21 April 2025 Americas Tax Roundup | 21 April 2025 | | | | A weekly summary of the top weekly tax news, trends
and developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - Brazil enacts law allowing for retaliatory taxation
On 14 April 2025, the Brazilian government enacted Law No. 15.122/25, empowering the government to implement countermeasures against countries imposing retaliatory measures on Brazilian products. Those countermeasures include (1) restricting the availability of goods and products from economic blocs and countries that impose any form of environmental restrictions on international trade, or (2) increasing certain taxes for specific countries.
- Canada | Latest Canada-US trade developments — as of 10 April 2025
This Tax Alert summarizes certain recent developments in the Canada-United States (US) trade landscape as of 10 April 2025, including the US's pause on certain tariffs announced earlier in April and Canada's countermeasures on automobile tariffs. Further, the Alert provides an update on ongoing investigations and exemptions related to trade duties and tariffs.
- Argentina eliminates most remaining foreign exchange controls
On 11 April 2025, the Argentine Central Bank (BCRA) issued Communication "A" 8226, eliminating restrictions on dividend distributions for retained earnings generated after 1 January 2025 and most remaining foreign exchange controls. The BCRA also eliminated restrictions on individuals accessing the Official Exchange Market.
- Canada Revenue Agency announces federal and provincial tax payment deferral until 30 June 2025
With the imposition of new tariffs and the economic uncertainty surrounding ongoing trade developments between the United States and Canada, the Canada Revenue Agency announced a deferral of corporate income tax payments and Goods and Services Tax/Harmonized Sales Tax remittances from 2 April to 30 June 2025, with interest waived during this period. Additionally, the provinces of Manitoba, Ontario and Quebec announced certain tax payment deferral relief.
- Canada | Newfoundland and Labrador budget 2025-26
On 9 April 2025, Newfoundland and Labrador Deputy Premier and Finance Minister Siobhan Coady tabled the province's fiscal 2025-26 budget. The budget contains no new taxes and no income tax increases. The minister anticipates a deficit of CA$372m for 2025-26 and projects a return to a surplus in 2026-27.
- Canada | Prince Edward Island budget 2025-26
On 10 April 2025, Prince Edward Island Finance Minister and Chair of Treasury Board Jill Burridge tabled the province's fiscal 2025-26 budget. The budget proposed to decrease the provincial general corporate income tax rate from 16% to 15% and increase the CA$500,000 small-business limit to CA$600,000, effective 1 July 2025. The budget also included a proposed increase in the provincial personal income tax brackets of 1.8% and increases to certain personal tax credits.
- OECD/G20 Inclusive Framework issues statement following plenary meeting
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework issued a statement on 11 April 2025, following its meeting in Cape Town, South Africa. The statement indicates there were constructive discussions, including on the original Base Erosion and Profit Shifting (BEPS) project and the BEPS 2.0 project. The statement further notes that members recognized the critical importance of securing certainty and stability, particularly on Pillars One and Two, and agreed to continue discussions in furtherance of this objective.
- UN negotiating committee of Framework Convention on International Tax Cooperation releases roadmap and guidelines
On 4 April 2025, the intergovernmental negotiating committee of the United Nations Framework (UN) Convention on International Tax Cooperation released an initial roadmap and working methods for developing the Framework Convention and two early protocols, along with guidelines for intersessional work. The roadmap outlines a schedule for the development process with milestones for each workstream from March 2025 to July 2027, including dates, responsible entities, actions and documents to be prepared. The intergovernmental negotiating committee plans to convene three sessions annually during this period, with the first substantive session scheduled for August 2025. The roadmap and guidelines contemplate informal consultations between these formal meeting sessions, including consultations with stakeholders.
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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. | | | |
Document ID: 2025-0917 |
