Japan, Bangladesh hold fourth round of EPA negotiations
The Ministry of Foreign Affairs of Japan announced, on 7 February 2025, that the fourth round of negotiations for an Economic Partnership Agreement (EPA) between Japan and Bangladesh took place in Dhaka from 2 to 6 February 2025, in a hybrid
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Australia urges top privately owned wealthy groups to document processes to manage tax issues, risks
The Australian Taxation Office (ATO) has issued a statement urging privately owned and wealthy groups to document their processes for identifying and managing tax issues and risks on 7 February 2025. ATO’s ongoing engagement with groups in the
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Sri Lanka, UAE sign IPA agreement
Sri Lanka and UAE have reached an agreement on investment protection (IPA) agreement during the World Governments Summit in Dubai. This announcement was made by the Sri Lankan President's media division on 13 February 2025. The agreement was
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Sri Lanka: 2025 Budget expected to lower income taxes, secure IMF bailout
Sri Lanka's President Anura Kumara Dissanayake, who is also the nation’s finance minister, is expected to present the state budget for 2025 on Monday, 17 February 2025. A key focus of the budget is to ease the vehicle import duties, which is
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Australia updates form, instructions for thin capitalisation test choice
The Australian Taxation Office (ATO) has updated its form and instructions for taxpayers on 13 February 2025, allowing individuals to select either the group ratio test or the third-party debt test (thin capitalisation test choice) for a specific
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India: CBDT releases details on Income Tax Bill 2025
India's Central Board of Direct Taxes (CBDT) has released details about the Income Tax Bill 2025 , which was presented in parliament on 13 February 2025. Earlier, the Indian Union Cabinet approved the Income Tax Bill 2025, which will supersede
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Vietnam: National Assembly approves extension of environmental protection tax cut on petrol, oil and lubricants
The Standing Committee of Vietnam's National Assembly approved an extension of the environmental protection tax reduction on gasoline, oil, and lubricants until 31 December 2025. The decision was made on 11 January 2025, through Resolution
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Kenya: Cabinet approves new tax treaty with Singapore
Kenya's Cabinet has approved a new income tax treaty with Singapore on 11 February 2025. Signed on 23 September 2024, this treaty replaces the 2018 version, which never took effect. The tax treaty aims to eliminate double taxation on income
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Australia: ATO publishes reportable tax position schedule for 2025
Companies are required to complete a reportable tax position schedule if their total business income is AUD 250 million or more, or AUD 25 million or more while part of an economic group with AUD 250 million or more in total income. This applies
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Kazakhstan proposes VAT rate increases and exemptions in tax code overhaul
The Kazakhstan government has introduced proposed amendments to its Tax Code on 11 February 2025, aimed at reshaping the country’s VAT framework. The key changes include raising the standard VAT rate from 12% to 16%, alongside a new reduced 10%
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China revises tax residency certificate rules
China's State Administration of Taxation has released Announcement No. 4 of 2025 outlining revised rules and procedures for obtaining a "Certificate of Tax Residency" for enterprises and individuals. The Announcement No. 4 of 2025 will take
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Philippines, Cambodia signs income tax treaty
The Philippines and Cambodia have signed their first income tax treaty on 11 February 2025. The treaty will take effect once ratification instruments are exchanged. The income tax treaty aims to alleviate the burden of double taxation for
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Australia: Parliament passes tax incentives for hydrogen, critical minerals production
Australia’s House of Representatives has approved the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 on 11 February 2025. Earlier, the bill was passed by the Senate, meaning the legislation has passed both
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India: Cabinet approves Income Tax Bill for 2025Â
The Indian Union Cabinet has approved the Income Tax Bill 2025, which will supersede the old Income Tax Act of 1961. The proposed legislation seeks to streamline tax laws, remove outdated provisions, and simplify compliance processes. Union
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Sri Lanka: Inland Revenue issues guidelines for obtaining tax residency certificates
The Sri Lanka Inland Revenue has issued a notice outlining the steps taxpayers must follow to obtain tax residency certificates. This notice was published by Sri Lanka Inland Revenue on 29 January 2025. INLAND REVENUE DEPARTMENT NOTICE TO
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Singapore: IRAS urges employers to meet AIS deadline for accurate tax filing
The Inland Revenue Authority of Singapore (IRAS)Â has published a statement outlining the advantages of pre-filled tax returns for employees, along with the associated compliance responsibilities for employers. This announcement was made by the
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Vietnam joins multilateral deal on CbC report exchange
The Organisation for Economic Co-operation and Development (OECD), in an update on 10 February 2025, has confirmed that Vietnam signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 3
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Australia: Senate passes tax incentives for hydrogen, critical minerals production
Australia’s Senate has passed the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 with amendments, proposes refundable tax offsets for hydrogen and critical minerals production while empowering Indigenous Business
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