09 December 2024

Americas Tax Roundup | 9 December 2024

 
 

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

 
 
      
 

     This week's tax news from the Americas

  • United States President-elect discusses tariffs on Canada and Mexico, and additional tariffs on China
    United States (US) President-elect Donald Trump published on TRUTH social (a social media platform owned by Trump Media & Technology Group) that one of his first executive orders will be to impose a 25% tariff on all products imported into the United States from Mexico and Canada. Trump added that these tariffs would remain in place until the countries intensify efforts to combat drugs and illegal immigration. Trump also discussed imposing an additional 10% tariff on Chinese products, on top of the tariffs already in place, until it is concluded that China has taken a stronger stance on the issues of drugs crossing into the United States from the Mexico border.
  • Canada proposes temporary GST/HST relief for holiday essentials
    On 21 November 2024, Canada announced it will introduce legislation to provide temporary relief from the Goods and Services Tax/Harmonized Sales Tax (GST/HST) on holiday essentials, such as groceries, restaurant meals, children's clothing and footwear, and children's toys. If enacted, relief would apply from 14 December 2024 through 15 February 2025. Given that the onset of the relief period is fast approaching, retailers should prepare by reviewing their inventories and adjusting their point-of-sale software as soon as possible.
  • Canada's clean technology manufacturing investment tax credit - an update
    The Department of Finance released for public comment draft legislative proposals on the clean technology manufacturing investment tax credit (ITC), which would clarify and expand the existing rules. The draft legislative proposals are generally consistent with previous announcements and include various technical amendments.
  
 
 

     This week's newsletters

  • TaxMatters@EY | December 2024
    Our monthly Canadian summary to help you get up to date on recent tax news, case developments, publications and more.
  
 
 

     Upcoming EY 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

     Oceania

  
 
 

      This week's EY publications

     Banking and Capital markets

     Energy

     Insurance

     Mergers and Acquisitions

     Mining and metals

     Tax

  
 
 
 

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 Tax News Update Help at: ustaxalertshelp@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: 2024-2224