September 23, 2024
2024-1735 Americas Tax Roundup | 23 September 2024 | | | | A weekly summary of the top weekly tax news, trends
and developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - Colombian 2024 tax reform bill submitted to Congress, would affect corporate and capital gains rates, among others
On 10 September 2024, the Colombian government submitted to the Congress a tax reform bill (Financial Law) aimed at covering a gap of approximately US$4b in the proposed 2025 budget law, which is also currently under discussion in the Congress. The 2024 tax reform bill proposes: (i) a progressive corporate income tax rate and a phased reduction of the marginal rate (35%); (ii) an increase in the minimum tax rate from 15% to 20%; and (iii) an increase in the capital gains tax rate from 15% to 20%.
- Canada imposes surtaxes on imports of Chinese EVs, steel and aluminum products, considers surtaxes on critical manufacturing goods
On 26 August 2024, Canada’s Department of Finance (Finance) announced that the government intends to implement a 100% surtax on all Chinese-made electric vehicles (EVs), effective 1 October 2024. In addition, the federal government intends to apply a 25% surtax on imports of steel and aluminum products from China, effective 15 October 2024. As part of the same announcement, Finance indicated that a consultation would be launched for other key sectors in the near term. On 10 September 2024, Finance announced a 30-day consultation period, from 10 September 2024 to 10 October 2024, on potential surtaxes in response to Chinese trade practices in critical manufacturing sectors related to EV production.
- USTR publishes final Notice of modification of actions on impacted Chinese origin products subject to increase in additional Section 301 tariffs and applicable exclusions
On 13 September 2024, the United States Trade Representative (USTR) finalized its modification of actions relative to 14 product groups as either subject to an increase in Section 301 of the Trade Act of 1974 (Section 301) tariffs or eligible for exclusions based on conclusion of its four-year review. These modification actions respond to a USTR 28 May 2024 Notice (USTR May Notice), which covered 382 Harmonized Tariff Schedule of the United States (HTSUS) subheadings and 14 product groups with an approximate annual trade value of US$18b, including steel and aluminum, semiconductors, electric vehicles (EV), batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.
- US White House publishes Fact Sheet outlining proposed changes to de minimis shipments exemption
On 13 September 2024, the Biden-Harris Administration published a Fact Sheet outlining its intent to publish two Notices of Proposed Rulemaking (NPR) and one Final Rule relating to de minimis shipments, which are shipments that are valued at US$800 or less and permitted to enter the United States without duties and taxes, and with less stringent import documentation, when imported by one person in one day. The NPRs would exclude certain shipments from the de minimis exemption, most notably those goods subject to the punitive 301 tariffs, and strengthen information collection requirements. The Final Rule would require importers of consumer products to electronically file Certificates of Compliance with US Customs and Border Protection and the Consumer Product Safety Commission at the time of entry, including for de minimis shipments.
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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. | | | |
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