Global Scans · Tax · Weekly Summary

• [New] Under devolution plans announced last week, by early 2028 regional mayors across England will be able to keep a share of income tax generated in their area. The Guardian
• [New] Indian conglomerate Adani will pay no company tax despite generating almost $1bn in revenue from coal mining in Queensland over the past year. The Guardian
• [New] The Section 232 tariffs will increase US federal tax revenue by $942 billion from 2026 through 2035. Tax Foundation
• [New] The U.S. Corporate Climate Responsibility Act mandates companies with annual revenue $1 billion to reach 40% renewable electricity consumption by 2030; non-compliant enterprises lose all federal tax incentives. Solar Panel Production Equipment and Machinery-Lithium
• [New] For tax years 2026 through 2029, California will impose a 100% tax on any settlement fund payments received by taxpayers from the Anti-Weaponization Fund established by the federal Department of Justice or any similar fund, settlement, or agreement. Plante Moran
• [New] In 2026, output is projected to decline 1.4% to 32.5 million units as new energy vehicle (NEV) tax cut incentives are reduced and some PHEVs lose eligibility. / China Mobility Global
• [New] Brazil's opportunity is linked to nature tourism, coastal routes, agritourism, and overlanding communities, while import costs, taxation, and uneven service coverage can limit accessibility. Yahoo! Finance Canada
• [New] Businesses importing hydrogen, steel, aluminium, fertilizer and cement into the UK will need to begin keeping records ahead of the introduction of the new carbon tax regime. LinkedIn
• [New] Missouri Amendment 5 would remove a constitutional cap on the sales tax base that voters approved in 2016, allowing legislators to reduce personal income taxes in 2027's session. MultiState
• [New] Critics are likely to argue that additional taxation could affect lending, investment and the UK's competitiveness as a financial center. CPA | The Credit Protection Association
• [New] In the U.S. alone, a modest wealth tax on multimillionaires and billionaires - at a rate of 1% for fortunes $10 million, 3% for fortunes $100 million, and 5% for fortunes $100 billion - could raise an estimated $414 billion to invest in social programs and fighting poverty. Digital Rhetoric Collaborative
• The UK government could raise £1.6 billion annually in direct tax revenue. NESTA
• Debt will rise to 300% of GDP by the 2070s if there is not fiscal tightening of 3.8% of GDP by 2031-32 - that's the size of onshore corporation tax or total expenditure on education by 2030-31. City AM
• For tax year 2026, Americans who take the standard deduction will be eligible for an above-the-line charitable deduction for the first time. Empower
• The UAE's corporate tax has fundamentally changed the way businesses plan their finances. Comfi.ai
• The Bipartisan BUILD America 250 Act proposed a similar annual tax of $130 for EVs and $35 for plug-in hybrids that would increase by $5 every other year starting in 2029. American Enterprise Institute - AEI
• A 50% tax on imports will force rapid supply-chain realignment and weaken the Canadian economy far faster than the Federal Reserve's policies will impact the U.S. dollar. Trading Strategy Guides
• A land-value tax has emerged as a possible longer-term reform, but analysts warned that it cannot provide a rapid solution to the UK's fiscal pressures. Stock Market Update
• From 2026, the amounts due under the Greek tonnage tax will be increased annually by 4%. Meijburg & Co Tax & Legal

Last updated: 03 August 2026