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 special installment payment regime for tax debts due by 31 December 2023
  Peru’s Executive enacted Legislative Decree 1634, establishing a special installment payment regime for tax liabilities that were due 31 December 2023. The special installment payment regime applies to income tax, value-added tax, excise tax, the special mining tax and other taxes.

• 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.

     This week's newsletters

• Report on recent US international tax developments - 27 September 2024
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

• Trade Talking Points | Latest insights from EY's Trade Strategy team (September 2024)
  Our monthly report with the latest insights from EY's Trade Strategy team.

     Upcoming EY webcasts

• 1 October: Practical CbCR considerations in the context of BEPS 2.0 Pillar Two
• 2 October: Corporate alternative minimum tax: what the proposed regulations could mean for companies
• 8 October: International tax talk quarterly series: anti-hybrid mismatch provisions - perspectives from across the world
• 17 October: How digitalization reshapes supply chains and operating models
• 18 October: Tax in a time of transition: US legislative, economic, regulatory and IRS developments
• 24 October: Private Equity & Private Capital Quarterly Tax Update - Q3 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 27 September 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

• Argentina implements a temporary regulation allowing Venezuelan nationals to regularize their residence status in the country
• Canada announces additional changes to temporary residence programs

     Africa

• Kenya employers to begin making contributions to Social Health Insurance Fund
• Kenya Tax Appeals Tribunal rules on excise duty relief for packaging preforms

     Asia

• Indonesia introduces new visa-free policy for nationals of Colombia and Suriname, Hong Kong residents and Singaporean permanent residents
• Indonesia reintroduces Health Pass requirement amid Mpox concern

     Europe

• Germany extends land border controls to additional countries
• Irish Tax Appeal Commission rules on treatment of stock-based compensation in services cost base transfer pricing dispute
• Italy officially releases Public CbCR legislation
• Slovakia introduces tax on sweetened nonalcoholic beverages
• Sweden's changes to EU Blue Card regulations expected to go into effect on 1 January 2025
• UK to launch a consultation on e-invoicing

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.