Global Scans · Tax · Weekly Summary

• The American Opportunity Tax Credit offers up to $2,500 per year for an eligible student's tuition and related expenses (available for the first four years of higher education, and 40% of it is refundable if you owe no tax). Smart Decisions Smart Results
• Any attempt to tax multinationals fairly will face American retaliation, but clinging to the OECD's U.S.-dominated framework is a dead end. Brookings Register
• A business could benefit from consulting a tax professional to understand how to best structure its operations across multiple GCC countries to leverage lower tax rates or tax incentives offered for certain types of investments. BSA Ahmad Bin Hezeem & Associates LLP
• In the absence of tax reform, ongoing increases in government spending will be funded overwhelmingly by higher income tax on working-age Australians, including via bracket creep. ABC News
• Businesses operating within the freeport area will benefit from substantial UK and Welsh Government tax breaks and customs exemptions to encourage investment. The Pembrokeshire Herald
• The US economy could be turbocharged by tax cuts and a lower regulatory burden by the new Trump administration. Schaefer Financial Management
• South Korea plans to overhaul inheritance tax codes to make them more equitable and encourage wealth transfer to younger generations. FDD
• The Trump administration is hoping to find balance between consumer perceptions that could become unfortunate reality in the form of higher inflation and struggling equity markets, and the competing mandates of attempting to reindustrialize the U.S. through tariff policies while reducing taxes. TCG, a HUB International Company | March Market Comment
• Modernizing Oklahoma's sales tax base to include services will go a long way to ensure stability and keep sales tax revenues from eroding. Tax Foundation
• America will raise so much money from President Donald Trump's tariff plan that Americans will no longer need to pay income taxes. CNN
• Alternative options, such as increasing company tax, implementing a wealth tax, or raising personal income tax in higher income brackets might be less expedient but are more attuned to address South Africa's budget constraints without violating constitutional governance dictates. Institute For Economic Justice
• In the short term, the introduction of the carbon tax in Europe risks affecting non-hydrocarbon exports, which are mainly made up of energy-intensive products (cement, fertiliser, iron and steel). economic-research.bnpparibas.com
• Bubble risk: Trump's policies, such as tax cuts, deregulation of environmental policies, and support for digital assets, could heighten the risk of asset price bubbles. krungsri.com
• China will issue rmb 1.3 trillion ($180 billion) in ultra-long special treasury bonds, as well as 4.4 trillion yuan ($600 billion) in local government special-purpose bonds to offset the negative effects of falling tax revenues and depressed land sales. Yahoo News
• United States enacts significant import taxes on Canada, Mexico, and China, prompting fears of escalating trade conflicts. FreightCenter
• Policy debates on immigration, tariffs, deregulation, and taxes could blur the economic outlook for 2025. Pro Farmer
• The imposition of 25% tariffs on most Canadian exports to the U.S., outside of energy which will be taxed at 10%, could lead to 45,000 fewer jobs in B.C. by 2029 and increase the provincial unemployment rate from an average of 5.6% in 2024 to 6.4% in 2025 and 6.7% in 2026. vancouversun
• Annual after-tax income for households would fall by $930 on average in 2026 from the tariffs on Mexico and Canada. Transport Topics
• In the US, Trump's pro-investment policies, including deregulation and tax cuts, were anticipated to unlock capital for corporates and fuel more M&A activity in 2025. Private Banker International
• Officials have predicted up to a million job losses as a result, and Canada could head into a recession if the tax on goods persists. BBC News
• Tariffs against China will help Trump to reduce Federal taxes and hopefully reduce US government debt. Share Talk
• A temporary reprieve has been secured for cars from Canada and Mexico following lobbying by US carmakers, while Canadian energy and potash (potassium-based fertilizer) will be taxed at a lower rate of 10%. AgFunderNews

Last updated: 17 March 2025