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| | A weekly summary of the top weekly tax news, trends
and developments in the Americas | |
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| | This week's tax news from the Americas - US adjusts tariffs on Canada and Mexico in response to automotive industry concerns
United States President Donald Trump signed Executive Orders on 6 March 2025, amending the Executive Orders on "Imposing Duties to Address the Flow of Illicit Drugs Across Our Northern Border" and "Imposing Duties to Address the Situation at Our Southern Border" originally signed on 1 February 2025. The new Executive Orders provide exemption from the 25% duty levied on all Mexican and Canadian imports that qualify under the United States-Mexico-Canada Free Trade Agreement. They also adjusted the import duty for nonqualifying potash from Canada and Mexico from 25% to 10%, leaving the 10% duty on nonqualifying Canadian energy products in effect as well.
- US initiates investigation into imports of timber, lumber and their derivative products
President Donald Trump signed an Executive Order on 1 March 2025 ordering an investigation to determine whether imports of timber, lumber and their derivatives products threaten to impair United States national security. Citing Section 232 of the Trade Expansion Act, the Executive Order directs the Secretary of Commerce to initiate an investigation and issue a report within 270 days after consulting with the Secretary of Defense and heads of other relevant executive departments and agencies to assess the national security risks associated with the import dependency of timber, lumber and their derivative products in the wood products industry.
- Canada | Alberta budget 2025-26
On 27 February 2025, Alberta Minister of Finance and President of Treasury Board Nate Horner tabled the province's fiscal 2025-26 budget. The budget contains mostly tax measures affecting individuals. The minister anticipates a deficit of CA$5.2b for 2025-26 and projects further deficits of CA$2.4b for 2026-27 and CA$2.0b for 2027-28.
- Canada | Nunavut budget 2025-26
On 24 February 2025, Nunavut Finance Minister Lorne Kusugak tabled the territory's fiscal 2025-26 budget. The budget contains no new taxes and no income tax increases. The minister anticipates an operating deficit of CA$188m for 2024-25 and projects an operating deficit of CA$124.1m for 2025-26.
- Canada | British Columbia budget 2025-26
On 4 March 2025, British Columbia Finance Minister Brenda Bailey tabled the province's fiscal 2025-26 budget. The budget contains several tax measures affecting individuals and corporations. The budget contains no new taxes and no income tax increases. The minister anticipates a deficit of CA$10.9b for 2025-26 and projects deficits for each of the next two years.
- G20 Finance Ministers' meeting discussion on international taxation
On 26-27 February 2025, the first meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) under the South African G20 Presidency, was held in Cape Town. At the conclusion of the meeting, the Chair issued a summary (Chair's Summary) of the discussion. The Chair Summary invites the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to report on progress on BEPS by the October 2025 G20 FMCBG meeting. The Chair's Summary also calls for new work on strengthening revenue administrations and understanding how tax policies in the field of individual taxation may affect inequality. In addition, the Chair's Summary encourages constructive engagement in the development of the United Nations Framework Convention on International Taxation Cooperation.
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| | This week's newsletters | | |
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| | Upcoming EY webcasts A calendar of all upcoming EY webcasts is available. | | |
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| | Recent EY podcasts All episodes of the EY Cross-Border Taxation Spotlight and
EY Talks Tax are available through Apple podcasts. | | |
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| | This week's EY Global Tax Alerts Africa Asia Europe Middle East | | |
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| | This week's EY publications Banking & Capital Markets Mining & Metals Energy Financial Services Tax | | |
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| | Additional resources EY Global Tax News Update
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| | 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. | |
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