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

     This week's tax news from the Americas

• Brazil moves major VAT reform bill to Senate for consideration
  Following approval by the Brazil Chamber of Deputies on 19 July 2024, a complementary bill (the Bill) on value-added tax (VAT) reform has been forwarded to the Federal Senate and is expected to pass within the next few months. The Bill would significantly simplify how indirect taxes are calculated but could also pose some challenges for taxpayers. Businesses will need to review and understand the effect the proposed changes could have on their current operating models, particularly considering major milestones in the transition period.

• Peru enacts rules for levying 18% VAT on use of digital services by individuals
  On 4 August 2024, the Executive enacted Legislative Decree 1623, establishing new rules for levying an 18% VAT on individuals’ use of digital services via online platforms and their import of intangibles via the internet. The legislative decree also implements a mechanism through which nonresident digital services providers, or nonresident sellers of intangibles, must register before the Peruvian Tax Authority, obtain a Tax ID, withhold the VAT and pay it to the Peruvian Tax Authority.

• G20 Finance Ministers affirm commitment to BEPS 2.0 and enhanced global tax cooperation
  At a 25-26 July 2024 meeting in Rio de Janeiro, G20 Finance Ministers and Central Bank Governors reaffirmed their commitment to the October 2021 statement of the OECD/G20 Inclusive Framework on the Base Erosion and Profit Shifting (BEPS) 2.0 project and to its swift implementation by all interested jurisdictions. The G20 Finance Ministers also expressed, among other things, their commitment to finalizing all components of the Pillar One agreement expeditiously and their intent to engage cooperatively on effective taxation of ultra-high-net-worth individuals in the G20 and in other forums.

     This week's newsletters

• Report on recent US international tax developments - 9 August 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.
• PE Watch | Latest developments and trends, July 2024
  EY's monthly report with brief summaries of the latest permanent establishment activity and trends.

     Recently archived 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

A calendar of all upcoming EY webcasts is available.

     Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 9 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

     Africa

• Kenya Court of Appeal declares the Finance Act, 2023 unconstitutional one year later
• Kenya High Court rules technical fees are not taxable in source country unless recipient has PE in source country under Kenya-France DTA

     Asia

• Hong Kong announces new immigration clearance service for eligible Macau permanent residents

     Europe

• Danish Government plans to introduce a new agriculture CO2 tax
• Danish Parliament introduces CO2 tax on fuels and CO2-emission tax on industry from 2025
• Italy introduces new provisions to Cooperative Compliance regime
• Poland announces increased compliance controls on foreign business visitors and workers

     Middle East

• Israel postpones launch of the Electronic Travel Authorization system until January 2025
• Saudi Arabia announces 14th wave of Phase 2 e-invoicing integration
• Turkiye enacts and publishes amendments to various tax laws for corporations and individuals, including Pillar Two legislation
• Turkey simplifies residence permit application process for certain individuals

    Oceania

• Australian public country-by-country reporting Bill progress update

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.