Nomadic Tax Institute
Publicly sourced cross-border tax developments. Dates, status and scope are shown separately so they can be read in context.
2645 updates
Status requires verification
A new tax on digital services provided by large tech companies operating in the UK, aimed at ensuring they contribute fairly to the UK economy.
Editorial impact label: High
Status requires verification
The standard deduction for individual taxpayers has been increased to $15,000, and for married couples filing jointly, it has been raised to $30,000. This adjustment aims to provide relief to taxpayers amidst rising living costs.
Editorial impact label: High
Status requires verification
An agreement among participating countries to implement a global minimum corporate tax rate of 15%, aimed at reducing tax base erosion and profit shifting.
Editorial impact label: High
Proposed
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
Status requires verification
Effective January 1, 2025, the corporate tax rate for large corporations will increase from 15% to 18%. This change is aimed at ensuring that larger corporations contribute a fairer share to public revenues.
Editorial impact label: High
Status requires verification
Legislative changes targeting corporations include elimination of the tax-indifferent investor exception for synthetic equity arrangements (SEAs), meaning no deduction for dividends in such arrangements from shares with SEA structure after December 31, 2024. Also, platform operators in certain digital economy segments must file information returns on sellers starting with the 2024 calendar year. Non-resident service provider withholding rules may be waived under conditions upon royal assent. These changes affect entity structuring, dividend planning, and compliance in digital and cross-border contexts.
Editorial impact label: Medium
Proposed
OBBB restores the 1099-K and backup withholding reporting threshold to payments to a payee exceeding **$20,000 AND more than 200 transactions** per calendar year. Proposed regulations clarify backup withholding under §3406 must align with §6050W(e) thresholds, replacing the $600 de minimis threshold from 2021. Comments due; effective for calendar years beginning after December 31, 2024.
Editorial impact label: Medium-High
Cyprus
Status requires verification
On 29 May 2026, EC confirmed via FAQ that Cyprus’s income inclusion rule (IIR) should be treated as “qualified” under the EU Pillar 2 Directive for fiscal years beginning on or after 31 December 2023. This resolves ambiguity around delayed OECD recognition and underlines Cyprus’s full compliance under EU law—and ensures that other EU member states must accept its qualified status. Implications include ability to centrally file top-up tax returns in Cyprus, and peers not to impose additional domestic filing for those returns under DAC9.
Editorial impact label: Medium
Proposed
IRS proposed regulations clarifying eligibility, registration, emissions rates, feedstock sourcing (must be from U.S., Mexico, Canada), prohibitions on foreign entity assistance, and attribution and anti-abuse rules for the clean transportation fuel production credit (45Z). These resolve stakeholder concerns and help domestic clean fuel producers understand and comply under revised law. Comment period open.
Editorial impact label: Medium
Status requires verification
Hosts of short-term rentals (individuals or businesses) must comply with all applicable municipal and provincial registration, permit, license, and operating requirements by December 31, 2024, to be eligible to claim deductions related to rental operations. Failure to comply risks disallowance of expenses.
Editorial impact label: Medium
Proposed
Canada has proposed changes impacting capital gains tax: deferral rules for small business corporation shares have expanded (higher asset limits; any share type accepted), and time to replace shares after disposition has been extended. Also introduced is a capital gains deduction for individuals on sales involving qualifying cooperative conversions. Includes amendments to Alternative Minimum Tax (AMT) rules for adjusted taxable income. Effective starting for qualifying dispositions after December 31, 2024.
Editorial impact label: Medium
Status requires verification
For tax years starting after 2024, corporations that are controlled by corporate groups (including trusts or partnerships not at arm’s length) will not qualify as mutual fund corporations; synthetic equity arrangements will lose the tax-indifferent investor exception for the dividend received deduction; bankrupt corporations will lose certain exceptions under debt forgiveness and loss restriction rules for bankruptcy proceedings starting after April 15, 2024.
Editorial impact label: High
Proposed
Explanatory notes published by Canada propose to extend the enhanced refundable SR&ED ITC to Eligible Canadian Private Corporations (ECPCs), increase the maximum expenditure limit to CAD $4.5 million, and raise taxable capital thresholds (from $10 million/$50 million) to higher levels to phase out at $15 million and $75 million respectively. Applies for taxation years beginning on or after December 16, 2024.
Editorial impact label: Medium
Proposed
Budget 2025 proposes to increase the limit on expenditures eligible for the enhanced 35% SR&ED tax credit from $4.5 million to $6 million for taxation years beginning on or after December 16, 2024. This expands tax incentives for R&D-intensive businesses. Additionally, Budget 2025 includes a non-refundable Top-Up Tax Credit (0.5% in 2025; 1% from 2026 to 2030) for non-refundable credits exceeding the first bracket threshold. These changes are intended to modernize the SR&ED regime and make R&D more attractive. ([canada.ca](https://www.canada.ca/en/department-finance/services/publications/federal-tax-expenditures/2026/part-2.html?utm_source=openai))
Editorial impact label: Medium
Status requires verification
Released February 26, 2026, the federal Report on Federal Tax Expenditures details new Budget 2025 measures: increased enhanced SR&ED credit expenditure limit from $4.5 million to $6 million; extension of mineral exploration flow-through share incentives; temporary immediate expensing for eligible manufacturing or processing buildings; and accelerated capital cost allowance for low-carbon LNG facilities. It also includes modifications to clean technology investment credits and other supports aimed at fostering clean growth and investment. These changes are intended to lower cost and risk for businesses engaging in innovation, clean energy, and critical minerals sectors.
Editorial impact label: Medium
Status requires verification
Budget 2025 raised the annual expenditure limit for CCPCs to earn the enhanced 35 % refundable SR&ED investment tax credit (from $4.5 million to $6 million), restored capital expenditure eligibility for SR&ED claims after Dec 16, 2024, expanded eligibility to public corporations, and increased the taxable capital phase-out thresholds.
Editorial impact label: High
Status requires verification
Bill C-15 (Royal Assent March 26, 2026) expanded Canada’s SR&ED program: increasing the enhanced ITC expenditure limit from $3 million to $6 million, expanding eligibility to public corporations, raising phase-out thresholds for under-capitalized firms, and introducing a pre-claim approval process effective from April 1, 2026, for tax years beginning after December 15, 2024. These changes increase incentives for R&D spending and remove uncertainty in large and public‐company innovators.
Editorial impact label: High
Status requires verification
Amended definitions of first-term and second-term shared-use-equipment in subsection 127(9) of the Income Tax Act now apply only to property acquired after December 15, 2024. The change reflects legislative updates in Budget 2025 and the 2024 Fall Economic Statement, affecting eligibility for capital expenses under SR&ED.
Editorial impact label: Medium
Status requires verification
On 9 May 2023, the Treasurer announced that Australia will implement the OECD's Global Anti-Base Erosion (GloBE) Model Rules, known as the global minimum tax, along with a domestic minimum tax. The primary legislation received royal assent on 10 December 2024, with subordinate legislation registered on 23 December 2024. The OECD released an updated GloBE Information Return (GIR) and XML schema on 15 January 2025. The ATO is facilitating working groups to discuss technical considerations for implementation, ensuring alignment with requirements and standards.
Editorial impact label: High
Status requires verification
The UK government will increase the lower and higher main rates of Capital Gains Tax to 18% and 24%, respectively, for disposals made on or after 30 October 2024. The rate for Business Asset Disposal Relief and Investors’ Relief will increase to 14% from 6 April 2025 and further to 18% from 6 April 2026. Additionally, the lifetime limit for Investors’ Relief will be reduced to £1 million for all qualifying disposals made on or after 30 October 2024, matching the lifetime limit for Business Asset Disposal Relief.
Editorial impact label: High