Global Scans · Tax · Weekly Summary

• [New] Trump's US tax bill being announced which, if enacted, means no fall in the US deficit and US debt to GDP being projected to keep rising indefinitely. IPS
• [New] Government plans to limit climate change will cost the public purse £30 billion every year until at least 2051, as tax revenue from the sale of petrol and diesel fuel dries up. Watts up with that?
• [New] Starting in 2026, solar projects will face strict limits on the involvement of foreign entities of concern - notably targeting Chinese supply chains - if they want to qualify for tax credits. Sunhub Blog | Solar Energy News, Guides & Resources
• [New] A globally fragmented approach - such as a tax imposed by a coalition of the willing - could distort competition, undermine environmental integrity, and disproportionately impact developing economies that rely on air transport for growth. TTR Weekly
• [New] The sweeping legislation will effectively eliminate key tax credits that have supported the rapid growth of solar power in the U.S. Acara Solutions
• [New] Homeowners will lose tax credits for installing solar panels at the end of the year, seven years earlier than under the previous law. The Conversation
• [New] The U.S. House of Representatives passed the budget reconciliation bill, proposing to dismantle all of the tax credits that are creating momentum and opportunity for the U.S. electric vehicle (EV) industry. Electrification Coalition
• [New] A related tax credit for using U.S.-made components in solar and wind facilities ends for projects that enter service after 2027. IER
• [New] The expiration of the EV tax credit, declining vehicle sales, and the distraction of Musk's political activities are seen as significant risks to Tesla's financial performance. Noor Trends
• [New] The tax credit phase-outs are stark: after 2027, wind and solar projects lose access to both the Production Tax Credit (PTC) and Investment Tax Credit (ITC) unless they meet stringent conditions. Bizclik Media Ltd
• [New] For owner-occupiers and long-term investors, NSW's fundamentals, stamp duty relief, higher land tax thresholds and lower property management costs make it a more strategic play, and will continue to attract strong interest. Real Estate Business
• [New] Fiscal risks disrupt bond markets: The US faces vulnerabilities with its double deficits and historically high debt-to-GDP ratio, which could hamper a growth response to tax cuts currently under Senate review. Nikko AM Global Site
• [New] An amendment being circulated would do away with a proposed new excise tax the Senate bill would slap on wind and solar projects that use components from China and other foreign entities of concern. Energy Connects
• [New] Trump's tax bill could reshape drug R&D, manufacturing, Medicaid access, clinical trials, and biotech funding, impacting strategy across the bio / pharmaceutical industry. PharmTech
• [New] Redirecting tire sales tax to TDOT Highway Fund - A new law creates a new sustainable source of funding for transportation projects, sales tax revenues from new and used tire sales will be redirected to the TDOT Highway Fund. Maury County Source
• [New] Scope of Taxation - Tax will apply to the income of tax residents earned within or outside Oman, and to the income of non-residents earned within Oman. Taxmann Blog
• [New] Tax credits passed under the Inflation Reduction Act during former president Joe Biden's term for individual home solar systems, heat pumps and battery storage will end in 2025 under the Republican bill. Global News
• [New] In summary, while the new remittance tax introduces higher transaction costs for sending money to India, the overall long-term impact on remittance volumes is expected to remain limited, thanks to significant exemptions and the relatively low tax rate. EDUREV.IN
• [New] An EV advocacy group urges the House to revise a bill that would end the EV tax credit, warning it would cede control of the transportation future to China. Digital Habitats
• [New] Supporters of sweeping tax and spending legislation sent to President Donald Trump say changes to Medicaid, food aid, and other programs will encourage personal responsibility and stop system abuse. KPRC Click2Houston
• [New] Q2 saw increasing volatility for US bonds due to growing concerns around US fiscal policy and debt sustainability as bond markets focused on the implications of the big, beautiful tax bill, which could add between $3 and $5 trillion to US Federal debt over the next 10 years. EXANTE Next Generation Investment Company
• On Thursday, the US House of Representatives passed the 'big beautiful' bill that could increase national debt by $3.3 million, makes tax cuts for Trump's first presidency permanent, and cut Medicaid. FinExtra
• Supporters praise the tax cuts as a victory for the American people, highlighting the potential for economic revitalization. County Local News

Last updated: 14 July 2025