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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 - Canada responds to US Executive Orders imposing tariffs on imports originating in Canada
As a countermeasure to US tariffs imposed on 4 March 2025, Canada imposed a 25% surtax on CA$30b worth of US-origin goods under United States Surtax Order (2025-1). The surtax came into effect on 4 March 2025. A second round of tariffs on a proposed list of CA$125b worth of additional goods from the United States has been proposed. Canada's Department of Finance is conducting a public consultation process on the proposed list of goods until 2 April 2025. In exceptional circumstances, Canada may grant a remission for relief from the payment of retaliatory tariffs on US imports or a refund of tariffs paid. Requests for remission may be made to Canada's Department of Finance.
- European Union and Canada counter US steel and aluminum tariffs with retaliatory measures
Following the imposition 25% US steel and aluminum tariffs on 12 March 2025, the Canada and the European Union (the EU) separately announced their respective retaliatory measures affecting approximately US$28b and US$29b worth of US goods, respectively. The 25% Canadian tariffs take effect on 13 March 2025 and apply to products such as computers, sporting equipment and cast-iron products. The EU retaliatory tariffs will be implemented in two phases, starting on 1 April 2025. The first phase will reinstate a set of previously suspended 2018 and 2020 countermeasures against the US, set to expire on 31 March 2025. The range of products include bourbon, whiskey, boats and motorcycles. The second phase is expected to take effect in mid-April and likely includes a wide range of products that are primarily categorized as industrial and agricultural.
- Chile releases updated list of tax haven jurisdictions
In response to Law No. 21,713, the Chilean Tax Authorities updated the list of jurisdictions deemed to be tax havens for Chilean tax purposes. The new law changed the requirements for qualifying as a tax-haven regimen. The current list includes 105 countries.
- 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.
- OECD publishes third batch of simplified peer review reports on BEPS Action 14
On 4 March 2025, the Organisation for Economic Co-operation and Development (OECD) released the third batch of reports reflecting the outcome of Stage 1 of the new simplified peer review process on the implementation of the Base Erosion and Profit Shifting (BEPS) Action 14 minimum standard on dispute resolution under the mutual agreement procedure (MAP). This simplified review process, which began in July 2023, is designed for jurisdictions that do not have "meaningful MAP experience" and opt not to undergo the full peer review process.
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| | This week's EY Global Tax Alerts Americas Asia Europe Middle East | | |
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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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