04 November 2024 Americas Tax Roundup | 4 November 2024 | | | | A weekly summary of the top weekly tax news, trends
and developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - Chile enacts comprehensive tax compliance law
On 25 October 2024, Chile enacted Law No. 21,713, introducing a comprehensive tax compliance law. The tax package includes (1) changes in the application of the threshold for the general anti-avoidance rule, (2) a reformulation of the tax-free reorganization rules (including international reorganizations), (3) improvements in transfer pricing regulations focused on advance pricing arrangements (APAs), and (4) a simplified VAT regime for digital platforms. The law is effective 1 November 2024.
- G20 meeting highlights continued support for BEPS 2.0 and international tax cooperation
On 23-24 October 2024, G20 Finance Ministers and Central Bank Governors met in Washington, DC. The meeting concluded with a communiqué reaffirming the G20 Finance Ministers' commitment to the October 2021 statement of the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on the Base Erosion and Profit Shifting (BEPS) 2.0 project and to swift implementation by all interested jurisdictions. The G20 Finance Ministers also emphasized their commitment to working toward a fairer, more inclusive, stable and efficient international tax system fit for the 21st century.
- Nova Scotia to reduce Harmonized Sales Tax by one percentage point in 2025
In a news release dated 23 October 2024, Nova Scotia Premier Tim Houston announced that the province intends to reduce the provincial portion of the Harmonized Sales Tax (HST) from 10% to 9%, effective 1 April 2025, resulting in a new combined HST rate of 14%. If enacted, it would be the first rate change for the province since 1 July 2010, when the combined Nova Scotia HST rate increased from 13% to 15%.
- El Salvador's Tax Authority publishes list of tax havens for 2025
El Salvador's Tax Authority has issued its annual guide on transactions with tax havens, which lists countries, states and territories that are considered preferential tax regimes, low- or no-tax jurisdictions, or tax havens for Salvadoran tax purposes. This list will be effective for tax year 2025 (i.e., from 1 January through 31 December 2025).
| | | | | | | This week's newsletters | | | | | | | Upcoming EY webcasts 2024 Election webcasts A calendar of all upcoming EY webcasts is available. | | | | | | | Recent EY podcasts 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 Africa Asia Europe | | | | | | | | | Additional resources EY Global Tax News Update
EY's Global Tax Alerts and other content can be delivered directly to your inbox. Register for EY's Global Tax News Update. | EY Guides available for download
Browse our in-depth guides covering corporate tax, indirect tax, personal taxes, TP and other tax matters in more than 150 countries. |
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. | | | |
Document ID: 2024-2011 |
