Global Scans · Tax · Weekly Summary

• [New] A visibly emotional Anthony Albanese has launched an impassioned defence of Labour's proposed changes to negative gearing, the capital gains tax discount and family trusts, saying he will not allow Australia to become a country where aspiration is only for some. The Guardian
• [New] The richest 1% of US residents are slated to receive $1 trillion in federal tax cuts over the next 10 years, while low- and middle-income families will pay higher taxes, at a time when affordability challenges continue to increase and income inequality in the US and California are already extreme. California Budget & Policy Center
• [New] As part of the 2026-27 Federal Budget, the Australian Government has proposed significant changes to the capital gains tax regime. Baker McKenzie
• [New] Reforms to capital gains tax, negative gearing, and discretionary trusts are a welcome move to support equal access to opportunity for Australians, and a first step to addressing the housing crisis. ASFI
• [New] The 2026-27 Australian Federal Budget tackles important and politically difficult economic reforms, winding back long-standing tax concessions that benefit wealthier Australians. ASFI
• [New] The average Australian worker earning $81,245 could be up to $2,816 better off annually by 2027-28 compared with 2023-24 tax settings. People Matters
• [New] Workers will benefit from a new $1,000 instant tax deduction that will not require receipts, delivering average annual savings of about $205 to 6.2 million Australians from 2026-27. People Matters
• [New] US wind power installations will reach about 11 GW in 2026 - the highest annual total since 2022 - as developers rush to secure valuable tax credits before they are phased out. Windpower Monthly
• [New] Today's implementation agreement results in Alberta avoiding a significant increase to the federally mandated industrial carbon tax saving Alberta's industry partners approximately $250 billion over the next two decades to 2050. Indigenous Lands & Resources Today
• [New] Most recently, Trump has warned the U.K. that it could face steep tariffs unless London drops its digital services tax on U.S. tech giants that derive value from British users, including Google, Meta, and Apple. TechCrunch
• [New] The increasing demand for cash in Russian society indicates rising societal fears over internet restrictions that prevent bank card transactions amidst increasing state surveillance and fiscal policy that incentivizes Russians to use cash more often to evade rising taxes. Critical Threats
• [New] Russian demands for cash reached an all-time high over Victory Day weekend, demonstrating rising societal fears over internet restrictions and tax policy. Critical Threats
• [New] Employment in the tourism sector could grow from 89,400 jobs to 119,000 jobs, while annual tax revenues linked to tourism are projected to nearly double from 91.5 billion tenge (US$ 178 million) to 185.9 billion tenge (US$ 362 million). The Astana Times
• [New] Facilities could transform into digital access points by hosting DMV or IRS kiosks in service deserts where residents currently travel long distances for simple renewals or tax assistance. Postaltimes
• [New] With extended tax benefits for export industries, specialized incentives for northern and southern border regions, and fuel tax reductions, Mexico is positioning itself as a prime destination for companies seeking nearshoring opportunities. www.hoganlovells.com
• [New] Small to mid-sized manufacturers are increasingly entering strategic partnerships with larger entities or utilizing shelter models in regions like Mexico to gain access to established legal, tax, and logistics infrastructure without the capital risk of a standalone entity. Data Bridge Market Research
• [New] Real-time tax compliance has restructured the tax function - Dozens of nations now require structured invoice data in real time, with the EU mandating cross-border digital reporting by 2030. Thomson Reuters Institute
• [New] The Inflation Reduction Act's investment tax credit for standalone storage - offering 30-50% for qualifying projects through 2032 - created a window of economic certainty that has driven a wave of projects to financial close. GreenWalletNews
• [New] President Kast's Plan Reconstruccion Nacional, a 40-point tax-and-regulatory package designed to lift Chilean trend growth toward 4% and reduce unemployment to 6.5% by 2030, faces growing congressional resistance. The Rio Times
• [New] India's Income Tax Department has released new Income Tax Return forms for assessment year 2026-27, marking a significant shift toward closer taxpayer monitoring. Whalesbook
• [New] India's Income Tax Department has released new ITR forms for assessment year 2026-27, requiring much broader financial disclosures. Whalesbook
• [New] The Section 232 tariffs will increase US federal tax revenue by $932 billion from 2026 through 2035. Tax Foundation

Last updated: 25 May 2026