India: CBDT extends income tax return deadline for AY 2025–26
It has been extended from 31 July to 15 September, 2025. The Indian Central Board of Direct Taxes (CBDT) announced an extended deadline for filing income tax returns for the Assessment Year 2025–26 on 27 May 2025. It has been extended from 31
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Hong Kong, Maldives sign income tax treaty
The agreement will take effect after the exchange of their ratification instruments. Hong Kong and the Maldives signed an income tax treaty on 26 May 2025. The agreement aims to eliminate double taxation on income taxes and prevent tax evasion
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Kyrgyzstan ratifies amending protocol to tax treaty with Korea (Rep.)
Kyrgyzstan ratified the protocol on 22 May 2025 Sadyr Japarov, Kyrgyzstan’s President, signed the law for the ratification of the amending protocol to the 2012 income and capital tax treaty with Korea (Rep of.) on 22 May 2025. It will take
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Australia: ATO revises functional currency guidelines
The ATO updated its Guide to Functional Currency Rules on 22 May 2025, detailing the rules, eligibility, and tax reporting impacts. The Australian Taxation Office (ATO) updated its Guide to functional currency rules on 22 May 2025, covering the
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Vietnam, US conclude second round of tariff negotiations
Vietnamese Trade Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer led the talks, identifying areas of near consensus and others requiring further discussion. The US and Vietnam concluded their second round of tariff
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Australia: Administrative Review Tribunal rules in favour of Alcoa against ATO in key transfer pricing ruling
This case focused on a major transfer pricing issue, where ATO claimed Alcoa underpriced its alumina sales to Aluminium Bahrain B.S.C. (Alba) from 1993 to 2009, causing a tax shortfall of over AUD 213 million. Australia’s Administrative Review
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Pakistan to offer incentives for US mining investors in tariff negotiations
Pakistan plans mining incentives for US firms, including Balochistan joint ventures, to ease trade talks and avert proposed US tariffs. Pakistan plans to offer investment incentives to US companies in its mining sector as part of ongoing trade
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Sri Lanka, Vietnam to revise tax and investment treaties
Any resulting protocol will mark the first updates since their original agreements from 2005 and 2009. Sri Lanka and Vietnam have agreed to update their 2005 income tax treaty and 2009 Sri Lanka-Vietnam Investment Protection Agreement on 5 May
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Bangladesh: Government backtracks dissolution of National Board of Revenue
The government has confirmed that NBR will maintain its operations during the phased implementation of the new Revenue Policy and Revenue Management Ordinance 2025. Bangladesh’s interim government has confirmed that the National Board of
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OECD publishes new transfer pricing profiles for Azerbaijan and Pakistan, updates 11 others
The OECD has published updated transfer pricing country profiles for 11 jurisdictions. RegFollower Desk The Organisation for Economic Co-operation and Development (OECD) has released new transfer pricing country profiles for Azerbaijan and
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New Zealand announces 2025 budget, introduces tax incentive to boost investment
The budget, announced on 22 May 2025, includes a 20% “investment boost” tax deduction for business assets and changes to KiwiSaver. New Zealand’s Minister of Finance, Nicola Willis, announced the 2025 budget on 22 May 2025, introducing
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Australia: Productivity Commission consults corporate tax reform, reduce regulatory impact on businesses
The Australian Productivity Commission is seeking policies to enhance economic resilience and productivity. Feedback is open until 6 June 2025. The Australian Productivity Commission has opened a consultation for a corporate tax reform to build a
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Japan, Tunisia to sign income tax treaty
Representatives from Japan and Tunisia held talks from 4–5 May 2025, negotiating for an income tax treaty to boost cooperation. Officials from Japan and Tunisia met on 4-5 May 2025 to discuss strengthening bilateral cooperation and finalising
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New Zealand consults thin capitalisation reforms to attract infrastructure investment
New Zealand’s Inland Revenue invites feedback on proposed changes to thin capitalisation rules to encourage foreign investment in private infrastructure projects. Submissions are open until 19 June 2025. New Zealand’s Inland Revenue has
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EU to introduce flat tax on low-value imports from China
According to a Financial Times report on 20 May 2025, the EU is considering imposing a flat fee on small packages entering the bloc, mainly from China. The Financial Times reported that the European Commission shared a draft proposal for a
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Kazakhstan introduces new excise tax calculations for fuel
Kazakhstan has introduced a new method for calculating excise taxes on gasoline and diesel, effective from 11 May 2025. It applies when the price of fuel exceeds specified thresholds, aiming to better reflect market conditions. For gasoline
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Taiwan: MoF clarifies tax treatment of employee scholarship expenses
Taiwan’s Ministry of Finance released new guidance clarifying the tax implications of scholarship-related expenses on 19 May 2025. A foreign company inquired by phone with the National Taxation Bureau about whether they could claim expenses for
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Japan: Tokyo will not finalise any trade agreement with US that can compromise national interests
Japan’s chief trade negotiator, Ryosei Akazawa, said on Monday, 20 May 2025, that Japan continues to negotiate to remove US tariffs in ongoing bilateral trade discussions. He emphasised that Tokyo will not finalise any agreement that could
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