| | This week's tax news from the Americas EY US offices are closed 30 June to 4 July. The next Americas Tax Roundup will be published on 14 July. - United States | Senate Finance Committee version of tax reconciliation bill adds new international proposals, modifies other proposals in House-passed bill
On 16 June 2025, the US Senate Finance Committee released a draft reconciliation bill containing numerous tax provisions, including extensions of many 2017 Tax Cuts and Jobs Act (TCJA) provisions expiring at the end of 2025. This draft follows the House bill, which was passed on 22 May 2025, but makes some significant changes to the international tax rules. For example, the Senate bill would have delayed application of proposed Section 899 by one year and limited its tax rate increases to countries that adopted a UTPR or other "extraterritorial tax." The Senate is now expected to remove that provision altogether following an announcement from Secretary Bessent of a pending agreement among the G7 countries not to apply Pillar Two taxes to US companies (see Tax Alert 2025-1365). Other changes to the bill are expected before it is passed by Congress.
- Canada announces new border security legislation and further measures to protect steel and aluminum sectors
On 19 June 2025, Canada announced new measures to protect its steel and aluminum sectors in response to increased US tariffs on these imports, which were raised to 50% on 4 June 2025. The effective date for the adjustments to existing counter tariffs on steel and aluminum products is 21 July 2025, while access to federal procurements will be limited to Canadian suppliers and to trading partners providing reciprocal access to Canadian suppliers through trade agreements, starting 30 June 2025.
- Argentine Executive Branch sends bill to Congress to simplify tax procedures and reduce statute of limitations
On 5 June 2025, the Argentine Executive Branch sent Congress a bill that seeks, in part, to (1) reduce the tax compliance burden by simplifying tax assessment and auditing procedures; (2) rationalize the current criminal tax regulations to proportionately penalize behaviors that could damage the public administration and social security systems; and (3) reduce the statute of limitations for challenging a filed tax return to provide greater certainty and predictability to the fiscal system.
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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. | |
