| | This week's tax news from the Americas - USTR extends certain exclusions from China Section 301 tariffs
On 31 May 2025, the Office of the United States Trade Representative (USTR) announced a three-month extension of certain product exclusions from Section 301 tariffs on Chinese imports. This decision affects 164 exclusions previously extended in May 2024 and 14 exclusions granted in September 2024, including items such as solar manufacturing equipment.
- US increases import tariffs on aluminum and steel
In a proclamation dated 3 June 2025, the United States increased tariffs on aluminum and steel imports from 25% to 50% ad valorem. The new tariff rates apply to both steel and aluminum articles, as well as their derivative products, and are effective 4 June 2025.
- United States | Proposed IRC Section 899 would affect certain asset management entities
Proposed Section 899, which passed the House of Representatives 22 May 2025, as part of the tax reconciliation bill, would respond to "unfair foreign taxes" by imposing increased US tax rates on certain entities and individuals from "discriminatory foreign countries." If enacted, this provision would have significant implications for the asset management industry as it would impact certain cross-border income flows that are generally earned by hedge funds, private equity funds and their portfolio companies, regulated investment companies (RICs), lending funds, business development corporations (BDCs), real estate investment trusts (REITs), collective investment vehicles (CIVs) (including UCITS-compliant vehicles), and sovereign wealth funds.
- Argentina enacts Multilateral Instrument law
Law No. 27,788, published in Argentina's Official Gazette on 28 May 2025, approves the Multilateral Instrument (MLI) to implement Tax-Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (BEPS).
- Argentina issues measures to further deregulate
On 23 May 2025, the Argentine National Executive Branch (PEN in Spanish) published in the Official Gazette Decree No. 353, which, together with General Resolution 5699/2025, introduces measures that reduce the mandatory reporting regimes for individuals and legal entities.
- Peruvian Executive Branch ratifies OECD Multilateral Convention
On 27 May 2025, the Peruvian Executive Branch (Presidency and Ministry of Foreign Affairs) approved Supreme Decree 013-2025-RE, ratifying the country's adherence to the MLI established by the Organisation for Economic Co-operation and Development (OECD), to align the country's existing tax treaty network with the OECD standards on BEPS.
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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. | |
