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

     This week's tax news from the Americas

• US initiates review of other countries' imposition of digital services taxes on US companies and opens comment period on nonreciprocal trade arrangements
  On 21 February 2025, US President Trump signed a Presidential Memorandum directing a review and possible renewal of investigations into countries that have implemented digital services taxes (DSTs). The memorandum specifically targets seven countries: France, the United Kingdom, Italy, Spain, Austria, Turkiye and Canada. It also directs his administration to identify policies of other nations that may discriminate against US companies or impose burdens on US digital commerce and recommend actions to counteract such policies. Relatedly, on 20 February 2025, the US Trade Representative opened a public comment period for feedback under the America First Trade Policy Presidential Memorandum and the Reciprocal Trade and Tariffs Presidential Memorandum.

• US initiates investigation into imports of copper, scrap copper and copper derivatives
  US President Donald Trump signed an Executive Order on 25 February 2025 ordering an investigation to determine whether imports of copper, scrap copper and derivative copper products threaten to impair US national security. Citing Section 232 of the Trade Expansion Act, the Secretary of Commerce will initiate an investigation and issue a report within 270 days after consulting with the Secretary of Defense, Secretary of Interior, Secretary of Energy and heads of other relevant executive departments and agencies to assess the national security risks associated with copper import dependency.

• Canada Department of Finance confirms employee stock option change deferred to 2026
  On 7 February 2025, Canada’s Department of Finance confirmed with EY tax professionals that the deferral of the proposed increase in the capital gains inclusion rate extends to all proposed consequential amendments to the Income Tax Act, including the proposed amendments to the deduction for employee stock options. 

• Bermuda releases third public consultation for CIT administrative provisions
  On 17 February 2025, the Government of Bermuda began a third public consultation (Third Public Consultation) concerning the corporate income tax (CIT) provisions. The Third Public Consultation primarily addresses the administration of Bermuda's recently enacted CIT. The three-week consultation period runs from 17 February to 10 March 2025.

• Canada | Nova Scotia issues 2025-2026 budget
  On 18 February 2025, Nova Scotia Minister of Finance and Treasury Board John Lohr tabled the province's fiscal 2025-26 budget. The budget contains several tax measures affecting individuals and corporations. The minister anticipates a deficit of CA$697.5m for 2025-26 and projects deficits for each of the next two years, with a return to budgetary balance in 2028-29.

      This week's newsletters

• Report on recent US international tax developments - 28 February 2025
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.
• Trade Talking Points - 21 February 2025
  Our monthly report with the latest insights from EY's Trade Strategy team.

      Upcoming EY webcasts

• 5 March: The future state of transfer pricing controversy for life sciences
• 5 March: How do you confidently use AI to create new value?
• 6 March: The Competing Forces & Compromises Shaping Tax Policy
• 12 March: The outlook for global tax policy and controversy in 2025
• 13 March: How the EU Omnibus proposal can impact your company
• 14 March: Tax in a time of transition: Legislative, economic, regulatory and IRS developments
• 19 March: 20th Annual International Tax Quantitative and Reporting Conference

A calendar of all upcoming EY webcasts is available.

      Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 28 February 2025
• EY talks tax | International tax talk – 19 February 2025

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

• U.S. Department of State announces changes to nonimmigrant visa interview waiver policy

     Africa

• Egypt introduces new legislation to facilitate tax settlements
• Ghana's Social Security and National Insurance Trust notifies all employers of change in 2025 maximum insurable earnings
• Kenya Tax Appeals Tribunal rules that the sale of repossessed collateral is subject to VAT
• Kenya Tax Appeals Tribunal rules that packaging materials can qualify for excise duty relief under certain circumstances

     Asia

• Malaysia introduces new 1:3 Internship Policy to contribute to local talent development
• Taiwan introduces new Digital Nomad Visa

     Europe

• European Commission announces initiatives to improve competitiveness and adopts 2025 Work Programme
• EU's revised list of noncooperative jurisdictions for tax purposes is unchanged; state-of-play overview is modified
• Ireland introduces new employment permit for seasonally recurring work
• Portugal implements amendments to Immigration Law effective 14 February 2025
• Portugal issues regulations on Tax Incentive for Scientific Research and Innovation

     Middle East

• Qatar ratifies double tax treaty with Saudi Arabia
• Saudi Arabia expands scope of Saudi Qualification Verification Program

     Oceania

• Australia's employer sponsored migration reform and what to expect in an election year discussed

Additional resources

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 Mannetta, writer and editor

Distributed weekly to all Americas Tax personnel.