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| | A summary of the top weekly tax developments in the Americas | |
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| | This week's tax news from the Americas - Canada announces new trade measures for steel imports
On 26 November 2025, Prime Minister Mark Carney announced that Canada will reduce tariff rate quotas on certain steel imports and impose a new global tariff on a specific list of steel-derivative products. These measures, which become effective on 26 December 2025, are aimed at transforming the Canadian steel industry. The federal government will also begin to phase out the remission program for Canadian counter-tariffs on certain US imports, beginning on 31 January 2026.
- Uruguayan Parliament approves the National Budget for 2025—2029
On 9 December 2025, the Uruguayan Parliament approved the National Budget for 2025 through 2029. The budget clarifies that the Qualified Minimum Domestic Top-Up Tax (QMDTT) will be effective upon the law’s enactment, making the QDMTT applicable for fiscal years ended on 31 December 2025 and onward. For additional information, see Tax Alert 2025-2453.
- OECD updates OECD Model Tax Convention
On 19 November 2025, the Organisation for Economic Co-operation and Development (OECD) published the 2025 Update to its Model Tax Convention and its Commentary, the first comprehensive revision since 2017. The Update includes significant modification and expansion of the Commentary to Article 5 (Permanent Establishment) to clarify when an individual working from home in another country would or would not create a permanent establishment in that country for the business enterprise.
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| | This week's newsletters | | |
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| | Upcoming EY webcasts A calendar of all upcoming EY webcasts is available. | | |
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| | Recent EY podcasts All episodes of the EY Cross-Border Taxation Spotlight and
EY Talks Tax are available through Apple podcasts. | | |
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| | This week's EY Global Tax Alerts Americas Africa Asia Europe Middle East | | |
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| | This week's EY Industry publications Banking and Capital markets Power & Utilities Tax | | |
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| | Additional resources EY Global Tax News Update
EY's Global Tax Alerts and other content can be delivered directly to your inbox. Register for EY's Global Tax News Update. | EY Guides available for download
Browse our in-depth guides covering corporate tax, indirect tax, personal taxes, TP and other tax matters in more than 150 countries. |
Comments. If you have any questions or suggestions about this newsletter, please email Tax News Update Help at: ustaxalertshelp@ey.com. | |
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| | 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. | |
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