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Tax

  • [New] The United Kingdom is widely expected to announce a windfall tax that would redirect billions in profit from Shell and BP, among others, to help ease households' energy bills. CNN
  • [New] A windfall tax would risk destabilising a UK industry that supports 200,000 jobs and which has been planning £200 billion of energy investments by 2030. Offshore Energies UK (OEUK)
  • [New] The Tory government of Boris Johnson in the UK is currently drawing up plans to impose a windfall tax on UK energy producers - including power generators - in response to the impact on household prices of soaring energy costs. Crikey
  • [New] Treasury officials have been working up plans for a windfall tax that could fall on not just North Sea oil and gas producers but also electricity generators, including windfarm operators, which have also benefited from soaring global prices in recent months. The Guardian
  • [New] A one-off windfall tax on energy producers will not sustainably help consumers and will only further reduce investor confidence in the UK, the ripple effect of which we will feel for many years to come. Offshore Energies UK (OEUK)
  • [New] Under a PPA, which could last anywhere from 5 years to multiple decades, a third-party solar developer takes advantage of a federal tax credit to install and maintain a solar installation. Grist
  • [New] Beginning in January of 2024, Georgia's personal income tax is set to shift from a graduated system, where tax rates increase from 1 to 5.75% so that everyone pays their fair share, to a flat tax of 5.49%, where the wealthy benefit the most. Georgia Budget and Policy Institute
  • [New] The investment loss due to cross-border tax complexity is expected to result in a further £16.1 billion of value lost to the UK by 2026. Institute of Financial Accountants
  • [New] A Barclays report has revealed that crypto investors might not be paying their full taxes to the Internal Revenue Service, saying that the tax gap for crypto traders could be up to $50 billion. CryptoSlate
  • [New] The investment loss due to tax administration complexity is expected to result in a further £92 million of value lost to UK retailers by 2026. ChannelX - formerly Tamebay
  • [New] If the 2022 tax season is like most years, about three million Canadians will receive a notice from the Canada Revenue Agency that their income tax returns are being reviewed. The Globe and Mail
  • [New] Inflation could reach up to 10% by the end of the year, energy bill increases are hitting consumers hard and other daily expenditure is not immune either - with council tax and transport costs on the up too. The London Economic
  • [New] The American opportunity tax credit provides partially refundable tax credits to help defray the costs of the first four years of higher education. Experian
  • [New] The American opportunity tax credit provides a tax credit of up to $2,500 for students or parents paying college tuition. Experian
  • [New] A windfall tax on North Sea oil and gas operators could raise more than £2bn to cushion the pain of rising energy bills. The Guardian
  • [New] Crypto investors in Germany will not pay tax on sales of digital assets such as bitcoin and ether - as long as they are held for more than one year. Blockworks
  • [New] The next three decades will bring a staggering $112 trillion in baseline budget deficits, even under the rosy scenario of low interest rates, expiring tax cuts, and no additional spending. Manhattan Institute
  • [New] More than 4 gigatonnes of carbon dioxide emissions could be avoided in the next eight years through building solar panels and wind farms, even without a tax on carbon emissions. Eco-business
  • [New] The low unemployment rate will increase taxes and lower dole payments, but Australia still faces more than $1 trillion in debt, a rising debt interest bill, and at least 14 years of deficits. Australian Financial Review
  • [New] Because oil is priced in dollars, if the Russian government lets the ruble decrease slightly in value, it can reduce the impact of lower oil taxes on the government budget because each dollar of oil revenue will buy more rubles. Foreign Affairs Magazine
  • [New] The IRS has suspended the exchange of tax information with Russia, which is designed to ensure that the US is not providing any information that could contribute to the enrichment of the Russian government through increased tax collections. True Partners Consulting
  • [New] The Bank of England expects inflation to reach over 10% in 2022, so the inflation tax will be equivalent to about 10% or more of GDP. Economics Observatory

Last updated: 29 May 2022


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