13 October 2025 Americas Tax Roundup | 13 October 2025 | | | | A weekly summary of the top weekly tax news, trends
and developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - Brazilian Government allows proposed tax changes affecting Interest on Net Equity, financial investments, betting operations and fintechs to expire
On 8 October 2025, the Brazilian Chamber of Deputies failed to vote on Provisional Measure No. 1,303/2025 (the PM) before its expiration deadline. As a result, the tax changes in the PM will no longer apply. With the PM no longer in effect, the withholding tax on Interest on Net Equity will remain at 15% and the Social Contribution on Net Profits rate for fintechs will stay at 9%, maintaining the combined corporate tax rate of 34%. Financial investments, including virtual assets, will continue to be taxed under the existing regressive rates of 22.5% to 15%, rather than the proposed flat rate of 18%. Finally, online betting operations will not face the proposed regularization regime or increased taxation.
- Canada Border Services Agency releases notice of final determinations on PET resin
On 15 September 2025, the Canada Border Services Agency (CBSA) made final determinations of dumping of polyethylene terephthalate (PET) resin originating in or exported from the People's Republic of China (China) and the Islamic Republic of Pakistan (Pakistan), and of subsidizing PET resin originating in or exported from China, under paragraph 41(1)(a) of the Special Import Measures Act. Provisional duties ranging from 84.5% to 128.8% have been applied to the import of goods released by the CBSA on or after 17 June 2025. The Canadian International Trade Tribunal (CITT) has continued its inquiry into the question of injury to the Canadian industry and will issue its decision by 15 October 2025. Provisional duties will continue to be imposed on the subject goods until the CITT renders its decision.
- Uruguay proposes amendments to National Budget Bill 2025-2029
On 30 September 2025, Uruguay’s Ministry of Economy and Finance proposed amendments to the National Budget Bill for the 2025–2029 period. The proposed amendments would apply the domestic complementary minimum tax (IMCD) to fiscal years closing on or after the date of enactment, rather than after 1 January 2026. In addition, a new article would empower the Executive Branch to issue regulations to align the IMCD with tax-stability regimes, such as free trade zones.
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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: 2025-2052 |
