China: Finance Ministry consults on draft VAT law regulations
The new draft VAT law aligns with existing VAT policies while introducing key adjustments, organised into six chapters covering provisions, rates, payable taxes, incentives, administration, and supplementary rules. China's Ministry of Finance has
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Taiwan: MoF clarifies how to handle remaining labour retirement fund balances
The Ministry of Finance says leftover Labour Retirement Reserve funds must be reported as income when settled. Taiwan’s Ministry of Finance (MoF) has stated on 18 August 2025 that when a company is dissolved or has no employees eligible for
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New Zealand: RBNZ cuts official cash rate to lowest level in three years
The Reserve Bank of New Zealand trimmed its official cash rate by 25 bps on 20 August 2025, signalling possible further cuts as economic growth stalls. The Reserve Bank of New Zealand (RBNZ) cut its official cash rate (OCR) by 25 basis points to
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Australia: ATO issues final compliance guideline on restructures and updated thin capitalisation rules
This guideline outlines ATO’s practical compliance approach for restructures undertaken in response to the new thin capitalisation and debt deduction creation rules (DDCR). The Australian Taxation Office (ATO) has published the final
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Indonesia: Central Bank cuts interest rate to 5.00%
This marks the fifth rate cut since September 2022, bringing rates down by a total of 125 basis points to their lowest level since late 2022. Indonesia’s central bank, Bank Indonesia (BI), announced it has cut its benchmark interest rate by 25
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Taiwan, Singapore negotiate to update tax treaty
Taiwan and Singapore first signed an income tax treaty in 1981. Taiwan’s Ministry of Foreign Affairs has announced, on 19 August 2025, that negotiations to update the 1981 tax treaty with Singapore are ongoing. Although specific updates
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Hong Kong: IRD revises eligible debt instruments list for profits tax relief
The QDIs listed are mainly composed of debt instruments issued by governments and financial institutions within the Asia-Pacific region, along with a limited number from other issuers. The Hong Kong Inland Revenue Department (IRD) has released
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India introduces Pillar Two disclosure requirements under national accounting standard
India has amended Ind AS 12 to align with International Accounting Standard 12 and introduce new disclosure requirements for the OECD’s Pillar Two global minimum tax. India’s Ministry of Corporate Affairs has issued the Companies (Indian
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Australia: ATO clarifies what private rulings can cover
A private ruling is binding advice explaining how a tax law applies to a specific situation or scheme. The Australian Taxation Office (ATO) has released updated guidance on 17 August 2025, regarding the scope of private rulings. A private
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New Zealand to replace petrol tax with distance-based road charges
New Zealand will shift from petrol taxes to electronic road user charges for all vehicles, starting a staged overhaul of its road funding system. New Zealand’s government announced plans, on 6 August 2025, to overhaul its road funding system,
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India to cut GST on small cars, health and life insurance premiums
The government proposed cutting GST on small cars from 28% to 18% and reducing GST on health and life insurance premiums to as low as 5% or zero. India’s government has proposed reducing the Goods and Services Tax (GST) on small cars from 28%
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Japan, UAE hold fourth round of CEPA negotiations
The fourth round of CEPA negotiations between Japan and the UAE from 4–8 August 2025, focused on trade, competition, and intellectual property. The Ministry of Foreign Affairs of Japan reported on 8 August 2025 that the fourth round of
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India plans to slash GST rates
India to cut consumption tax by October, introducing a two-tier GST system of 5% and 18%, affecting most items in the current 12% slab. India’s government will reduce consumption tax by October, introducing a two-tier GST system of 5% and 18%,
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Indonesia introduces no new taxes for 2026 budget, plans to generate additional revenue from internal reforms
The 2026 budget will not introduce any new taxes; instead, additional revenue will come from internal tax reforms. Indonesia’s President Prabowo Subianto has proposed a USD 234 billion budget for 2026 on 15 August 2025, marking a 7.3% increase
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Malaysia: IRB revises capital gains tax guidance for unlisted shares
The guidelines outline the CGT treatment for gains from disposing of unlisted shares and relevant company shares. Malaysia’s Inland Revenue Board (IRB) has published the updated guidelines on capital gains tax for unlisted shares on 21 July
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Cameroon, China income tax treaty enters into force
The Cameroon-China tax treaty applies from 1 January 2026. The income tax treaty between Cameroon and China entered into force on 26 July 2025. Signed on 17 October 2023, it is the first agreement of its kind between the two nations. It aims
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Kyrgyzstan implements tax arrears relief, revives patent tax, updates simplified tax rules
A newly enacted law implements tax debt write-offs, abolition of transport tax, new benefits and exemptions, changes to the simplified single tax regime, revised sales tax rates, and restrictions on deductions to curb tax evasion. The
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New Zealand: IR consults PPP loss carry-forward rules
The consultation is set to conclude on 19 September 2025. New Zealand’s Inland Revenue (IR) has initiated a public consultation on the draft Income tax – Public private partnership projects and business continuity test for losses PUB00521 on
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