September 30, 2024 2024-1779 Americas Tax Roundup | 30 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 - Peru enacts 1% excise tax on online gaming and online sports betting
Peru’s Executive enacted Legislative Decree 1644, establishing a 1% excise tax on online gaming and online sports betting. The excise tax is imposed when online gaming or online sports betting is conducted in Peru by a bettor with a habitual residence in Peru. The bettor’s habitual residence is considered in Peru when the bettor has a Peruvian IP address, Peruvian SIM card, Peruvian credit or debit card, or a Peruvian domicile.
- OECD releases outcomes of seventh peer review on BEPS Action 13 on CbCR
On 16 September 2024, the Organisation for Economic Co-operation and Development (OECD) published a compilation of the outcomes of the seventh annual peer review (the Compilation) of the minimum standard on Action 13 (Transfer Pricing Documentation and Country-by-Country Reporting) of the Base Erosion and Profit Shifting (BEPS) project. The Compilation covers 138 jurisdictions and confirms that jurisdictions' implementation of country-by-country reporting (CbCR) is largely consistent with the Action 13 minimum standard.
- OECD publishes first simplified peer review reports on BEPS Action 14
The OECD released the first two batches of reports reflecting the outcome of Stage 1 of the new simplified peer review process on implementation of the BEPS Action 14 Minimum Standard on dispute resolution under the mutual agreement procedure (MAP). This simplified review process, which began in January 2023, is designed for jurisdictions that do not have "meaningful MAP experience" and opt not to undergo the full peer review process. The simplified process evaluates a jurisdiction's tax treaty network, MAP profile, MAP guidance, compliance with the MAP Statistics Reporting Framework and the practical application of the minimum standard, where applicable.
- OECD holds signing ceremony for the STTR MLI
On 19 September 2024, the OECD held a signing ceremony for the Subject to Tax Rule (STTR) Multilateral Instrument (MLI). The STTR was developed by the members of the Inclusive Framework on BEPS as a component of the Pillar Two global minimum tax rules. The STTR is a treaty-based rule designed to provide a minimum level of taxation on specified intragroup payments that are taxed below 9% in the payee's jurisdiction. At the ceremony, nine jurisdictions signed the STTR MLI, and 10 additional jurisdictions expressed their intention to sign once their internal processes are completed.
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