A weekly summary of the top weekly tax news, trends
and developments in the Americas

     This week's tax news from the Americas

• US sends tariff letters to various countries ahead of the new negotiation deadline of 1 August 2025
  On 7 July 2025, President Donald Trump signed an Executive Order extending country-specific tariffs rates from the original deadline of 9 July 2025 to 1 August 2025. Additionally, the President issued "tariff letters," introducing new country-specific tariffs ranging from 25% to 40%, to 14 countries as an ongoing effort to reach bilateral agreements ahead of the new deadline.

• Argentine Tax Authorities implement procedure to recover Impuesto PAIS payments
  In General Resolution No. 5,720/2025 (released 7 July 2025), Argentina's Revenue and Customs Control Agency (ARCA) established a special procedure for the refund of Impuesto PAIS payments that were made on imported goods without being fully or partially computed. Importers must register in the newly created "Registry of import clearances with payments on account of the Impuesto PAIS not computed" and complete the “Affidavit for the Refund of Payments on Account of the Impuesto PAIS” from 8 July 2025 to 22 August 2025.

• G7 issues statement on global minimum taxes
  In a statement issued 28 June 2025, the G7 indicated that it could accept a proposal from the US Treasury Secretary to recognize existing US minimum tax rules instead of imposing the Income Inclusion Rule and Undertaxed Profits Rule on US-parented groups. The G7 also indicated that its agreement was informed by the removal of proposed Section 899 from draft legislation previously titled the One Big Beautiful Bill Act.

 
     This week's newsletters

• Report on recent US international tax developments - 11 July 2025
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.
• PE Watch | Latest developments and trends, 10 July 2025
  Our monthly report with brief summaries of the latest permanent establishment activity and trends.
• Global Immigration Trends and Highlights | April – June 2025
  This publication provides a snapshot of corporate immigration developments worldwide. It is designed to support conversations regarding policies that have been proposed or implemented in key jurisdictions in the Americas, Asia-Pacific and EMEIA (Europe, Middle East, India, Africa) regions.
• TradeFlash | 10 July 2025
  In this issue, we highlight key global trade updates, share practical guidance on emerging compliance trends, and provide access to EY thought leadership, including articles, webcasts and podcasts.

 
     Upcoming EY webcasts

• 17 July: Lead-to-Cash: Structuring a Successful Industry-Focused Transformation
• 18 July: Tax in a time of transition (18 July 2025)
• 31 July: BorderCrossings… with EY transfer pricing and tax professionals - July 2025

A calendar of all upcoming EY webcasts is available.

 
     Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 11 July 2025
• EY talks tax | Accounting for income taxes: a quarterly perspective (24 June 2025)

All episodes of the EY Cross-Border Taxation Spotlight and
EY Talks Tax are available through Apple podcasts.

 
     This week's EY Global Tax Alerts

     Americas

• Canada announces surtax on steel imports, initiates short supply consultations, halts DST collection
• Canada Border Services Agency issues July 2025 trade compliance verification list
• Canada | G7 releases statement on Global Minimum Tax (Pillar Two) and Canada rescinds digital services tax
• Canada Revenue Agency transitions to online mail for most business correspondence
• Dominican Republic arrangement with US on exchange of country-by-country reports has been published

     Asia

• Mainland China announces tax credit policy for foreign investors making direct reinvestments
• China | Offshore internet platforms now subject to tax reporting requirements

     Europe

• Denmark modifies transfer pricing regulations: Act 194 A
• Estonia abolishes temporary defense tax, increases several tax rates
• EU Commission recommends tax incentives to support Clean Industrial Deal
• Italian Court of Cassation endorses withholding tax exemption for interest from indirect financing

     Middle East

• Kuwait ratifies tax treaty with Saudi Arabia
• Oman to introduce personal income tax from January 2028
• Saudi Arabia announces 23rd wave of Phase 2 e-invoicing integration
• Saudi Arabia further extends tax amnesty initiative until 31 December 2025

     Oceania

• Australian Taxation Office issues draft guidance for public country-by-country reporting exemption applications and registration form

 
     This week's EY Industry publications

     Banking & Capital markets

• Cash management growth driven by targeted investment and segment focus

     Global

• Global economic outlook: slowdown amid uncertainty

     Mergers & Acquisitions

• M&A stress test: Are you prepared for the next big deal?
• How an M&A clean room strategy can accelerate transactions synergies

     Mining and metals

• Cybersecurity and metals and minerals: striking a delicate balance

     Oil & gas

• What US oil and gas companies face amid trade and OPEC+ changes

     Power & utilities

• Six actions to turn soaring energy demand into lasting prosperity

Additional resources

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.