A summary of the top weekly tax developments in the Americas

EY US offices are closed 27 and 28 November. The next Americas Tax Roundup will be published on 8 December.

     This week's tax news from the Americas

• US announces new trade frameworks and expanded agricultural tariff exclusions
  On 13 and 14 November 2025, the United States (US) announced bilateral Frameworks for Agreements on Reciprocal Trade with Argentina, Ecuador, El Salvador, Guatemala, Liechtenstein and Switzerland. Separately, President Trump signed an Executive Order titled "Modifying the Scope of the Reciprocal Tariff with Respect to Certain Agricultural Products," expanding the list of agricultural products excluded from the US tariffs. As frameworks, these announcements address market access, tariff treatment and removal of non-tariff barriers, with detailed implementation expected to follow in agency guidance.

• Canada's 2025 federal budget introduces revised transfer pricing rules
  Canada's 2025 federal budget, introduced on 4 November 2025, includes substantial draft legislative changes to Canada's transfer pricing rules in section 247 of the Income Tax Act. The proposed changes stem from a June 2023 consultation paper titled Consultation on Reforming and Modernizing Canada's Transfer Pricing Rules and stakeholder feedback received during the consultation period.

      This week's newsletters

• Report on recent US international tax developments - 24 November 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 - November 2025
  Our monthly report with brief summaries of the latest permanent establishment activity and trends.

• Tax Matters @ EY - November 2025
  Our monthly Canadian summary to help you get up to date on recent tax news, case developments, publications and more.

• The Latest on BEPS and Beyond - November 2025
  Our monthly report with brief summaries of the latest activity in the OECD Base Erosion and Profit Shifting (BEPS) project as well as country specific legislative and administrative activity, including global and regional policy trends related to the global focus on BEPS.

• Trade Lines | Policy intelligence for global business leaders – 18 November 2025
  Our trade newsletter for global business leaders delivers timely insights into the issues shaping global commerce—from tariff shifts and supply chain disruptions to legislative developments and compliance trends.

• Trade Talking Points | Latest insights from EY's Trade Strategy team - 14 November 2025
  Our monthly report with the latest insights from EY's Trade Strategy team.

      Upcoming EY webcasts

• 2 December: The future of Tax: leveraging agentic technologies to redefine tax operations
• 3 December: Evolving stablecoin regulation: insights on strategic impact
• 3 December: Year-end US information reporting changes - December 2025
• 4 December: Private equity & private capital quarterly tax update – Q4 2025
• 8 December: 2025 year-end tax considerations and hot topics for alternative asset managers
• 9 December: How to navigate APA developments across Africa and the Middle East
• 10 December: Profits not pilots: scaling AI across the retail enterprise

A calendar of all upcoming EY webcasts is available.

      Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 24 November 2025
• EY talks tax | Tax in a time of transition – 14 November 2025
• EY talks tax | CAMT – new guidance and the fate of the existing proposed regulations – 6 November 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

• US DHS proposes to rescind the 2022 public charge ground of inadmissibility regulations

     Africa

• Egypt introduces significant updates to VAT provisions
• Kenya court highlights importance of careful consideration of employee privacy and oversight in the digital workplace
• Kenya enacts Virtual Asset Service Providers Act, 2025 | A new regulatory era
• Kenya Revenue Authority publishes draft regulations on Advance Pricing Agreement framework

     Asia

• Singapore announces updated COMPASS scoring criteria for Employment Pass applicants

     Europe

• Belgian QDMTT return deadline extended till 30 June 2026
• Dutch Advocate General classifies Brazilian interest on net equity payments as dividends
• Netherlands introduces stricter border controls for third-country nationals
• Romania | CbCR in the spotlight — Tax authorities launch awareness campaign for voluntary compliance with 31 December 2025 deadline
• Slovenia announces new temporary residence permit for digital nomads

     Middle East

• Israeli Ministry of Finance publishes draft legislation for implementing Qualified Domestic Minimum Top-up Tax

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.