Global Scans · Tax · Weekly Summary

• [New] The proposed 46% reciprocal tax by the U.S., while causing short-term fluctuations, presents an opportunity for Vietnam to accelerate diversification of trade partnerships, optimize incentive policies, and attract investment in support of its long-term development goals. Avison Young
• [New] Retaliation could include bloc-wide tariffs on U.S. services provided in the EU, which may especially target U.S. tech giants, as prior digital services taxes introduced by some EU members during the first Trump administration did. Grant Thornton
• [New] London is important for national growth: it is projected to grow faster than any other English city, and the taxes paid in London help fund infrastructure and other services in other parts of the UK. NIC
• [New] The introduction of tariffs by the Trump administration, which are taxes charged on businesses importing goods from overseas, has fuelled fears of inflation, which has driven investors to so-called safe haven assets like gold. BBC News
• [New] The UK plans to lower the rate of tax for tech companies operating in the UK in the face of Donald Trump's tariffs. Verdict
• [New] Interest rates have remained high, with inflation reducing more slowly than anticipated and the Autumn Budget including tax changes which are not helping UK SMEs. Foresight VCT PLC
• [New] The import taxes implemented could cause multiple unintended consequences, including reigniting high inflation, mass job loss, raising the cost of living and sending the U.S. economy into a downward spiral. The Charger Bulletin
• [New] Even with annual carbon tax increases until 2031, it would remain a net benefit for Canadians struggling with the high cost of living. Canadian Accountant - Accounting News, Business & Finan
• [New] UK residents with an Indian domicile or other foreign domicile will now be subject to UK tax on their worldwide income and assets. Taxscan
• [New] The U.S. will now charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan. IOL
• [New] Tariffs are expected to have a smaller direct impact on Canadian inflation with offset from the removal of the carbon tax on consumer energy products leaving headline inflation projections lower for the rest of 2025. RBC Thought Leadership
• [New] The proposed tax rules could apply an alternative approach with a reduced rate of 5% or 9% on stablecoins, considering Ukraine's tax code already excludes income from transactions in foreign exchange values. Coin Edition
• [New] The so-called reciprocal tariffs, which are due to go into effect at midnight, are designed to restore competitive balance and bring manufacturing and jobs back to the U.S., though economists and investors worry that the import taxes could spark inflation and cause economic growth to stall. Investopedia
• [New] South Africa's edge as a value-for-money destination is eroding and could further erode with higher taxes. Tourism News Africa
• [New] The Canadian carbon tax was carefully constructed to produce cooling right to the edge of the US border, protecting Canadians from life threatening mild temperatures. Watts up with that?
• [New] US wheat, especially Soft Red Winter, is looking cheap and may be factoring in broader risks such as a possible vessel tax. Grain Central
• In 2022 the United States announced important tax credits and a competitive grant programme under the Inflation Reduction Act, granting up to USD1.75 per gallon of SAF produced, with the aim of meeting the milestones of 3 and 35 billion gallons per year by 2030 and 2050, respectively. IEA
• The DVLA has announced a number of changes to car tax rates that will affect drivers in the UK from today. Daily Mirror
• President Trump's next round of punishing tariffs on some of America's largest trading partners went into effect on Wednesday, including stiff new levies that will increase import taxes on Chinese goods by at least 104%. The New York Times
• As tariffs and threats to Canadian sovereignty continue, it is little wonder why election promises have so far focused on jobs, tax breaks, infrastructure reinvestment, trade and military spending. Big News Network.com
• Under FATCA, a U.S. withholding tax at a 30% rate will be imposed on dividends paid to certain non-U.S. stockholders if certain disclosure requirements related to U.S. accounts or ownership are not satisfied. Insurance News | InsuranceNewsNet
• New taxes, which American businesses and, by extension, consumers will pay to the US federal government, include minimum rates of 10% on most goods from nearly all countries, and some as high as 54% or more (namely, on some goods from China). Center for Science in the Public Interest

Last updated: 21 April 2025