Tax [New] If the investment tax credit for offshore wind is added in the final federal budget, Congress will unleash a trillion dollars of investment in a new American industry. [New] Japan's economic growth is expected to slow modestly in 2020, as a consumption tax hike combined with a sluggish global economy are poised to drag on flagging consumer spending and exports. An outright fracking ban would cost New Mexico 142,000 jobs and $8 billion of state and local tax revenue by 2025. 2020 will mark the beginning of reduced investment tax credits in the US, while China, the world's largest solar market, moves toward a subsidy-free solar market structure. US budget extenders - from tax breaks for biodiesel to tax credits for energy efficient buildings and railroad tracks - will lower revenue by $39 billion over a decade, including a $22 billion cut in 2020. The extension of the production tax credit for coal produced on native American lands through 2020 will put upward pressure on US emissions. The desire to tax robots will not benefit workers, and will hamper productivity growth. Legislators in Washington state could vote in 2020 on a bill that would impose a tax surcharge on what it deems excessive CEO pay. Looking into 2021, SEIA projects that 17.6GW of US solar capacity will be installed that year as utilities and developers take advantage of the expiring tax credit for residential systems and the expected decline in the commercial tax credit. The fall in the Belgium government debt ratio is expected to continue, supported by the low level of interest rates: in 2021 the debt ratio will have contracted by more than 11 percentage points compared to its 2014 peak. Interest rates are very low and probably will not fall much further, especially when the U.S. unemployment rate is only 3.7% and U.S. federal debt is projected to increase relative to gross domestic product (GDP) due to the Trump administration tax cuts. Due to a relatively low rate of economic growth and high taxes, the resources to support Russia's dependent population will be spread thinly. Removing a loophole allowing Australian property owners to create complex trust and ownership structures to minimise their land tax bills will raise $86 million per year over the next three years. A new electricity plan is expected to be introduced in South Korea this year, which may push further the adoption of higher taxes on imported coal and make the restrictions that were imposed on old coal plants last year more onerous. 40% of global foreign direct investment - some $15 trillion - is phantom, meaning it passes through corporate shell companies often set up to minimise the tax bills of multinationals. Higher spending caps and tax cuts introduced by the Trump administration are widening the fiscal deficit, taking federal debt to a forecast 83.3% of GDP in 2021 - the highest level since the 1940s. When in full operation, estimated to be early 2023, Project ATLiS is expected to generate over $25 million per year in direct economic benefits to the local community including employee salaries, royalties, utilities, and taxes. Beyond 2025, the tax credit can provide critical certainty for the industry to invest in a domestic supply chain that will bring down costs and increase American clean energy manufacturing. Tax revenues in Germany are expected to end the year 4 billion euros higher than previously estimated. While the withholding tax as of 2021 is still in legislative process, and changes are still possible, the Netherlands will most likely introduce a withholding tax for royalties and interest in the coming years. UK employees in the private sector are expected to see a real salary increase of 1.1 percent in 2020, the equivalent of almost £27.89 a month (£334.62 per annum) for the average worker ¹ before tax. Weaker trade ties with the EU will damage Britain's economy and reduce tax revenues by up to £49bn a year compared with staying in the trade bloc. Manufacturers in Thailand's Eastern Economic Corridor expect to be churning out around 1m electric vehicles a year by 2024, five times the number targeted by the Indonesian government. See full forecast Last updated: 19 January 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
