Tax

• [New] US farmers are very concerned about higher taxes and new regulations that the Biden administration is expected to introduce.
• [New] After three years of savings, top U.S. banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on.
• [New] Green technologies' increasing cost-effectiveness increases the likelihood that a bold global climate agreement based on voluntary contributions could succeed, provided China commits to a path towards carbon neutrality by 2060, as it has pledged.
• [New] Irish consumers make 70% of their online purchases from the UK, so the number of parcels to which taxes and duties will apply are expected to rise rapidly in 2021.
• [New] We will likely see a bit more regulation and higher taxes on the tech industry over the next couple of years leading up to the midterm elections in the United States.
• In Germany, commuter taxes will be reduced when its new carbon tax on heating and transport is introduced in 2021.
• The International Energy Agency expects the share of EVs in European car sales to reach about 50% by 2030 due to high taxes on fossil fuels.
• The director of the OECD's tax center has revealed that the organisation expects to release a tax reporting standard for crypto assets by the end of 2021.
• Canada plans to impose a tax on corporations providing digital services from 2022 that will stay in place until major nations come up with a coordinated approach on taxation.
• The ITC will fall to a 22% rate for projects that begin construction by the end of 2023, and then fall to 10% for large-scale solar projects and to zero percent for small scale solar projects in 2024.
• Prime Minister Justin Trudeau stepped up efforts to hit Canada's emissions targets by 2030, pledging billions in new money to combat climate change and increasing his government's carbon tax.
• The Malaysian government would issue its first sustainability bond for environmental and social initiatives in 2021 and extend the existing income tax exemption for SRI green sukuk grant provided by the SC until 2025.
• With a supermajority, Democratic lawmakers could push proposals to raise taxes on the wealthy, a way to boost New York's finances amid a $14.5 billion pandemic-induced shortfall in revenue in 2020 that does not require waiting for the federal government's help.
• Annual losses in revenue and investment are projected to increase through 2040 as the oil and gas industry becomes more productive and prices increase.
• In November France said that it would press ahead with its own digital tax without waiting for the OECD to come up with a plan - prompting the US to threaten to apply punitive tariffs to French exports.
• Could be an annual increase of between $60 billion and $100 billion in tax revenues or 4% of global corporate tax revenues.
• Germany's lower house recently approved a tax on greenhouse gas emissions, to begin in 2021, which will increase the prices of heating oil, car fuels, and natural gas.

Last updated: 17 January 2021