See full analysis Learn more Tax [New] In Germany, commuter taxes will be reduced when its new carbon tax on heating and transport is introduced in 2021. [New] The International Energy Agency expects the share of EVs in European car sales to reach about 50% by 2030 due to high taxes on fossil fuels. [New] The director of the OECD's tax center has revealed that the organisation expects to release a tax reporting standard for crypto assets by the end of 2021. [New] Canada plans to impose a tax on corporations providing digital services from 2022 that will stay in place until major nations come up with a coordinated approach on taxation. The ITC will fall to a 22% rate for projects that begin construction by the end of 2023, and then fall to 10% for large-scale solar projects and to zero percent for small scale solar projects in 2024. Prime Minister Justin Trudeau stepped up efforts to hit Canada's emissions targets by 2030, pledging billions in new money to combat climate change and increasing his government's carbon tax. The Malaysian government would issue its first sustainability bond for environmental and social initiatives in 2021 and extend the existing income tax exemption for SRI green sukuk grant provided by the SC until 2025. With a supermajority, Democratic lawmakers could push proposals to raise taxes on the wealthy, a way to boost New York's finances amid a $14.5 billion pandemic-induced shortfall in revenue in 2020 that does not require waiting for the federal government's help. Annual losses in revenue and investment are projected to increase through 2040 as the oil and gas industry becomes more productive and prices increase. In November France said that it would press ahead with its own digital tax without waiting for the OECD to come up with a plan - prompting the US to threaten to apply punitive tariffs to French exports. Could be an annual increase of between $60 billion and $100 billion in tax revenues or 4% of global corporate tax revenues. Germany's lower house recently approved a tax on greenhouse gas emissions, to begin in 2021, which will increase the prices of heating oil, car fuels, and natural gas. In Germany, electricity charges will be reduced when its carbon tax on heating and transport is introduced in 2021, meaning that while gas bills will rise, electricity bills will fall. The Council on Revenues is figuring that tax collections are going to bounce by about $500 million in the next fiscal year, which obviously implies there's going to be a big resurgence in tourism. France will immediately seek European Union retaliation if Washington goes ahead in January with planned trade sanctions over a French tax on digital services. An incoming Joe Biden Administration could possibly increase EV tax credits and incentives in the United States and would fuel domestic EV adoption starting in 2021, which would be a positive for Tesla. Biden has indicated his plan to achieve economywide carbon neutrality by 2050 and indicated his support for renewing tax credits for renewables. Last updated: 10 January 2021 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No