Nomadic Tax Institute
Publicly sourced cross-border tax developments. Dates, status and scope are shown separately so they can be read in context.
2642 updates
Status requires verification
Canada has enacted legislation that expands tax credits for businesses adopting environmentally friendly practices, providing incentives for sustainability in business operations.
Editorial impact label: Medium
Status requires verification
HMRC has updated its statutory guidance under Notice 2 (Multinational Top-up Tax Regulations 2025) to add additional jurisdictions (e.g. Brazil, Gibraltar, Isle of Man, Japan, Singapore) to the lists of Pillar Two territories, Qualifying Domestic Minimum Top-up Taxes (QDMTTs), and Accredited QDMTTs. These updates affect which regions and taxes are recognised under the Pillar Two global minimum tax regime and have legal force. Entities with operations in these jurisdictions must assess implications for Multinational Top-up Tax or Domestic top-up tax compliance.
Editorial impact label: High
Status requires verification
This interim guidance reduces compliance burdens for corporations subject to the new Corporate Alternative Minimum Tax when dealing with partnership-related items—contributions, distributions, and fair value measurements—and provides rules for partner reporting and deferral of gains.
Editorial impact label: High
Status requires verification
The IRS announced inflation-adjusted tax brackets, standard deduction amounts, AMT exemption levels, and other tax thresholds for Tax Year 2026 (returns filed in 2027), reflecting changes under the One Big Beautiful Bill Act. Key updates include higher standard deductions ($16,100 single; $32,200 jointly), updated marginal rates, foreign earned income exclusion, and gift exclusion amounts. These adjustments help prevent bracket creep and align thresholds with inflation. Applicable for 2026 returns and beyond.
Editorial impact label: High
Status requires verification
The IRS announced annual inflation adjustments for over 60 tax provisions for tax year 2026, including increased standard deductions and updated tax rate schedules, as amended by the One, Big, Beautiful Bill.
Editorial impact label: High
Status requires verification
This revenue procedure enacts inflation adjustments for over 60 items including standard deductions, tax rate brackets, the § 179 expensing limit, child and adoption credits, and more under the One, Big, Beautiful Bill (OBBBA). It permanently sets tax rate tables, raises standard deductions significantly (e.g. $31,500 for married filing jointly in 2026), makes expanded child tax credit permanent at $2,200, and increases the maximum refundable portion of certain credits.
Editorial impact label: High
Status requires verification
Revenue Procedure updating inflation-adjusted items for 2026 under OBBBA, making standard deduction, tax rate table and child tax credit enhancements permanent; crucial for withholding, tax planning.
Editorial impact label: High
Status requires verification
This revenue procedure sets the adjusted amounts for over 60 tax provisions for tax year 2026 under the One, Big, Beautiful Bill, such as standard deductions, tax rate tables, section 179 expensing limits, adoption credit amounts, and others—affecting both individual and business tax computations.
Editorial impact label: High
Status requires verification
The IRS announced annual inflation adjustments for over 60 tax provisions for tax year 2026, including increases in the standard deduction and changes to tax rate schedules, as part of the One, Big, Beautiful Bill.
Editorial impact label: High
Status requires verification
The IRS issued Revenue Procedure 2025-32, modifying internal revenue code sections under the One, Big, Beautiful Bill Act. It sets new inflation-adjusted thresholds for standard deductions, tax brackets, child tax credit ($2,200 max for 2025, with inflation adjustments beginning in 2026), foreign earned income exclusion ($132,900 for 2026), and many other deductions and limits.
Editorial impact label: High
Status requires verification
Notice 2025-55 provides limited penalty relief under section 6656 for remittance transfer providers for failures to deposit the new remittance transfer excise tax during the first three calendar quarters of 2026. Providers must still make timely deposits (even if miscomputed) and pay any underpayments by the due date of Form 720. Safe harbor rules apply under certain conditions. This helps providers adjust to new collection, deposit and filing requirements effective Jan 1, 2026.
Editorial impact label: Medium
Status requires verification
The Canadian federal government announced a new **Capital Budgeting Framework**, distinguishing operational spending from capital investment to better prioritise long-term economic and infrastructure projects. Also, the federal budget cycle will shift: Budget will be tabled in the **fall** starting with Budget 2025, complemented by an economic and fiscal update in the **spring**, increasing predictability for businesses and levels of government. This impacts how tax expenditures tied to capital investment are classified and how planning horizon aligns with tax policies. The effective date of the fall budget cycle begins with Budget 2025; framework applies moving forward.
Editorial impact label: High
Status requires verification
Final regulations under IRC § 263A(f) that remove the associated property rule and modify the definition of “improvement” for designated property. Entities (particularly with gross receipts over $25 million) must capitalize interest on improvements without the grouping allowed under the old associated property rule; new methods of accounting (via Form 3115) may be required. Effective October 2, 2025.
Editorial impact label: High
Proposed
Effective October 1, 2025, the Canada Revenue Agency (CRA) is implementing changes to the Voluntary Disclosures Program (VDP) to make it easier for taxpayers to correct past tax mistakes. Key changes include increased eligibility, updated relief provisions, a simplified application process, and clear documentation requirements. These enhancements aim to encourage voluntary compliance by providing structured relief from penalties and interest.
Editorial impact label: Medium
Status requires verification
CRA has introduced a new **Non-Resident Withholding Tax portal** allowing non-resident tax account holders and authorized representatives to manage accounts digitally via CRA’s My Account portal by adding their non-resident tax account number. As part of the Part XIII NR Withholding Program, the full Non-Resident Tax Account Online (NRTAO) system is being rolled out: foundational services by **October 2025**, and full functionality including document submission by **May 2026**.
Editorial impact label: Medium
Status requires verification
As of October 1, 2025, the CRA’s Voluntary Disclosures Program has been updated to simplify application requirements and improve clarity around eligibility, giving taxpayers a clearer and more accessible path to correct past non-compliance while potentially reducing penalties.
Editorial impact label: Medium
Status requires verification
Canada Revenue Agency has revised its Voluntary Disclosures Program to expand eligibility (including those who received educational letters), update relief levels (unprompted versus prompted applications), simplify the process and adjust required document disclosure periods for foreign and Canadian-sourced income/assets. ([canada.ca](https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2025/mistake-on-taxes-changes-voluntary-disclosures-program.html?utm_source=openai))
Editorial impact label: Medium
Status requires verification
Effective October 1, 2025, CRA has revised its Voluntary Disclosures Program to simplify the process, broaden eligibility to include taxpayers prompted by CRA communications, and introduce two relief tiers: general (75% interest relief & full penalty relief) and partial (25% interest relief & up to full penalty relief). Document retention requirements vary by type of income—10 years for foreign-sourced, 6 years for Canadian-sourced, 4 years for GST/HST disclosures.
Editorial impact label: Medium
Status requires verification
The Canada Revenue Agency overhauled the Voluntary Disclosures Program, effective October 1, 2025, introducing simplified forms, increased eligibility (including those prompted by educational letters), and a two-tier relief structure: *general relief* (75% interest relief & 100% penalty relief) for unprompted disclosures and *partial relief* (25% interest relief & up to 100% penalty relief) for prompted ones. The changes also update documentation requirements (10 years for foreign-sourced income/assets; 6 years for Canadian sources; 4 years for GST/HST related). These enhancements make it easier for taxpayers to correct non-compliance.
Editorial impact label: Medium
Status requires verification
As of October 1, 2025, CRA’s VDP has been updated to offer **simplified application forms**, broadened eligibility (including prompted disclosures), and newly defined **relief tiers**: “general relief” (75 % interest relief and 100 % penalty relief) and “partial relief” depending on situational factors. These reforms are meant to make correction of filing errors more accessible for taxpayers not under audit or with egregious non-compliance.
Editorial impact label: Medium