04 August 2025 Americas Tax Roundup | 4 August 2025 | | | | A weekly summary of the top weekly tax news, trends
and developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - US imposes additional tariffs on imports from trading partners
United States (US) President Trump issued an Executive Order on 31 July 2025 imposing additional ad valorem duties on goods from certain trading partners, effective 7 August 2025. Businesses should monitor trade developments, assess supply chain impacts, and consider strategies such as valuation planning, duty deferral and contract reviews to manage compliance and cost exposure.
- US imposes additional tariffs on Brazilian-origin goods
United States (US) President Trump issued an Executive Order on 30 July 2025, imposing a 40% ad valorem duty on Brazilian-origin imports, effective 6 August 2025. The additional tariff stacks with existing tariffs (except Section 232) and excludes specific products such as civilian aircraft, aluminum, energy products and select agricultural goods.
- Canada announces additional support for domestic steel sector
On 16 July 2025, Canada introduced measures to stabilize the domestic steel market and address trade diversion in the wake of tariffs imposed by the United States (US) on imports of steel and aluminum goods. Specifically, Canada will implement a 50% surtax on imports of steel products from most countries with which Canada has a free trade agreement (FTA) if the tariff rate quota (TRQ) of 100% of 2024 levels has been exceeded. Canada will also reduce by half the TRQ applicable to imports of steel products from countries that do not have an FTA with Canada.
- Chile issues regulations for simplified VAT registration for digital platforms
On 10 July 2025, the Chilean Tax Authority issued Exempt Resolution No. 84, establishing the procedure for nonresident entities to register under the simplified value-added tax (VAT) regime. This development follows changes introduced by Law No. 21,713, published on 24 October 2024 and aimed at expanding the VAT regime for the digital economy — which previously applied only to digital service providers — to include digital platforms and marketplaces for imported goods remotely acquired in international sales of low-value tangible goods made by Chilean-tax-resident individuals. Goods acquired through digital platforms and marketplaces with a value of less than US$500 will be subject to the 19% VAT under the simplified regime and exempt them from further import VAT and customs duties. It should be noted that, in connection with this measure, Law No. 21,713 also eliminated the de minimis exemption for the import of low-value goods acquired abroad (valued at less than approximately US$41).
- Costa Rican Tax Administration publishes Transfer Pricing Informative Return
On 25 July 2025, the Costa Rican Tax Administration published in the Official Gazette Resolution No. MH-DGT-RES-0026–2025 (the Resolution), related to the filing of the Transfer Pricing Informative Return (Declaración Informativa en Materia de Precios de Transferencia). This Resolution establishes the obligations and formalities for taxpayers required to file this informative return. The Resolution will enter into force on 4 August 2025.
- G20 Finance Ministers meeting communiqué includes international tax section
On 17-18 July 2025, the G20 Finance Ministers and Central Bank Governors met in Durban, South Africa. The communiqué released at the conclusion of the meeting includes a brief section on international tax matters. The communiqué references efforts being advanced in the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework to address concerns about the Pillar Two global minimum tax, with the shared goal of finding a balanced and practical solution that is acceptable to all. It also notes the ongoing negotiations on a United Nations (UN) Framework Convention on International Tax Cooperation.
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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: 2025-1641 |
