Global Scans · Tax · Weekly Summary

• [New] Trump was referring to Canada's digital services tax, which was enacted last year and forecast to bring in Can $5.9 billion (U.S. $4.2 billion) over five years. hurriyetdailynews.com
• [New] Potential positives could stem from corporate or income tax cuts and the Fed's rate cuts in the second half of the year which should be supportive of continued economic activities in the US. Nikko AM Hongkong Site
• [New] The US is ending trade talks with Canada, effective immediately, over a tax on digital services that will impact American tech companies. Engadget
• [New] The US got an exemption from the OECD's Pillar 2 corporate tax reform, and the onerous revenge tax of Section 899 of the budget proposal will be dropped. investing.com
• [New] Companies and investors from discriminatory foreign countries buying or investing in the US could be slugged with escalating increases in US federal income tax and withholding tax. Australian Broadcasting Corporation
• [New] The big shift is mainly due to policy changes, including an expectation that Congress will pass a repeal of consumer tax credits for buying EVs and the repeal of California's ability to set its own tailpipe emissions standards. Inside Climate News
• [New] The House version of the budget reconciliation measure could be read as saying that a renewable energy development, EV battery factory and many other projects are ineligible for tax credits if just one bolt comes from a Chinese company, or if any entity in a product's supply chain has ties to China. Inside Climate News
• [New] Potential changes in tax policy and deregulation could disproportionately benefit smaller, domestically focused companies in the second half of 2025; 77% of Russell 2000 revenues are generated from the US versus 58% in the S&P 500. Goldman Sachs Asset Management
• [New] In the United States, fossil fuel tax revenue is projected to increase by USD 0.1 billion due to slow electrification and growth in the overall vehicle fleet. IEA
• [New] The UK will connect its trading system with that of the EU to ease pressure on companies to pay high carbon taxes. ABC Money
• [New] If past Canadian bitcoin covered call ETFs are any guide, expect a mix of capital gains and return of capital, both of which tend to be more tax efficient than pure income. investing.com
• [New] The Vietnamese parliament has approved a proposal to increase tax on beer and strong liquor to an unprecedented 90% by 2031. The Drinks Business
• [New] Kenya's finance minister will present a budget on Thursday aimed at boosting revenues to service debt while avoiding tax measures that triggered the kind of deadly protests that rocked East Africa's biggest economy last year. CNBC Africa
• Cyprus is preparing a sweeping tax overhaul that will broaden the tax base, toughen enforcement and ease the burden on households and businesses. IFC Review
• IRA Timeline Clarity Emerges for Project Planning: Senate budget creates defined deadlines-wind / solar need construction starts by end of 2025 for full tax credits, scaling down to 20% by 2027. The Surge
• The expiration of the enhanced premium tax credits is projected to increase health care coverage costs by an average of 38% for 140,000 low-income families and individuals purchasing plans through the New York State marketplace. Sachs Policy Group
• Fairer taxes on polluting industries around the world could help avoid more deaths, providing immediate and significant support to climate-vulnerable countries, and finally incentivise investment in a fast, fair transition to renewables. The Guardian
• Retaliatory measures in a U.S. spending and tax bill could hit Canadians' pension funds and investments. CityNews Toronto
• Solar stocks, including Sunrun and SolarEdge Technologies, are facing headwinds following changes to Trump's tax bill, which phases out tax credits for renewable energy sources by 2028. archyde
• Biodiesel and renewable diesel net imports We forecast a substantial drop in biodiesel and renewable diesel net imports in 2025 due to a change in the federal tax credit. EIA - Energy Information Administration
• Thailand's cabinet has approved tax measures that will exempt personal income tax on capital gains from digital asset sales through SEC-regulated platforms. Crypto Briefing
• President Trump's expansionary fiscal policies, tax cuts, and possible new tariffs could worsen structural issues in the US economy and hurt confidence in the dollar. investing.com
• Budget 2024 announced a review of Canada's Scientific Research and Experimental Development (SR & ED) tax incentive, including a proposal for $600 million over 4 years starting in 2025-26 to boost research and innovation. GAC

Last updated: 30 June 2025