Global Scans · Tax · Weekly Summary

• [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
• [New] Congress is considering proposals that could reduce or eliminate the 30% federal solar tax credit by the end of 2025. DIY Solar Power Forum
• [New] While tax cuts from the Big Beautiful Bill and a recovering GDP have boosted business confidence, a stagnantly-high Fed rate, crackdowns on the immigrant labour force and the looming threat of tariffs have economic sentiments in a cautious wobble. Yahoo Finance
• [New] The tax paid by foreign firms in Russia could pay for 1 million Russian soldiers. Newsweek
• [New] The 25 (d) residential solar tax credit will end even sooner at the end of 2025. Resonant Energy
• The upcoming phase-out of the 45 X tax credit for U.S. battery manufacturers by 2030 looms large, and analysts warn that without a robust domestic strategy, the U.S. risks losing ground to rivals in China and Europe. SSBCrack News
• Volkswagen, after its initial heavy investment in Northvolt, is now exploring opportunities in Canada to align with the IRA and maximize tax credits, illustrating a broader trend of shifting manufacturing to capitalize on favorable policy environments and sending a clear signal to policymakers. Rystad Energy
• The U.S. government aims to quadruple nuclear energy capacity by 2050 after decades of stagnation, by cutting red tape, increasing tax incentives, partnering with nuclear energy companies, and beyond. TradingView
• Americans will spend almost 7.1 billion hours complying with IRS tax filing and reporting requirements in 2025. Tax Foundation
• Lobbyists have warned about the potential for night-time deserts without urgent tax cuts for nightclubs and music venues, and music industry figures have said that the UK's next music superstars may have nowhere to hone their craft if gig venues continue to shut. The Guardian
• There are policies that governments could use to stabilize strained state pension and protection programmes, such as by raising the Social Security tax cap in the United States. Scientific American
• Goldman Sachs analysts outline investment opportunities in the US power sector's green capex and infrastructure, despite changes in tax credit rules and shifts in total investment forecasts. oilprice.com

Last updated: 08 September 2025