Bill C-69, Budget Implementation Act, 2024, No. 1, directly affect the tax incentive program for scientific research and experimental development (SR&ED). Specifically, the amendments exclude certain bona fide concessional loans from being considered government assistance. The exclusion of these concessional loans from the definition of government assistance means that taxpayers can potentially claim higher SR&ED investment tax credits and SR&ED pool deductions.

• Canada imposes provisional duties on imports of high-protein content pea protein from China
  On 22 July 2024, the Canada Border Services Agency (CBSA) made preliminary determinations on dumping and subsidizing high-protein content (HPC) pea protein originating in or exported from China, under subsection 38(1) of the Special Import Measures Act (SIMA). Provisional duties ranging from 1.1% to 54.6% will now apply to the import of these goods on or after 22 July 2024.

     This week's newsletters

• Report on recent US international tax developments - 2 August 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

     Upcoming EY webcasts

• 8 August: Crypto and digital asset information reporting: new regulations outline reporting requirements for digital asset brokers and include transition relief for certain brokers
• 9 August: Tax in a time of transition: legislative, economic, regulatory and IRS developments - August 2024

     Replays of webcasts

• 25 July: 2024 alternative and registered funds midyear update

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 2 August 2024
• EY Podcast | How GenAI will impact the law department - 1 August 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

• Costa Rica to introduce changes in consular registration and fingerprinting requirements effective July 2025

     Africa

• Kenya introduces Income Tax (Charitable Organizations and Donations Exemption) Rules, 2024
• Kenya publishes Climate Change (Carbon Markets) Regulations, 2024
• Tanzanian Finance Act, 2024 makes changes affecting businesses and individuals

     Asia

• India releases Union Budget 2024
• Macau launches online entry authorization system for eligible Hong Kong permanent residents
• Singapore announces several immigration changes
• South Korea announces new rule for F-3 Dependent Visa applications filed at the KOTRA office in Seoul
• Thailand implements new visa exemptions for nationals of over 90 jurisdictions and new digital nomad visa

     Europe

• European Union announces visa-free policy for certain Serbian nationals who enter the Schengen Area
• Luxembourg proposes reduction in corporate income tax rates and other changes
• German Ministry of Finance regulations comment on Advance Mutual Agreements, including Advance Pricing Agreements
• Gibraltar proposes to tax gains on sales of certain residential real estate
• Slovakia introduces several immigration changes, impacting Blue Card applicants and other third-country employees

     Middle East

• Israel to adopt local minimum tax regime (QDMTT) from 2026

      This week's EY publications

     Banking and Capital Markets

• Banking structure reports: what they are, why they matter

     Legislation & Policy

• Budget reconciliation basics

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.