Daily Tax News Summary
Treasurer Jim Chalmers pressed U-S Treasury Secretary Scott Bessent to drop a proposed “revenge tax” on Australian superannuation funds while simultaneously seeking tariff relief on critical minerals. Market research flagged vigorous growth in global transfer-pricing advisory, and multilateral climate talks in Bonn amplified calls for tax subsidies on crop inputs. Separately, Oman’s private sector was reminded that taxation, though not yet compulsory, is becoming a “strategic imperative.”
Summary for Taxpayers
- Australian investors face potential U-S “revenge taxes” unless Section 899 is revised.
- Possible 10 % U-S tariffs on Australian critical minerals remain under negotiation.
- Transfer-pricing service demand is projected to increase through 2032.
- Omani businesses urged to view tax compliance as a competitiveness issue.
- UN-backed experts lobby for tax relief on seeds, fertiliser and machinery to curb hunger and emissions.
Key Developments
Oman: Taxation is not a statutory requirement, but a strategic Imperative
- Source: ZAWYA (https://www.zawya.com/en/economy/gcc/oman-taxation-is-not-a-statutory-requirement-but-a-strategic-imperative-jxa2dwcb)
- Key Facts:
- Headline notes that in Oman, “taxation is not a statutory requirement, but a strategic imperative.”
- Article highlights the growing expectation for companies to adopt tax frameworks voluntarily.
- Quote: The piece stresses that tax planning is becoming “a strategic imperative” for competitiveness.
Treasurer talks tariffs, tax bills and Middle East conflict with US counterpart
- Source: Accounting Times (https://www.accountingtimes.com.au/economy/treasurer-talks-tariffs-tax-bills-and-middle-east-conflict-with-us-counterpart)
- Key Facts:
- On 26 June 2025, Treasurer Jim Chalmers held a call with U-S Treasury Secretary Scott Bessent about “trade and tariffs.”
- Chalmers said the talk would cover “critical minerals, legislation before the US Congress … and global economic uncertainty.”
- Australia continues to seek exemption from the 10 % U-S tariff on critical minerals; the government has set aside A$1.2 billion for a strategic reserve.
- Quote: “I expect the conversation to traverse issues like critical minerals … trade and tariffs, but also this global economic uncertainty,” Chalmers told reporters.
Chalmers urges Bessent to reconsider ‘revenge tax’ on super funds
- Source: Australian Financial Review (https://www.afr.com/policy/economy/chalmers-urges-bessent-to-reconsider-revenge-tax-on-super-funds-20250625-p5ma8f)
- Key Facts:
- Section 899 of the Trump administration’s “big beautiful bill” would allow “revenge taxes” on countries judged to treat U-S firms unfairly.
- Institutional investors fear higher U-S taxes on Australian super funds and companies.
- Chalmers asked Bessent to rethink the measure while resisting calls to raise Australia’s defence spending.
- Quote: AFR reports Chalmers “urged his US counterpart … to reconsider a controversial proposal that would raise taxes on super funds.”
Trump’s Tax Retaliation Proposal May Be Dropped If Global Deal Reached
- Source: EconoTimes (https://www.econotimes.com/Trumps-Tax-Retaliation-Proposal-May-Be-Dropped-If-Global-Deal-Reached-1714353)
- Key Facts:
- EconoTimes notes that the U-S may abandon the retaliation plan if an international agreement on digital taxes is secured.
- The article positions the proposal as leverage in ongoing global tax negotiations.
- Quote: The story says the measure “may be dropped if a global deal is reached.”
Transfer Pricing Services Market Next Big Thing | Major Giants Deloitte, EY, PwC, Andersen
- Source: openPR (https://www.openpr.com/news/4082064/transfer-pricing-services-market-next-big-thing-major-giants)
- Key Facts:
- HTF Market Intelligence released a 143-page study on transfer-pricing services, covering 2025-2032.
- The research finds the market is “expanding its reach” and profiles firms such as Deloitte, EY, PwC, KPMG and BDO.
- Quote: HTF MI “projects that the global Transfer Pricing Services market will expand” over the forecast period.
Experts Urge Tax Subsidies on Crop Inputs as Global Hunger and Climate Crises Converge
- Source: Nilepost News (https://nilepost.co.ug/climate-change/267620/experts-urge-tax-subsidies-on-crop-inputs-as-global-hunger-and-climate-crises-converge)
- Key Facts:
- At the SB62 Climate Summit in Bonn, WHO, FAO and WFP representatives backed tax relief on seeds, fertilisers and agricultural equipment.
- Jeroom Remmers of the True Animal Protein Price Coalition said subsidies must shift “towards crop inputs—seeds, fertiliser, machinery—to boost productivity and food security.”
- Enric Noguera labelled food-system reform “non-negotiable.”
- Quote: Remmers argued, “We must redirect subsidies away from animal agriculture and towards crop inputs … to boost productivity and food security globally.”
Prepared by MyTax - mytax.com.ng