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

     This week's tax news from the Americas

• US Treasury and IRS announce intent to withdraw the DPL rules, modify the DCL rules, and extend DCL transitional relief for Pillar Two Taxes
  On 20 August 2025, the United States (US) Department of Treasury (Treasury) and the Internal Revenue Service (IRS) announced in Notice 2025-44 their intent to issue proposed regulations that will withdraw the disregarded payment loss (DPL) rules and the modifications recently made to the dual consolidated loss (DCL) "deemed ordering" rule under Treas. Reg. 1.1503(d)-3(c)(3). The proposed regulations also would extend the transitional relief regarding the interaction of the DCL rules with the OECD’s Global Anti-Base Erosion Model Rules to tax years beginning before 1 January 2028. The Notice anticipates that the forthcoming proposed regulations will apply to tax years beginning on or after 1 January 2026 and states that taxpayers may rely on the Notice until the proposed regulations are published.

• Canadian Department of Finance releases draft legislation for various previously announced measures and technical amendments
  On 15 August 2025, Canada’s Department of Finance released several packages of draft legislative proposals (with accompanying explanatory notes) for public comment. The draft legislative proposals implement certain previously announced tax measures, many of which were first announced in the 2024 federal budget or the 2024 Fall Economic Statement, as well as various tax technical amendments.

• Peru | MLI practical effects begin on 1 January 2026
  On 23 August 2025, Peru published, in the Official Gazette El Peruano, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) of the Organisation for Economic Co-operation and Development. Peruvian President Dina Boluarte deposited the ratification instrument of the MLI with the OECD on 9 June 2025.

• OECD releases update of Pillar Two Administrative Guidance on the Central Record of Legislation with Transitional Qualified Status
  On 18 August 2025, the Organisation for Economic Co-operation and Development released an update to the Administrative Guidance on the Central Record of Legislation with Transitional Qualified Status (Central Record AG). The document provides key information on the qualified status of jurisdictions' Income Inclusion Rule legislation and jurisdictions' Domestic Minimum Top-up Tax legislation.

      This week's newsletters

• Report on recent US international tax developments - 28 August 2025
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

• Trade Talking Points | Latest insights from EY's Trade Strategy team - August 2025
  Our monthly report with the latest insights from EY's Trade Strategy team.

      Upcoming EY webcasts

• 3 September: HR 1: Legislative update and outlook for oil and gas and chemicals
• 12 September: The state of the art in data security
• 15 September: H.R. 1 legislation and impacts to utilities, renewables, generation
• 17 September: Smarter legal spend: how to reimagine management of panel, talent and AI
• 19 September: Tax in a time of transition: legislative, economic, regulatory and IRS developments
• 30 September: Global economic outlook: complicated crosscurrents

A calendar of all upcoming EY webcasts is available.

      Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 28 August 2025
• EY talks tax | Tax in a time of transition - 15 August 2025
• Tax and Law in Focus | How shifting tariffs will transform global trade

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

     Africa

• Kenya High Court declares several provisions of the Public Benefits Organizations Act unconstitutional
• West Africa | Taxation of Gaming and Betting industry in Ghana and Nigeria

     Asia

• Malaysia digitizes several processes related to Employment Pass and Professional Visit Pass applications
• Vietnam announces new Special Visa Exemption Card for certain categories of foreign nationals
• Vietnam issues decree providing guidance for foreign workers

     Middle East

• Kuwait launches new online platform for visit visa applications
• Qatar announces new on-arrival medical examination requirement for nationals of the Philippines

     Oceania

• New Zealand proposes changes aimed at easing tax obligations for new migrants and remote workers

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.