Tax [New] 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. [New] 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. [New] Due to a relatively low rate of economic growth and high taxes, the resources to support Russia's dependent population will be spread thinly. [New] 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. [New] 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. [New] 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. In Turkey, taxes imposed on hybrid and electric cars, a criteria considered critical by drivers, is much higher than EU states which could reduce the attractiveness of the national car, unless the government proceeds to a tax reduction in the coming years. By 2025, companies in VAT economies are expected to exchange more than 75 percent of all invoices electronically with tax administrations in real time or very shortly after the invoice-exchange process. American spending on health care is expected to rise from about $4 trillion a year to $6 trillion, or 19.4 percent of GDP, by 2027. An introduction of a carbon tax of 39 $ / ton CO2 by 2040 as policy measure could help the Indian power system to adhere 2 °C goal. The UK Government should create a single, economy-wide carbon tax that will establish a trajectory for the total carbon price towards net zero by 2050. UK employees in the private sector are expected to see a real salary increase of 0.8% in 2019 - equivalent to £20 extra month or £237.35 per year before tax. By 2025, 18 US states will be taxing owners of electric cars, trucks and SUVs more than the average owner of a new gas-powered car will be paying in gas taxes. 231 US mayors ask Congress for solar tax credit extension: If the tax credit extension is passed, it could create 113,000 jobs and $87 billion in economic investment by 2030. Extending existing tax credits could increase wind by 97 GW and solar by 31 GW in 2030, and bring their share of U.S. generation to 31%. See full forecast Last updated: 08 December 2019 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
