Scope: Canada
Proposed
Notice of Ways and Means Motion to amend the Underused Housing Tax Act and a Related Text
This proposed amendment, part of Budget 2025, eliminates the Underused Housing Tax (UHT) for the **2025 calendar year and all subsequent years**—meaning **no tax payable** and **no returns required** for UHT from 2025 onward. However, all obligations (filing, payment, penalties) continue to apply for **2022-2024**, including valuation and occupancy reporting. The Act and related regulations would be repealed in 2035.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Expansion of the Child Tax Credit
The Child Tax Credit will be expanded to provide additional financial support to families with children under the age of 17, increasing the maximum credit amount and eligibility thresholds.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Middle East
Status requires verification
Ministerial Decision No. 133 of 2026 on the Requirements for Filing Pillar Two Information Return
This UAE ministerial decision clarifies which entities are required to file Pillar Two Information Returns under the UAE’s Top-up Tax regime (Cabinet Decision No. 142 of 2024), in line with OECD/G20 GloBE rules. It specifies that Constituent Entities (except Investment Entities), Joint Ventures and JV Subsidiaries, and Stateless Constituent Entities that are Reverse Hybrids, located in the UAE, must file starting from fiscal years beginning 1 January 2025. The rule also allows filing via Designated Local Entities.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
2026 filing season updates and resources for seniors
IRS announced an enhanced deduction for taxpayers aged 65 and older as part of the One, Big, Beautiful Bill: for tax years 2025-2028 seniors can claim an additional **$6,000** deduction per person ($12,000 for joint filers with both eligible), phasing out at MAGI over $75,000 individual / $150,000 joint. This provides additional tax relief for older taxpayers.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Middle East
Status requires verification
Ministerial Decision No. 133 of 2026 on Requirements for Filing Pillar Two Information Return
This decision specifies which entities in the UAE must file a Pillar Two Information Return under the UAE’s Top-Up Tax regime (per Cabinet Decision No. 142 of 2024). It requires Constituent Entities (excluding Investment Entities), Joint Ventures and JV Subsidiaries in the UAE, and Stateless Constituent Entities that are Reverse Hybrid Entities to file. Filing can be done directly by the entity or by its Designated Local Entity. Applies to fiscal years starting on or after 1 January 2025. Impacts multinationals with UAE-based operations, increasing reporting burden and tax transparency obligations.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Relief from Addition to Tax for Underpayment of Estimated Income Tax by Qualifying Farmers and Fishermen (Notice 2026-24)
For tax year 2025, qualifying farmers and fishermen (those with at least two-thirds of gross income from farming or fishing in 2025 or the prior year) may have the addition to tax under section 6654 waived if they file their 2025 return and pay in full the tax due by April 15, 2026. Those who already filed with the penalty may request abatement via Form 843. This provides relief for seasonal income timing and software delays.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury, IRS issue final regulations listing occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill
Under the OBBB Act section 224, the IRS released final regulations (IR-2026-49 on April 10, 2026) which provide a list of over 70 occupations eligible for the “No Tax on Tips” deduction. The rule defines "qualified tips", requires tips be reported via W-2, 1099-NEC/MISC/K, or Form 4137, and clarifies that tip-sharing, electronic tips, etc. can qualify under certain conditions. This change affects taxpayers, including gig economy workers, for tax year 2025 onward.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Section 163(h)(4) and Section 6050AA (QPVLI Deduction & Reporting)
Under the One, Big, Beautiful Bill, for taxable years beginning after December 31, 2024 and before January 1, 2029, personal interest does not include qualified passenger vehicle loan interest (QPVLI). Adds a deduction for QPVLI under §163(a) within limitations (max $10,000 per return) and requires information reporting under §6050AA for lenders receiving $600+ interest payments. Crucial for individuals purchasing automobiles and lenders.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Global Minimum Tax Rate Implementation
Establishment of a global minimum tax rate of 15% for multinational corporations to prevent tax base erosion and profit shifting.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Increased Tax Offset for Low-Income Earners
The government has proposed an increase in the tax offset for low-income earners to provide additional financial relief amid rising living costs.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Elimination of Underused Housing Tax (UHT) for calendar-2025 and subsequent years
Budget 2025 proposes eliminating the Underused Housing Tax, so **no UHT payable and no returns required** in respect of the **2025 and subsequent calendar years**. However, all obligations, returns, and penalties for 2022-2024 remain in force. ([budget.canada.ca](https://budget.canada.ca/2025/report-rapport/tm-mf-en.html?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Foreign Resident Capital Gains Withholding changes effective 1 January 2025
From 1 January 2025 the foreign resident capital gains withholding (FRCGW) rate increased to 15%, and the former threshold of $750,000 for applying withholding was removed, affecting all property sales by foreign residents in Australia; purchasers must withhold unless vendors provide clearance certificates or variation notices.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Reporting fees for service requirement reactivated for the trucking industry
Starting with the 2025 taxation year, penalties for failing to report fees paid for services in the trucking industry have been reinstated. Trucking businesses must report fees to Canadian-controlled private corporations exceeding $500 in a calendar year on a T4A slip (box 048); failure to do so can result in penalties and disallowed expenses. This marks the end of the moratorium on such penalties.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Reporting fees for service transactions in the trucking industry
Starting with the 2025 tax year, businesses in the trucking industry must report fees for services paid to Canadian-controlled private corporations (CCPCs) exceeding CAD 500 in a calendar year on a T4A slip (box 048), with penalties reinstated. The filing deadline for 2025 year T4A slips is February 28, 2026 (extended to March 2 where applicable). This enhances compliance in a sector with prior reporting gaps.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Carbon Pricing Adjustment
Adjustment to the carbon pricing framework to increase the carbon price by $10 per ton, effective January 1, 2025.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Business-sector reporting penalties reinstated: trucking industry fees-for-service now reportable on T4A slips starting 2025
The CRA has lifted the moratorium on penalties for failure to report fees-for-service transactions in the trucking industry. For payments over $500 in a calendar year to a CCPC, businesses must now include these amounts on T4A slips (box 048) for the 2025 tax year. Filing deadline is February 28, 2026 (or postmarked by March 2, 2026), under pain of penalties.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Middle East
Status requires verification
Ministerial Decision No. 96 of 2026 on the Commentary and Agreed Administrative Guidance for the Purposes of Cabinet Decision No. 142 of 2024 on the Imposition of Top-Up Tax on Multinational Enterprises
UAE’s MOF issued Decision No. 96 of 2026 providing detailed commentary and guidance under Cabinet Decision No. 142 (2024) regarding Top-Up Tax on Multinational Enterprises. It defines scope, clarifies definitions, sets calculation methods, documentation requirements, and repeals Decision No. 88 of 2025. It applies to fiscal years starting on or after 1 January 2025.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Foreign Resident Capital Gains Withholding (FRCGW) legislative changes
From 1 January 2025, the FRCGW rate was increased from 12.5% to 15%, the $750,000 threshold removed, and applies broadly to vendors of taxable Australian real property. Australian vendors need a clearance certificate to avoid withholding; foreign vendors may vary or reduce withholding. Key for property transactions and real-estate compliance.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS Announces Standard Mileage Rate Increase for 2025
The IRS has announced an increase in the standard mileage rate for business use of a vehicle by 3 cents per mile, effective January 1, 2025.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Foreign resident capital gains withholding (FRCGW) – Rate Increase and Threshold Removal
From 1 January 2025, the FRCGW rate increased to 15% and the $750,000 threshold was removed; applies to all property contracts signed from that date. Australian residents must obtain clearance certificates to avoid withholding; foreign residents may apply for variation notices to reduce withholding rates where eligible.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source