Scope: Canada
Proposed
Elimination of the Underused Housing Tax (UHT)
Budget 2025 proposes to eliminate the Underused Housing Tax as of the 2025 calendar year. This means no UHT payable and no requirements to file UHT returns for 2025 and subsequent years. UHT obligations for 2022-2024 remain in force. This change reduces tax exposure and compliance burden for property owners, especially non-residents or underused housing owners. ([budget.canada.ca](https://www.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: Canada
Proposed
Automatic Federal Benefits for Lower-Income Individuals
Budget 2025 proposes giving the CRA authority to **file tax returns on behalf of certain low-income individuals** who do not file, provided their income is low, simple, and meets specified criteria. Eligible individuals would have 90 days to review and amend before CRA proceeds. Intended to ensure benefits (GST/HST Credit, Canada Child Benefit etc.) reach those who otherwise miss filing. Applicable to 2025 taxation year onward. ([budget.canada.ca](https://www.budget.canada.ca/2025/report-rapport/tm-mf-en.html?utm_source=openai))
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
IRS Tax Tip 2026-20 — Taxpayers could see a change in their 2025 tax bill or refund
This IRS announcement outlines retroactive changes under the One, Big, Beautiful Bill for tax year 2025 affecting new deductions and updated credits, including an adoption credit now partly refundable, additional deductions for seniors, tipped workers, qualified overtime, and passenger vehicle loan interest. Taxpayers may benefit via reduced tax liability or larger refunds.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
First-Time Home Buyers’ GST Rebate (Homes up to $1-1.5 Million)
A proposed GST rebate for first-time home buyers: **100% GST relief** on new homes valued up to **$1 million**, and reduced (phased-out) GST relief for homes between **$1 million and $1.5 million**. Intended to assist affordability and reduce upfront cost of new homes. Measure begins in tax year 2025-26. ([canada.ca](https://www.canada.ca/en/department-finance/corporate/transparency/2025/cow-cp-scenario-notes-eng.html?utm_source=openai))
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
IRS extends the period for feedback on Form 6765; Section G optional for all filers for tax year 2025
The IRS announced in IR-2025-99 that it has extended the comment period for draft Instructions for Form 6765 through March 31, 2026; for tax year 2025, Section G reporting will be optional for all filers. In addition, the transition period giving taxpayers until January 10, 2027 to perfect research credit claims is extended under certain conditions.
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
Penalty relief for remittance transfer providers failing to deposit excise tax under the One, Big, Beautiful Bill
Under Notice 2025-55, the IRS and Treasury provide relief from failure-to-deposit penalties under IRC section 6656 for remittance transfer providers during the first three quarters of calendar year 2026. Providers may avoid penalties if they make timely deposits (even if calculated incorrectly) and pay any underpayments by the due date of Form 720. The safe harbor under the excise tax procedural rules remains available if the reasonable cause standard is met.
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 provide penalty relief for tax year 2025 for information reporting on tips and overtime under the One, Big, Beautiful Bill
Guidance offering transition relief to employers and other payors from penalties for failing to correctly report or provide statements for cash tips, the recipient’s occupation and qualified overtime compensation for 2025, under the new reporting requirements added by the OBBB.
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
Transitional guidance for businesses reporting car loan interest under the One, Big, Beautiful Bill (Notice 2025-57)
New reporting obligations under IRC §6050AA require lenders to report interest received from individuals on specified passenger vehicle loans exceeding $600 annually. Notice 2025-57 provides relief for 2025: lenders meet requirements by providing statements rather than full information returns, with penalties deferred for that year.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Spring Economic Update 2026: Employee Ownership Trust Tax Exemption to be Made Permanent
The Government of Canada proposes to make permanent the capital gains tax exemption (up to $10 million) on qualifying dispositions of shares when selling a business to an employee ownership trust or worker cooperative. Previously, this exemption was temporary for the 2024-2026 tax years. This change will affect business owners planning succession, enabling long-term tax-efficient transfers to employee-owned structures.
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
Treasury, IRS issue FAQs about general refundability and recognizing Indian tribal governments for purposes of making a special needs determination for the Adoption Tax Credit (IR-2026-27)
Issued on February 27, 2026, this IRS Frequently Asked Questions release implements changes from the One, Big, Beautiful Bill that make the Adoption Tax Credit partially refundable (up to \$5,000) for tax years beginning after 2024, and grants parity to Indian tribal governments to make special-needs determinations as states can. Also clarifies carry-forward rules, MAGI phase-outs, and qualification criteria. Important for adoptive parents to understand which expenses qualify, what documentation is needed, and their income thresholds.
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
Expanded Availability of Health Savings Accounts under the One, Big, Beautiful Bill (Notice 2026-05)
Notice 2026-05 clarifies and expands eligibility for Health Savings Accounts by allowing telehealth and remote care before HDHP deductible is met, treating bronze and catastrophic plans as HDHPs beginning Jan 1, 2026, and permitting direct primary care arrangements to be paid tax-free from HSAs effective Jan 1, 2026. These changes broaden access to HSAs and affect plan selection and contributions.
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
Revenue Procedure 2026-16 — Waiver for minimum foreign residence/time tests for war-affected countries
Adds Haiti, Ukraine, Democratic Republic of the Congo, South Sudan, Iraq, Lebanon, and Mali to the list of countries whose residents for 2025 are eligible for waivers of the physical presence or bona fide residence tests when displaced by war or civil unrest, enabling them to claim the foreign earned income exclusion.
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
Increase in Standard Deduction
The standard deduction for individual taxpayers will increase to $15,000 for single filers and $30,000 for married couples filing jointly, 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: United States
Status requires verification
Enhancements to the Child Tax Credit for 2025
The Child Tax Credit has been expanded for 2025, increasing the maximum credit amount and adjusting income thresholds for eligibility.
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 regime amendments
Legislative changes to Australia’s Foreign Resident Capital Gains Withholding (FRCGW) regime came into effect from 1 January 2025: raising withholding rate to **15%**, removing the AUD 750,000 sales threshold, and expanding coverage to relevant capital gains tax assets. This increases duties for purchasers/vendors and the need for clearance certificates, as more transactions trigger withholding obligations regardless of sale price, and higher amounts are withheld without a clearance.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
New Tax Relief for Small Businesses
A tax relief scheme aimed at providing financial support to small businesses by allowing them to claim back a percentage of their business expenses.
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
UAE Domestic Minimum Top-up Tax (DMTT) for Multinational Enterprises as part of Pillar Two Implementation
The UAE enacted a Domestic Minimum Top-up Tax (DMTT) for MNEs with global revenues ≥ €750 million, applicable for financial years starting on or after 1 January 2025. The regime is closely aligned with OECD Pillar Two/GloBE Rules but excludes the Income Inclusion Rule and CFC-regime. Variations such as exclusion of certain investment entities are included. The UAE aims to achieve Qualified status allowing recognition under international safe harbour rules.
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 Corporate Tax Rate
A proposed initiative to establish a minimum corporate tax rate of 15% globally 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: United States
Status requires verification
IRS issues guidance: taxpayers could see a change in their 2025 tax bill or refund under the One, Big, Beautiful Bill
IRS Tax Tip 2026-20 provides new deductions and credit updates under OBBB that are retroactive to start of 2025. Includes additional deduction for seniors (age 65+) up to $6,000, tipped workers deduction up to $25,000, overtime deduction up to $12,500 (joint $25,000), all subject to modified AGI phase-outs. Taxpayers may need to adjust withholding or estimated tax obligations.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Corporate Tax Rate Reduction
The Australian government has proposed a reduction in the corporate tax rate from 30% to 25% for small to medium enterprises (SMEs) with a turnover of less than AUD 50 million.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source