Scope: United Kingdom
Proposed
Chancellor commits to explore pro-growth tax reforms to support small businesses opening new premises
The Chancellor announced plans to reform business rates to eliminate 'cliff edges' that deter small businesses from expanding to new premises. This includes considering a system where tax rates increase gradually, supporting business investment and growth.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Sep 11, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Modernisation of Tax Administration Systems (MTAS) Phase 2 – 20 August 2025
The Australian Taxation Office (ATO) has initiated Phase 2 of the Modernisation of Tax Administration Systems (MTAS), focusing on enhancing trust and beneficiary reporting. This phase aims to improve data quality, accuracy, and transparency by collaborating with Trustees, Tax Practitioners, and Digital Service Providers (DSPs). Key outcomes include system upgrades, data quality improvements, and enhanced prefill functionality, with draft specifications and validation rules expected between September and December 2025, and testing extending into mid-2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Aug 20, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Taxation (Multinational—Global and Domestic Minimum Tax) Rules 2024: Qualified GloBE Taxes Determination 2025 (Legal Instrument 2025/13)
This instrument (LI 2025/13) specifies the jurisdictions whose income inclusion rule (IIR) and domestic minimum top-up taxes qualify under Australia’s GloBE rules. For example, Australia itself qualifies from 1 January 2024. The rule clarifies which foreign tax jurisdictions will be treated as having ‘qualified taxes’ for purposes of Pillar Two, affecting top-up tax liabilities and reporting obligations. The implications include certainty around international tax affairs of multinationals and conforming which jurisdictions may provide credit or safe harbour under Australia’s rules.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Aug 20, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Government releases draft legislation for previously announced tax measures
On August 15, 2025, Canada released draft legislative proposals aimed at implementing various tax measures, including expanding eligible small business corporation shares and introducing a $10 million capital gains exemption for qualifying sales to worker co-ops.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Aug 15, 2025
- Verification
- Not recorded
Open cited source
Scope: EU / EEA
Status requires verification
Improving Capacity in Member States to Effectively Implement the Pillar Two Directive
An EU-funded programme under the Technical Support Instrument to build member states’ capabilities to implement the Pillar Two Directive. It provides tools like TTIR test files, common validation under DAC9, training, manuals, and guidance. Delivered across 14 Member States, it aims to ensure accurate reporting, reduce compliance frictions, and align practices ahead of the first top-up tax returns due by 30 June 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Aug 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
GSTD 2025/1 - Goods and services tax: supplies of food products marketed as prepared meals
Following *Simplot Australia* court decision, Australia’s ATO has issued GSTD 2025/1 clarifying that food products marketed as 'prepared meals' (including frozen mixes with serving suggestions or images) are **not GST-free**, whether prospective or retrospectively. Businesses must review product marketing and labeling to determine GST liability. ([ato.gov.au](https://www.ato.gov.au/law/view/pdf?DocID=GSD%2FGSTD20251%2FNAT%2FATO%2F00001&PiT=20250730000001&filename=law%2Fview%2Fpdf%2Fpbr%2Fgstd2025-001c1.pdf&utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Aug 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
Finance Bill 2025-26
The government published draft legislation for the Finance Bill 2025-26, outlining proposed tax measures and reforms aimed at renewing annual taxes, delivering new tax proposals, and maintaining the administration of the tax system.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 21, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury, IRS issue guidance on special depreciation allowance for qualified production property, announce upcoming proposed regulations under the One, Big, Beautiful Bill
Notice 2026-16 provides interim guidance for a special depreciation allowance under OBBB for qualified production property (e.g., nonresidential property used in manufacturing, refining, agricultural production) placed in service after July 4, 2025 and before January 1, 2031; clarifies definitions, elections, depreciation recapture requirements; taxpayers may rely on this interim guidance until proposed regulations are in place.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 5, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-16: Interim Guidance on Special Depreciation Allowance for Qualified Production Property
The Treasury and IRS issued interim guidance allowing taxpayers to elect a 100% depreciation deduction for qualified production property placed in service after July 4, 2025 and before January 1, 2031 under the One, Big, Beautiful Bill. This guides definitions, elections, and recapture rules pending final regulations. Impacts asset intensive businesses such as manufacturers and producers.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 5, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Treasury, IRS issue guidance on special depreciation allowance for qualified production property, announce upcoming proposed regulations under the One, Big, Beautiful Bill
Interim guidance (Notice 2026-16) issued by the Department of Treasury and IRS allows taxpayers to elect a 100% depreciation deduction for qualified production property placed in service after July 4, 2025 and before January 1, 2031, under the OBBB Act. It defines key terms (qualified production activity, qualified production property), explains elections, and the rules for depreciation recapture if property ceases to meet qualifications. Taxpayers can rely on this guidance until proposed regulations are issued.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 5, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury, IRS issue guidance on special depreciation allowance for qualified production property under the One, Big, Beautiful Bill
Notice 2026-16 provides interim guidance defining “qualified production property” and “qualified production activity,” explains how taxpayers may elect to take a 100 % depreciation deduction on such property placed in service after July 4, 2025 and before January 1, 2031, and describes how depreciation recapture applies if qualification ceases; this helps businesses in manufacturing, agriculture, refining or chemical production to optimize tax benefits during the early years of investment.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 5, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Interim Guidance on Special Depreciation Allowance for Qualified Production Property
The Treasury Department and IRS issued Notice 2026-16 providing **interim guidance** on the special depreciation allowance under IRC § 168(n), added by the One, Big, Beautiful Bill Act. Under § 168(n), qualified production property placed in service after July 4, 2025 may qualify for a **100% special first-year depreciation deduction**. The guidance defines “qualified production property”, sets election procedures, rules for depreciation recapture if property’s use changes, and clarifies which used property may qualify. Taxpayers may rely on this interim guidance until final regulations are issued. ([irs.gov](https://www.irs.gov/irb/2026-11_IRB?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS provides interim guidance on special depreciation allowance for qualified production property under One, Big, Beautiful Bill
Notice 2026-16 provides interim guidance for taxpayers to make the election allowing 100% first-year depreciation on qualified production property placed in service between July 4, 2025 and January 1, 2031. This change facilitates accelerated write-offs, reduces taxable income in early years, and enhances cash flow for businesses engaged in manufacturing, agriculture, chemical production or refining. The guidance clarifies definitions, election timing, recapture rules, and the period during which property is eligible.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
IRS issues proposed regulations on Trump Accounts (IR-2026-33 & IR-2026-31)
Proposed regulations issued March 6, 2026, detail general requirements for establishing initial Trump Accounts and rules for contributions under the Trump Accounts pilot program. They clarify authorized individuals for opening accounts, election rules, and how the one-time $1,000 federal contribution will be administered for eligible children. These rules will guide implementation under the One, Big, Beautiful Bill.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury, IRS provide guidance for Opportunity Zone investments in rural areas under the One, Big, Beautiful Bill
Under the One, Big, Beautiful Bill, the Treasury and IRS issued guidance (Notice 2025-50) clarifying the definition of “rural area” and reducing the substantial improvement threshold from 100% to 50% for property in Qualified Opportunity Zones that are entirely rural; this applies to property in QOZs rural as of July 4, 2025.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Notice 2026-3: Relief from Additions to Tax for Underpayment of Estimated Income Tax (OBBBA Section 1062 Election)
This IRS notice provides relief from penalties under Sections 6654 and 6655 (for underpayment of estimated tax) for taxpayers who made an election under Section 1062(a) of the One, Big, Beautiful Bill Act in connection with a qualified sale or exchange of qualified farmland property. Taxpayers who already filed returns with penalties may seek abatement using Form 843, referencing the notice. The amount of relief is proportionate to the portion of tax deferred under the election.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury and IRS Provide Guidance for Opportunity Zone Investments in Rural Areas Under the One, Big, Beautiful Bill
Notice 2025-50 clarifies the definition of “rural area” for Qualified Opportunity Zones (QOZs) and lowers the substantial improvement threshold from 100% to 50% for tangible property in QOZs located entirely in those rural census tracts, effective for property in or after July 4, 2025. It identifies 3,309 rural QOZ census tracts and aims to boost investment in underserved areas by reducing investment requirements and expanding eligibility.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
One, Big, Beautiful Bill Provisions
The IRS detailed provisions of the One, Big, Beautiful Bill, including new deductions for overtime pay and car loan interest, and increased standard deductions, effective for tax years 2025 through 2028.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Working Families Tax Cuts – Individuals and workers
Under the One, Big, Beautiful Bill (Public Law 119-21), the Working Families Tax Cuts make several changes: increased standard deductions and adjusted brackets, new deductions for qualified tips, qualified overtime compensation, car loan interest, expanded adoption credit, higher estate tax exclusion, and expanded employer provided childcare credit, effective from tax years 2025-2028.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
One, Big, Beautiful Bill provisions
The One, Big, Beautiful Bill (Public Law 119-21), signed into law July 4, 2025, enacts numerous tax reforms: higher standard deductions from 2025-26; permanent inflation-indexed rate schedules; new deductions (seniors, tips, overtime, car loan interest); enhanced credits (child, adoption); and excise tax rules (remittance transfer tax).
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source