Our Scans · (FS.6.03) Taxation · Weekly Summary

• [New] Cyprus is preparing a sweeping tax overhaul that will broaden the tax base, toughen enforcement and ease the burden on households and businesses. IFC Review
• [New] Thailand's cabinet has approved tax measures that will exempt personal income tax on capital gains from digital asset sales through SEC-regulated platforms. Crypto Briefing
• [New] With U.S. leadership signalling stricter tax enforcement and new industrial tariffs, Canadian small businesses that rely on cross-border trade must prepare for potential disruptions. Greenbox Capital
• [New] Beginning in 2026, corporations, in determining if their BEAT liability exceeded their regular tax liability, would have been required to reduce their regular tax liability by all tax credits instead of only selected credits. Pillsbury Law
• [New] If an individual were to derive regular income from crypto (say as a day trader), it might fall under business income, but Mauritius has a low flat income tax of 15%. CitizenX
• Digital Services Tax Clarity: India should seek guarantees that its digital services taxes will not face retaliation from the U.S. Eg: U.S. firms operating in India's tech sector may be affected unless taxation issues are resolved amicably. Civilsdaily
• Having no negative impact on public finances is a relatively high bar: around half of the British resident population are expected to pay less in taxes than it costs to provide them with public services and other state support over their lifetime. GOV.UK
• Even at reduced levels, Trump's tariff policies will act as a tax hike on U.S. businesses and consumers, likely driving inflation higher and leaving the U.S. Federal Reserve in an awkward position. Oakglen Wealth - Advisory and Discretionary Management
• Taxes on internet services in Europe (particularly from leftist countries) are a big risk in the near term, especially if the US and the EU do not make a trade deal. Seeking Alpha
• The existing global tax system costs countries nearly half a trillion dollars a year in lost taxes to multinational corporations and wealthy individuals cheating on tax, and makes possible the financial secrecy that carries autocratisation risks. IFC Review
• Senegal plans to boost tax compliance to increase revenue and reduce reliance on financing from external sources like the International Monetary Fund, its Prime Minister Ousmane Sonko has said. FDD
• Among areas of the FFD4 document that the US objects to is a call for countries to explore global solidarity levies that could include taxes on highly polluting activities or on the super-rich to finance sustainable development. DAWN.COM
• A shift towards lower taxes could incentivize investment, promote entrepreneurship, and attract businesses to set up operations in the U.S. County Local News
• Nigeria's ongoing tax reform agenda and related revenue mobilization initiatives will further strengthen public finances, reduce dependency on debt, and promote financial prudence. The Nation Newspaper
• Evasion of U.S. tariffs, if transposed under English law, could be considered equivalent to the common law offence of cheating the public revenue or the fraudulent evasion of tax, both of which have a maximum custodial sentence significantly exceeding one year. Willkie Compliance Concourse
• The OECD stressed the need for US support on Pillar One, which ensures large corporations pay taxes where they operate, warning that failure could trigger unilateral digital taxes and threaten global trade. CFE Tax Advisers Europe
• The EU's long-proposed common system for digital services taxes is expected to generate $5 billion to $6 billion in revenue per year, while individual EU nations are already levying or prepping similar taxes, and the OECD nations have been developing an alternative tax system with similar goals. McKinsey & Company
• As the 2024/2025 financial year draws to a close, small business owners have a valuable opportunity to reduce their tax liability, improve their cash flow, and ensure full compliance with Australian tax regulations. Investment Plus Accounting Group
• 2025's budget, titled 'A Plan to Protect Ontario,' sees billions in funds and tax credits to help businesses impacted by tariffs but an projected deficit of $14.6 billion in 2025. CityNews Toronto
• With tax hikes and more austerity looking likely in the US and Europe, companies should plan for increased taxes and financing costs. Allianz Trade Corporate
• Loosening restrictions on building large reactors could attract new data center construction from large companies, creating new jobs and tax revenue. Chicago Tribune
• In 2025, several critical updates have come into effect that will impact how small businesses in Australia manage their tax, cash flow, and reporting obligations. Blackwattle Tax

Last updated: 25 June 2025