Global Scans · Tax · Weekly Summary

• [New] 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
• [New] Supporters praise the tax cuts as a victory for the American people, highlighting the potential for economic revitalization. County Local News
• [New] Europe could do more by perhaps creating incentives for private R&D in quantum (like tax credits for companies that invest in quantum research, similar to what some countries do for R&D in general). PostQuantum - Quantum Computing, Quantum Security, PQC
• [New] Senate Republicans today passed a sweeping spending bill that narrowly avoided punitive tax measures on renewable energy but still threatens to stall its growth in the US. Tech News Vision
• [New] 71% of tax and finance professionals believe that automation will have a significant impact on their industry over the next two years. SuperAGI
• [New] 80% of tax professionals believe that AI will have a significant impact on their industry within the next five years. SuperAGI
• [New] IBM's Tax Audit and Risk Management solution uses AI to analyze tax data and identify potential audit risks, allowing companies to take proactive measures to address them. SuperAGI
• [New] With the IRS expecting over 150 million individual tax returns and 2 million business tax returns in 2025, the pressure to streamline and simplify the tax filing process has never been more pressing. SuperAGI
• [New] China has confirmed a trade framework with the US to lift export controls, while Trump announces he will terminate talks with Canada in response to their digital services tax. Hinrich Foundation
• [New] Investors fear further retaliation from Trump, especially the rollback of EV tax credits that benefit Tesla buyers. Global Post Headline
• [New] President Trump's tax and spending bill is expected to widen the U.S. fiscal deficit by $3.3 trillion over the next decade. Morningstar, Inc.
• [New] The U.S. risks a slowdown in power delivery during the global artificial-intelligence race by ending the tax credits that were part of former President Joe Biden's landmark Inflation Reduction Act. Morningstar, Inc.
• [New] The use of AI in tax preparation is expected to increase by 30% in the next two years. SuperAGI
• [New] Unemployment insurance taxes: Iowa will collect less in unemployment insurance taxes from employers with the enactment of Senate File 607. KCCI
• [New] The tax reform, along with the reduction of business insurance duty and changes to payroll tax are expected to save Victorian businesses approximately $1.35 billion in the next four years. Club Management
• [New] The tax changes are part of the 2026 Maryland state budget, which includes $1.8 billion in tax and fee increases as well as cuts to state spending. CBS Baltimore
• [New] Canada scrapped a tax targeting U.S. tech companies after President Trump broke off trade talks and threatened to slap higher tariffs on Canadian imports. NPR
• [New] Australians investing in the United States will be spared from a tax of up to 15% that the Trump administration was threatening to impose as revenge on countries that tax its tech giants. Australian Broadcasting Corporation
• Trump was referring to Canada's digital services tax, which was enacted last year and forecast to bring in Can $5.9 billion (U.S. $4.2 billion) over five years. hurriyetdailynews.com
• Potential positives could stem from corporate or income tax cuts and the Fed's rate cuts in the second half of the year which should be supportive of continued economic activities in the US. Nikko AM Hongkong Site
• The US is ending trade talks with Canada, effective immediately, over a tax on digital services that will impact American tech companies. Engadget
• The US got an exemption from the OECD's Pillar 2 corporate tax reform, and the onerous revenge tax of Section 899 of the budget proposal will be dropped. investing.com
• Companies and investors from discriminatory foreign countries buying or investing in the US could be slugged with escalating increases in US federal income tax and withholding tax. Australian Broadcasting Corporation

Last updated: 07 July 2025