Korea (Rep.), Bangladesh begin CEPA negotiations
Korea (Rep.) and Bangladesh began CEPA talks in Seoul to strengthen trade and economic ties. Korea (Rep.) and Bangladesh began official talks in Seoul from 25 to 27 August 2025, to negotiate a Comprehensive Economic Partnership Agreement
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Taiwan extends deadline for foreign tax treaty applications
Taiwan’s Ministry of Finance clarifies that foreign taxpayers can now apply for income tax treaty benefits up to ten years from tax payment, subject to treaty-specific rules. Taiwan’s Ministry of Finance has released a statement providing
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Sri Lanka: Cabinet approves delay in VAT for non-resident digital service providers
Sri Lanka delays VAT implementation from 1 October 2025 to 1 April 2026 for compliance purposes. Sri Lanka’s Cabinet has approved a postponement of the Value Added Tax (VAT) on digital services supplied by overseas companies to local
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Thailand: Cabinet approves bill on Qualified Refundable Tax Credits in Pillar 2 framework
The Bill allows promoted companies to receive cash refunds for unused tax credits, which are treated as income for Pillar 2 purposes, ensuring no adverse effect on the effective tax rate. QRTCs cover investments in R&D, advanced skills,
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Uzbekistan: President announces tax incentives for legal firms
From 1 January 2026, legal entities switching from turnover tax to VAT for the first time will receive a 1-year corporate tax exemption, a 1-year waiver of VAT registration penalties, and a six-month deduction on accounting
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Australia strengthens beneficial ownership transparency, expands small business asset deductions
The key measures focus on improved beneficial ownership disclosure for listed entities and the extension of the instant asset write-off for small businesses. The Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill
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Australia, New Zealand agree on arbitration framework under BEPS MLI
The Memorandum of Arrangement sets out rules for arbitration requests, required information, arbitrator appointments, and the overall arbitration process. The Australian Taxation Office (ATO) and New Zealand signed a Memorandum of Arrangement
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US: Trump signs executive order advancing trade agreement with Japan
The executive order sets a 15% tariff on Japanese imports to the U.S., replacing the previous 35% rate, retroactive to 7 August 2025, while eliminating tariffs on civilian aerospace goods, metals (aluminium, copper, steel), and automobiles and
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Hong Kong, Jordan sign income tax treaty
The agreement addresses taxation matters between Hong Kong and Jordan, specifically covering Hong Kong's profits tax, salaries tax, and property tax, as well as Jordan's income tax. Hong Kong’s Inland Revenue Department announced, on 4
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India cuts GST on solar, wind equipment
The GST on solar and wind equipment has been lowered to 5%, reducing project costs. India’s government reduced the GST on solar photovoltaic modules and wind turbine generators from 12% to 5%, effective 3 September 2025. The move is part of
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Mexico: President to impose tariffs on China
President Claudia Sheinbaum announced that her government may impose tariffs on imports from countries without trade agreements, including China, under the "Plan Mexico" initiative. Mexican President Claudia Sheinbaum stated on 4 September 2025
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India announces ‘next-generation GST’
The aim is to simplify India’s indirect tax framework, improve ease of doing business, and make goods and services more affordable for citizens across all sectors. The new rates are set to come into effect on 22 September 2025. The Press
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Australia: ATO consults targeted taxpayer relief measures
The consultation is open from 4 September to 2 October 2025. The Australian Taxation Office (ATO) has initiated a public consultation on certain taxpayer relief measures, such as its approach to remission of interest and failure to lodge
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Taiwan: Taxpayers may provide a third party’s property as guarantee for applying for writing off the registration of disposal prohibition
Taiwan’s tax authorities allow taxpayers to provide third-party assets as collateral to remove a property disposal prohibition. The National Taxation Bureau of Taipei, Ministry of Finance, states that taxpayers who are prohibited from disposing
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UAE: FTA emphasises the need to retain records and documentation to ensure accuracy of tax return information for taxable persons subject to corporate tax
FTA urges all taxable and exempt persons to retain records for seven years and submit corporate tax returns and payments within nine months via the EmaraTax platform. The UAE Federal Tax Authority (FTA) emphasises that all Taxable Persons subject
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Australia: ATO issues updated monthly foreign exchange rates for the 2025–26 income year, covering August 2025
The ATO has updated its foreign exchange rate guidance, including monthly exchange rates for 1 July 2025 to 30 June 2026, which covers the rates for August 2025. The ATO has updated its foreign exchange rate guidance, which includes monthly
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India to cut GST on consumer goods and hybrid cars
India plans to cut GST on 175 products, including consumer goods, small cars, and export items, to boost domestic consumption and support manufacturers. India plans to reduce the goods and services tax (GST) on about 175 products, including
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New Zealand: IR initiates consultation on shortfall penalty guidance updates
The deadline for sending comments in 31 October 2025. New Zealand’s Inland Revenue (IR) has launched a consultation on 29 August 2025 regarding the update and replacement of the existing interpretation statements on the shortfall penalties for
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