Scope: United Kingdom
Status requires verification
Changes to the rates of Capital Gains Tax
The UK government increased the main Capital Gains Tax rates for non-residential property and carry-interest assets from 10%/20% to 18%/24% for disposals made on or after 30 October 2024. Separately, Business Asset Disposal Relief and Investors’ Relief rise from 10% to 14% from 6 April 2025, then to 18% from 6 April 2026. The lifetime limit for Investors’ Relief is reduced from £10 million to £1 million from 30 October 2024. These changes substantially affect the tax liability on large gains and alter planning strategies.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Oct 30, 2024
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Capital Gains Tax: Investors’ Relief Lifetime Limit Reduced to £1 Million
As per the UK’s Autumn Budget 2024 implementation, the lifetime limit for Capital Gains Tax Investors’ Relief has been reduced from £10 million to £1 million for qualifying disposals made on or after 30 October 2024. This significantly limits tax-preferred capital gains relief for high-value investments in unlisted trading companies.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Oct 30, 2024
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Changes to Capital Gains Tax Rates Including Carried Interest (From 30 October 2024 and Rising to 2025-26)
The UK government increased the main CGT rates for non-residential and non-carried interest assets to 18 %/24 % from 30 October 2024; raised rates for trustees and representatives; set carried interest to 32 % from April 2025; and altered the rate on Business Asset Disposal Relief and Investors’ Relief, from 10 % to 14 % from April 2025, then to 18 % from April 2026. These represent a major shift to increase tax burdens on capital gains and investment income for many taxpayers.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Oct 30, 2024
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Autumn Budget 2024
The Autumn Budget 2024 announces increases in Capital Gains Tax rates, with the lower and higher main rates rising to 18% and 24% respectively for disposals made on or after 30 October 2024. Additionally, the rate for Business Asset Disposal Relief and Investors’ Relief will increase to 14% from 6 April 2025 and to 18% from 6 April 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Oct 30, 2024
- Verification
- Not recorded
Open cited source
Scope: South Korea
Status requires verification
전자(세금)계산서 의무발급 대상 개인사업자 확대 및 발급의무 기간 변경
부가가치세법 시행령 제68조 및 소득세법 시행령 제211조의2에 따른 전자(세금)계산서 의무발급 기준이 직전연도 공급가액 기준을 기존 1억원에서 8천만원 이상으로 낮추는 등 확대됨. 개인사업자의 전자계산서 발급의무 기간도 계속 의무발급으로 연장됨.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024
This Act makes changes to income tax rates and thresholds starting in the 2024-25 income year for resident taxpayers: it reduces marginal rates (e.g. the previous 19% rate down to 16% etc.), increases thresholds for higher rates, and raises Medicare levy low-income and surcharge thresholds to ease cost of living pressures.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Repeal of the Digital Services Tax Act
The Digital Services Tax Act (DST Act) was repealed effective **retroactively to June 20, 2024**. Businesses that made payments under DST will be eligible for refunds including interest calculated at corporate refund rates. The repeal ends obligations to register, file, or pay under DST going forward. ## Implications:
- Affected companies need to monitor CRA for refund processing and align their accounting systems to eliminate DST charges.
- Cross-border digital service providers no longer subject to DST for revenue earned in Canada.
- Foreign companies planning Canadian digital operations should re-review structures and pricing since DST no longer applies.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jun 20, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Digital services tax repealed
Legislation repealing the Digital Services Tax Act received Royal Assent on March 26, 2026. The tax and all obligations under the Act no longer apply, and the CRA is refunding all DST payments it received with interest; accounts are being closed automatically. The repeal is retroactive to June 20, 2024.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jun 20, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Repeal of Canada’s Digital Services Tax Act
Legislation received Royal Assent on March 26, 2026 to repeal the Digital Services Tax Act, with the repeal being retroactive to June 20, 2024. Businesses and designated entities that paid or collected DST are entitled to refunds (with interest), and all DST-related obligations — including registrations, returns and program accounts — will be closed.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jun 20, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Retroactive Repeal of the Digital Services Tax Act
The Digital Services Tax Act and its Regulations are **retroactively repealed** as of June 20, 2024. Entities that made payments under DST are entitled to refunds with interest at corporate refund rate, from the date payments were made. The repeal eliminates all filing, registration, and DST liabilities for past and future periods under the Act.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jun 20, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Repeal of the Digital Services Tax Act and Refund for DST Payments
Legislation (through Bill C-15) to repeal the Digital Services Tax Act retroactive to June 20, 2024, was given Royal Assent on March 26, 2026. Businesses that made DST payments will be refunded with interest at rates applicable to corporate tax refunds. DST registrations will be closed; no further returns or filings are required under DST.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jun 20, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Clean Electricity Investment Tax Credit (ITC)
A new 15% refundable tax credit under subsection 127.491 of the Income Tax Act, effective April 16, 2024, for qualifying clean electricity property (wind, solar, hydro, geothermal, nuclear, energy storage, interprovincial transmission, and qualified natural gas systems). Key requirements include property acquisition dates, construction start date, labour standards, and recapture rules. Entities file through corporate or trust returns with detailed information submitted to CRA and NRCan. ([fin.canada.ca](https://fin.canada.ca/drleg-apl/2024/ita-lir-0824-n-5-eng.pdf?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Apr 16, 2024
- Verification
- Not recorded
Open cited source
Scope: Japan
Status requires verification
令和８年度税制改正の大綱（概要）
The FY2026 tax reform outline (令和８年度税制改正の大綱の概要), approved by Cabinet on December 26, 2023, introduces major changes including lowering thresholds for high-income deductions, increasing basic/employment deductions tied to CPI, expanding NISA, enhancing R&D and capital investment incentives, revising international taxation via global minimum tax implementation, and establishing new or expanded special deductions. Impacts include increased taxes for top incomes, support for middle/low incomes, greater incentives for innovation and large investment, compliance adjustments for multinationals.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Apr 1, 2024
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Spring Finance Bill published to cut tax for working families
The Spring Finance Bill enshrines tax changes designed to support British families and key growth industries. Notably, the High Income Child Benefit Charge (HICBC) threshold will be raised from £50,000 to £60,000, removing 170,000 families from paying this charge. The rate at which the benefit is withdrawn will also be halved, meaning the full charge applies at £80,000. These changes aim to provide financial relief to families and encourage workforce participation.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 14, 2024
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Global and Domestic Minimum Tax (Pillar Two) Rules Now Law
Australia has implemented the OECD/G20 Pillar Two global and domestic minimum tax measures through the Taxation (Multinational—Global and Domestic Minimum Tax) Act 2024, its accompanying Imposition Act and Rules. The law mandates a 15% global minimum tax rate for in-scope multinational enterprise groups, with the Income Inclusion Rule applying from FY beginning 1 January 2024, the Undertaxed Profits Rule from 1 January 2025, and includes a domestic minimum tax component. The law is in force.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Implementation of a global minimum tax and a domestic minimum tax
Australia will implement key aspects of Pillar Two of the OECD/G20 Two-Pillar Solution, introducing a 15% global minimum tax for large multinational enterprises. The Income Inclusion Rule applies to fiscal years starting on or after 1 January 2024, and the Undertaxed Profits Rule applies to fiscal years starting on or after 1 January 2025. A 15% domestic minimum tax also applies from 1 January 2024.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Employee Ownership Trust Capital Gains Tax Exemption to be Made Permanent
Originally temporary for tax years 2024-2026, the capital gains tax exemption (up to $10 million) for qualifying dispositions of shares sold to Employee Ownership Trusts or worker cooperatives is proposed to become permanent as of the 2026 Spring Economic Update. It enables business owners to transition ownership to employees with major tax savings.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Global Anti-Base Erosion (GloBE) and Domestic Minimum Tax rules enacted
Australia has enacted OECD Pillar Two rules, including the Income Inclusion Rule (IIR) and Domestic Minimum Tax (DMT), effective from 1 January 2024. Multinational enterprises with operations in Australia in scope must lodge Global Information Returns and meet new reporting and top-up tax obligations. Transitional arrangements include soft-landing for penalties during early implementation. Systems and forms are being updated, including via API and lodgment channels.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Global and domestic minimum tax – the implementation of Pillar Two
Australia has implemented the OECD/G20 Pillar Two rules via the GloBE (Global Anti-Base Erosion) Model Rules, establishing global and domestic minimum tax regimes. The Income Inclusion Rule (IIR) became effective from **1 January 2024**, and the Undertaxed Profits Rule (UTPR) from **1 January 2025**. In-scope multinational enterprise groups must prepare GloBE Information Returns, with first lodgments due 30 June 2026. Transitional relief applies where reasonable efforts are made.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2024
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Australia implementing the Global and Domestic Minimum Tax (Pillar Two)
Australia has enacted the Taxation (Multinational—Global and Domestic Minimum Tax) legislation, effective for fiscal years beginning on or after 1 January 2024 under the Income Inclusion Rule, 1 January 2025 under the Undertaxed Profits Rule, and the Domestic Minimum Tax applying from 1 January 2024. Entities with global revenue above EUR 750 million are in scope.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2024
- Verification
- Not recorded
Open cited source