Scope: United States
Status requires verification
IRS publishes new Schedule 1-A for tax year 2025 showing how to claim key One, Big, Beautiful Bill deductions (IR-2026-28)
For tax year 2025, Schedule 1-A and instructions allow taxpayers to claim deductions under the OBBB for qualified tips, overtime pay, car loan interest, and enhanced senior deductions. Key features include a **$25,000 cap** on tips deduction (phase-outs over certain MAGI thresholds), deduction for overtime, definitions for qualified tips and applicable vehicles, and a special enhanced deduction for seniors born before Jan 2, 1961. These deductions apply whether the taxpayer itemizes or takes the standard deduction. The new schedule and instructions clarify how taxpayers can compute and claim these new benefits.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 2, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Canada Revenue Agency Releases 2026-27 Departmental Plan: Automatic Tax Filing Expansion
In its 2026-27 Departmental Plan, CRA announces plans to launch automatic tax filing for about 1 million low-income individuals in 2027, with pre-filled returns for approximately 5.5 million Canadians by 2028. It also expands services like SimpleFile Digital for eligible individuals with simple tax situations, to reduce compliance barriers and improve benefit uptake.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-6: Extension of Transition Period for State PFML Benefit Tax Treatment
IRS extended for an additional year the transition relief under Revenue Ruling 2025-4 regarding how employer-contributed portions of State Paid Family and Medical Leave (PFML) benefits are treated for Federal income and employment (wage) taxes. Employer-funded medical leave benefits will be included in employee gross income and treated as wages. Delay gives employers and states more time to adapt systems and reporting.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Africa
Status requires verification
Changes for Filing Season 2026 & Section 20A Ring-fencing Amendment
South Africa amended section 20A of the Income Tax Act so that the ring-fencing of assessed losses applies from a **39% marginal tax rate** (instead of the previous 45%) for years of assessment starting on or after 1 March 2026. The Filing Season dates for individuals, provisional taxpayers and trusts were also confirmed. ([sars.gov.za](https://www.sars.gov.za/latest-news/changes-for-filing-season-2026/?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Africa
Status requires verification
Guide for Employers in Respect of Employees’ Tax (2027)
South Africa’s SARS issued new tax rates, rebates, thresholds and other individual-tax amendments in the Budget speech on 25 February 2026. These changes, affecting the 2026/2027 tax year from 1 March 2026 to 28 February 2027, include new income tax brackets, adjusted tax rebates and thresholds for different age groups and updated medical tax credits. Employers were required to update payroll systems accordingly. ([sars.gov.za](https://www.sars.gov.za/guide-for-employers-in-respect-of-employees-tax-2027/?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Africa
Status requires verification
Section 20A ring-fencing of assessed losses: marginal rate adjusted to 39%
For years of assessment commencing on or after 1 March 2026, section 20A of the Income Tax Act (ring-fencing of assessed losses) applies using a marginal rate of 39% instead of the previous maximum marginal rate of 45%.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Pre-filled returns service & deemed filing pilot for eligible individuals
Starting in March 2027, about 1 million eligible lower-income individuals with simple tax situations will be invited to review and approve a pre-filled tax return in their CRA account; this will scale to roughly 5.5 million by 2029. Also, in Fall 2026, pending Royal Assent, the CRA will pilot “deemed filing” (filing on behalf of individuals who do not owe tax), for eligible individuals. ([canada.ca](https://www.canada.ca/en/revenue-agency/campaigns/easier-tax-filing.html?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
Reforming the customs treatment of low value imports – removal of £135 duty relief by March 2029
The government intends to remove the existing relief from customs duty for low-value imports (goods £135 or less) entered into the UK. New customs arrangements (data, duty, process) will apply. Changes to be legislated under Finance Bill 2026-27 and effective by **March 2029 at the latest**, with an accelerated deadline to **October 2028** for implementation.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Africa
Status requires verification
Ring-fencing of Assessed Losses (Section 20A) amended to apply from marginal rate of 39%
As of years of assessment commencing on or after 1 March 2026 in South Africa, Section 20A of the Income Tax Act dealing with ring-fencing of assessed losses now triggers at a marginal tax rate of 39% instead of the former requirement of the maximum marginal rate of 45%. Individuals with losses in certain trades that meet the three-out-of-five years test or are in listed suspect trades will have those losses ring-fenced—that is, only usable against income from the same trade going forward.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Canada Revenue Agency’s 2026–27 Departmental Plan-Federal tax filing and benefit delivery improvements
Published March 2026, CRA’s Departmental Plan sets out priorities for 2026-27 including launching automatic tax filing for about 1 million low-income Canadians (2027), expanding pre-filled returns to 5.5 million by 2028, implementing service improvements (digital tools, contact centre capacity, fraud prevention), and enhancing compliance including Global Minimum Tax, SR&ED reforms, and aggressive tax avoidance targeting. These are enacted as administrative commitments; some legislative or regulatory changes still require Royal Assent.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury, IRS Issue FAQs About Adoption Tax Credit Refundability and Recognizing Tribal Governments
The Treasury and IRS published FAQs clarifying general refundability rules and recognizing Indian tribal governments for purposes of making a special needs determination for the Adoption Tax Credit, helping taxpayers understand eligibility.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 27, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS Announces New Webpage to Streamline Tax Fraud and Scam Reporting
The IRS has launched a dedicated web page allowing taxpayers to confidentially report suspected tax fraud, scams, evasion, or other illegal tax-related activity. The policy improves ease of reporting and enhances how referrals are used for enforcement.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Department of Finance releases annual Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations 2026
This report includes **Budget 2025 measures** affecting tax expenditures, such as accelerated depreciation for manufacturing or processing buildings and low-carbon liquefied natural gas facilities; enhancements to the Scientific Research and Experimental Development Investment Tax Credit; and extension of immediate expensing measures. The review reflects changes as of December 31, 2025 and shows where legislative enactment or Royal Assent is pending.🇨🇦
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Annual Report on Federal Tax Expenditures 2026 released
On February 26, 2026, the Department of Finance published its annual Report on Federal Tax Expenditures, updating estimates of the fiscal cost of federal tax measures. It features recently introduced Budget 2025 policies such as immediate expensing, clean-tech and LNG incentives, as well as household supports like the First-Time Home Buyers’ GST Rebate and Top-Up Tax Credit. Provides transparency on how tax measures support government priorities.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Department of Finance releases annual Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations
The 2026 report estimates the fiscal cost of federal tax expenditures including Budget 2025 measures: accelerated depreciation (immediate expensing) for manufacturing/processing buildings & low-carbon LNG facilities, SR&ED tax credit enhancements, and household supports such as First-Time Home Buyers’ GST Rebate and the Top-Up Tax Credit. It provides transparency on current and proposed tax benefits, confirms some confirmed and some proposed policies.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
IRS issues new web page to streamline tax fraud and scam reporting
IRS launched a new web-page in late February 2026 allowing taxpayers to confidentially report suspected tax fraud, scams, evasion, or other tax-related illegal activity. Also made internal improvements to how IRS handles referrals to stop illegal activity. Implications include enhanced detection of fraud, potential increases in investigations, and the need for taxpayers to ensure all dealings are properly documented and transparent.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Annual Report on Federal Tax Expenditures released
Finance Canada published its 2026 Report on Federal Tax Expenditures, estimating the fiscal costs of recent tax measures in Budget 2025 (including immediate expensing, clean hydrogen & low-carbon LNG incentives, top-up credit, etc.). While largely descriptive, the report highlights future policy directions and confirms government commitment to growth-oriented tax credits and credits for households.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Declaration 2026 of community charity trusts under Division 426, Schedule 1 to TAA 1953
The *Taxation Administration (Community Charity Trusts and Corporations) Amendment (2026 Measures No. 1) Declaration 2026* adds 34 entities to the official ministerial list of community charity trusts. Entities on this list can apply for Deductible Gift Recipient (DGR) status under the community charity category only if they are named in the declaration, registered with the ACNC, and comply with the Community Charity Guidelines 2025.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Declaration 2026 Measures No. 1: Additions to community charity trusts under Division 426
The Taxation Administration (Community Charity Trusts and Corporations) Amendment (2026 Measures No. 1) Declaration 2026 officially lists 34 additional entities under Division 426 of Schedule 1 to the Taxation Administration Act 1953 as community charity trusts (and corporations) eligible for Deductible Gift Recipient (DGR) endorsement. These entities must also be ACNC-registered and comply with the Community Charity Guidelines 2025; the declaration took effect 26 February 2026.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Internal Revenue Service Seeks Public Comment on Proposed Voluntary Disclosure Practice Changes
The IRS has proposed revisions to its criminal Voluntary Disclosure Practice (VDP), intended to improve processes, reduce penalties and encourage non-compliant taxpayers to come into compliance. Key are adjustments to eligibility, procedural clarity, and penalty structures. Public comment was invited until March 22, 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Feb 26, 2026
- Verification
- Not recorded
Open cited source