Global Scans · Tax · Weekly Summary

• [New] AI will make tax more efficient by automating tasks, improving processing speed and reducing costs, and more effective by enhancing compliance, targeting fraud and informing better tax policies. Tax Adviser
• [New] We expect business tax incentives and individual tax cuts totaling nearly 1% of U.S. gross domestic product in 2026 to help drive a pickup in economic growth after a soft patch the rest of this year. Integrity Financial Group
• [New] Starting in the fiscal year 2026, crypto miners will transition from a 0.1% final income tax to being taxed under normal individual or corporate income tax rates. JD Supra
• [New] A top priority for Democrats is extending or making permanent the increased premium tax credits enacted in the 2021 American Rescue Plan Act for Affordable Care Act plans currently set to expire starting the beginning of 2026. Sullivan and Cromwell LLC
• [New] Federal borrowing needs will shrink in coming years as Republican tax cuts, reduced regulation and big-ticket investment pledges from companies and foreign nations stoke economic growth and goose federal revenues. / USA Economic Times
• [New] U.S. taxpayers looking to take advantage of the current clean energy tax incentives should act soon, as several individual - and business-related tax breaks will be scaled back or eliminated completely due to the latest One Big Beautiful Bill Act. Doeren Mayhew
• [New] In addition to the opportunity to take advantage of the tax incentives of up to $7,500 on new vehicles and $4,000 on used EVs, consumers are finding significant incentives from manufacturers that were having difficulty selling their EVs earlier in the year. / USA Welcome to Telemetry
• [New] For Masturzo, the push for wearables seems misplaced just as President Trump and Congress passed a sweeping tax package that is projected to result in millions of Americans losing Medicaid coverage. Onclive
• [New] Even when the tax incentive goes away, used electric vehicles will likely still cost much less than similar gas-powered vehicles. Consumer Reports
• [New] The total expansion of tax credits for carbon capture in the One Big Beautiful Bill Act, the analysis found, could send out more than $1.4 billion of public money to oil and gas companies each year. Wired
• [New] India's GDP growth has rebounded strongly in Q1, and the reforms - budget tax cuts, rate cuts by the MPC and GST rationalization have the potential to sustain the growth momentum. Economic Times
• [New] Asia Pacific is expected to witness the fastest growth in the upcoming years, driven by growing tax reforms, digital transformation, and quick economic growth. Precedence Research
• [New] While non-oil revenue remains weak at just 8% of non-oil GDP, Kuwait has introduced a 15% minimum tax on multinationals starting 2025 and plans to adopt GCC-wide excise taxes by 2027, though broader measures like VAT are unlikely soon. MUFG Research
• [New] In places like Europe and Latin America, where leave returns and e-invoicing are required, the demand for tax management software is expected to rise. Precedence Research
• [New] HMRC has indicated that it aims to become a digital first tax and customs administer by 2029-30, with 80% of all customer interactions to be digital. UKAuthority
• [New] The IRS treats cryptocurrencies as property, not as a currency, meaning any transactions that use crypto will be subject to the capital gains tax rules. Schwab Brokerage
• [New] The Inflation Reduction Act of 2022 overhauled a long-standing federal EV tax credit, renaming it the Clean Vehicle Credit, extending it through 2032 and adding new income, price and manufacturing requirements. CNBC
• [New] Even if we are past peak tariff fears on 'Liberation Day', tariffs remain a significantly elevated tax on US consumers and on corporate margins. 4D Infrastructure - A Bennelong boutique
• [New] Capital markets could be further strengthened by lowering the tax burden on foreign capital from trusted sources seeking minority stakes in U.S. infrastructure and other priorities. Foreign Affairs Magazine
• [New] Canada has already ramped up military and border security spending in recent months at the behest of Mr. Trump, aligned with U.S. tariffs on Chinese metals, and scrapped the digital services tax on U.S. internet giants, which was expected to be a major point of contention in the USMCA talks. The Globe and Mail

Last updated: 15 September 2025