Iceland, New Zealand sign income tax treaty
This is the first income tax treaty between Iceland and New Zealand. Iceland and New Zealand signed an income tax treaty on 22 October 2025. This development follows after New Zealand’s Ministry of Foreign Affairs and Trade announced that
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Singapore updates guidance on deductible business expenses
IRAS updates business expense guidance, detailing new deductible and non-deductible items and clarifying rules for employee transport reimbursements. The Inland Revenue Authority of Singapore (IRAS) has revised its guidance on business expenses,
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Singapore: IRAS updates GST error correction guidance with new FAQs
IRAS updates GST F7 guidance, clarifying when minor errors need not be corrected. The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on correcting errors in Goods and Services Tax (GST) returns through Form F7, adding six
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Taiwan: Taichung Customs warns public on import compliance, seizes Illegal Christmas plant decorations
Taichung Customs in Taiwan seized banned Christmas decorative plants in express shipments and warned the public about import rules. Taichung Customs, part of the Customs Administration, Ministry of Finance in Taiwan stated that with Christmas
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Indonesia: Central bank maintains key interest rate
Bank Indonesia will continue monitoring the transmission effectiveness of accommodative monetary policy, economic growth, and inflation, as well as rupiah exchange rate stability, to consider further room for BI-Rate reductions. Indonesia’s
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Australia: ATO updates private ruling guidance to address Pillar 2 matters
The update introduces provisions enabling private rulings on Pillar Two interpretative issues and a new “decline to rule” mechanism, reflected in the addition of sections 40A and 40B. The Australian Taxation Office (ATO) has released an
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India, US near deal to slash import tariffs
India and the US near deal to cut tariffs, with energy and agriculture in focus. India and the US are reportedly nearing a trade deal that would cut US tariffs on Indian imports from 50% to about 15–16%. The agreement is expected to focus on
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Vietnam: MoF introduces procedures and forms for Pillar 2 minimum tax compliance
The newly approved administrative procedures and forms go into effect on 21 October 2025. Vietnam’s Ministry of Finance (MoF) issued Decision No. 3563/QD-BTC on 21 October 2025, approving the administrative procedures and related forms under
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Kazakhstan 2026 tax code: A full reset of the country’s approach to corporate taxation
Kazakhstan’s new Tax Code, coming into force on 1 January 2026, is more than a technical rewrite. It’s a full reset of the country’s approach to corporate taxation, profit allocation, and cross-border oversight. Behind the headlines of
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Israel, India sign bilateral investment agreement
This is India's first-ever investment agreement with Israel. Israel and India have signed a new bilateral investment agreement aimed at bolstering economic ties and encouraging mutual investments. The agreement, signed in New Delhi by Israel's
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Hong Kong: IRD issues updated guidance on Pillar 2 e-filing requirements for in-scope group members
This update is particularly significant for Hong Kong's minimum tax framework, as mandatory e-filing will apply to years of assessment starting on or after 1 April 2025. Hong Kong’s Inland Revenue Department has released updated guidelines on
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Australia: ATO releases updated guidance on transitional CbC safe harbour rules for global and domestic minimum tax
The updated guidance will help taxpayers determine whether the transitional CBC reporting safe harbour applies and how it may simplify their Pillar Two compliance obligations. The Australian Taxation Office (ATO) has released updated Global and
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US: Trump anticipates trade agreement with China, including soybean exports
President Trump expressed confidence in reaching agreements with President Xi during their upcoming South Korea meeting, covering trade issues, including China’s Russian oil imports. U.S. President Donald Trump expressed his optimism on
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Sri Lanka: IRD urges taxpayers to urgently updating information
Non-compliance may result in a fine of up to LKR 50,000 under Section 177 of the Inland Revenue Act No. 24 of 2017. The Sri Lankan Inland Revenue Department (IRD) has issued an urgent Notice to Taxpayers, urging all citizens to update their
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Philippines: Government to form task force on tax and regulatory issues
The Department of Finance, in partnership with private sector stakeholders, is leading a multi-sectoral working group focused on improving the country’s investment environment and creating more employment opportunities. According to a
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Bangladesh: NBR publishes english version of Income Tax Act 2023
Bangladesh’s NBR publishes English version of Income Tax Act 2023 for clearer guidance to taxpayers. The National Board of Revenue (NBR) issued the Authentic English Text of the Income Tax Act 2023 in the official gazette through SRO
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Canada grants tariff exemptions on select US and Chinese steel, aluminium products
The tariff relief on certain US and Chinese steel and aluminium imports is aimed at supporting local industries and advancing trade negotiations with both countries. Canada has introduced tariff relief measures on certain steel and aluminium
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Philippines: BIR extends e-invoicing compliance deadline
The BIR explained that this extension is necessary due to operational adjustments. The Philippines' tax authority, the Bureau of Internal Revenue (BIR), has issued Revenue Regulations (RR) No. 026-2025 on 5 September 2025, which grants covered
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