Global Scans · Tax · Weekly Summary

• [New] The US government deficit is set to balloon further as tax cut extensions take hold in 2026. Business Insider
• [New] Financial institutions will have additional semiannual obligations to report suspicious multiple transactions to the Chilean tax authority. MIT OpenCourseWare
• [New] The concept of tax sustainability is elevated to a legal status, stipulating that taxpayers will now be able to utilize third parties to certify their compliance with sustainability standards, as well as enter into cooperative compliance agreements with the Chilean tax authorities. MIT OpenCourseWare
• [New] Media reports cited opposition from several major economies - including the United States - which argued that the proposed global pricing mechanism risked functioning as a carbon tax and could raise shipping costs by more than 10%. UN News
• [New] Without an extension, Affordable Care Act enhanced tax credits will expire at the end of 2025, causing 20 million Americans - including at least 1.6 million New Yorkers-to see a drastic increase in health insurance costs. Kirsten Gillibrand | U.S. Senator for New York
• [New] The UK economy is displaying some resilience after tax rises in April and the global disruption posed by US tariffs, but is struggling with above-target inflation and weakening labour conditions. Morningstar, Inc.
• [New] Making Tax Digital is an HMRC-led initiative that will require sole traders and landlords to keep digital records and submit quarterly tax updates to HMRC, using approved software. FinExtra
• [New] The passage of the Inflation Reduction Act in 2022 established a 30% federal tax credit for all solar projects until 2033. Nyserda
• [New] Following recent U.S. government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, we expect the adoption rate of EVs to slow. EconCurrent's Substack
• [New] GM, Ford, and Hyundai are among the automakers that plan to extend discounts on certain EV models following the expiration of the $7,500 federal tax credit. JD Supra
• [New] Starting in 2025, the Canada Revenue Agency will roll out a new tax framework aimed at modernizing how income, deductions, and credits are managed. Globe Charter School
• [New] EV producers like Tesla, meanwhile, will not be receiving federal subsidies that formerly totaled in the billions of dollars, nor will their customers be receiving federal tax credits anymore. Nasdaq
• [New] Innovative reforms, such as implementing a minimum tax of 2% on the wealth of centi-millionaires, could raise an estimated €67 billion and neutralize the regressive nature of European tax systems. CELIS Institute
• [New] Carbon pricing could generate additional revenues of close to 1% of GDP, but Thailand still needs revenue reform - VAT, PIT, and other taxes - to help finance public climate spending needs and limit impacts on public debt. null
• [New] Starting automatic federal benefits for the 2026 tax year that will reach up to 5.5 million low-income Canadians by the 2028 tax year. Prime Minister of Canada
• [New] Without an extension, Affordable Care Act enhanced tax credits will expire at the end of 2025, causing 20 million Americans to see a sudden increase in their health insurance costs. Kirsten Gillibrand | U.S. Senator for New York
• [New] If Republicans continue to refuse to extend the Affordable Care Act tax credit, tens of millions of American taxpayers are going to experience dramatically increased premiums, copays, and deductibles. BBC News
• [New] Cyprus is increasing its headline corporate income tax rate from 12.5% to 15% starting in 2026, in line with the global minimum tax initiative led by the OECD. Legarithm
• [New] The NZF proposal poses significant risks to the global economy and subjects not just Americans, but all IMO member states to an unsanctioned global tax regime that levies punitive and regressive financial penalties, which could be avoided. Mirage News
• [New] Digital currencies could allow governments to trace, tax or block payments in real time. The Conversation
• [New] Without tax credits, EV sales in the United States are expected to sink, at least in the short term. The Atlantic
• [New] The 15% global minimum tax will impose significant compliance costs. JD Supra

Last updated: 20 October 2025