A summary of the top weekly tax developments in the Americas

     This week's tax news from the Americas

• Uruguay regulates application of personal income tax on foreign-source investment income and capital gains
  On 6 May 2026, the Uruguayan Executive Branch issued regulations on the application of the personal income tax rules to foreign-source investment income and capital gains. The regulations include rules for determining taxable income, including a choice between a "real" (i.e., actual) method and simplified notional-income method, revised timing of income recognition, expanded loss utilization, and access to foreign tax credits, including indirect credits under certain regimes.

• OECD releases common understanding on GIR central filing and updates to Administrative Guidance under Pillar Two
  On 18 May 2026, the Organisation for Economic Co-operation and Development (OECD) released a document reflecting a common understanding addressing some of the practical compliance challenges associated with the fast-approaching 30 June deadline for filings under the global minimum tax for fiscal year 2024 (the first year of the global minimum tax, when it was in effect in 37 jurisdictions around the world). The OECD also released Administrative Guidance on the application of the existing Transitional UTPR Safe Harbour, which clarifies that MNE Groups with a 53-week Fiscal Year ending on or before 3 January 2027, will be eligible for the safe harbor for that year.

     This week's newsletters

• Report on recent US international tax developments - 29 May 2026
  Our weekly report with brief summaries of all the week's US international tax developments and related activity.

• Tradelines - 29 May 2026
  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.

• The Latest on BEPS and Beyond - 21 May 2026
  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 Talking Points | Latest insights from EY's Trade Strategy team - 14 May 2026
  Our bi-weekly report with the latest insights from EY's Trade Strategy team.

    Upcoming EY webcasts

• 3 June: BEPS compliance: countdown to the first major filing deadline
• 3 June: How to navigate the approaching EU Pay Transparency Directive deadline
• 4 June: Private equity & private capital quarterly tax update – Q2 2026
• 10 June: Navigating tax and fiscal policy in Americas critical minerals supply chains
• 11 June: What you need to know for Q2 2026 financial reporting (Offering - 1 of 2)
• 11 June: How building trust can help global mobility thrive at speed of change
• 12 June: EY Center for Tax Policy monthly update - June 2026

A calendar of all upcoming EY webcasts is available.

   Recent EY podcasts

• EY Podcast | Weekly US international cross-border taxation news for week ending 21 May 2026
• EY talks tax | EY Center for Tax Policy monthly update – 15 May 2026

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

• Canada | Nunavut Budget 2026
• Canada introduces further Pillar Two amendments in Bill C-31, including new safe harbors and GMTA technical amendments

     Africa

• Tanzania Court of Appeal ruling clarifies chargeability of VAT on demurrage charges
• Uganda Revenue Authority updates registration details for all registered taxpayers

    Asia

• India and New Zealand sign free trade agreement

    European Union

• Portugal's Tax Authority explains impact on Portuguese companies of OECD's recent update regarding Pillar Two filings
• Spain launches public consultation on draft update to list of non-cooperative jurisdictions

    Middle East

• UAE introduces enhanced Wage Protection System, effective 1 June 2026

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.