India to reduce GST by Diwali
India plans to simplify GST and lower taxes on common goods by Diwali. Indian Prime Minister Narendra Modi announced today, 15 August 2025, that the government will introduce “next generation” reforms in the Goods and Services Tax (GST),
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Taiwan issues September 2025 enterprise tax filing notice
Taiwan’s Ministry of Finance has set 1–30 September 2025 as the filing period for provisional enterprise income tax returns. Taiwan’s Ministry of Finance has announced, on 12 August 2025, the provisional filing requirement for enterprise
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China pauses 24% tariff on US goods for 90 days, keeps 10% levy
China extends the suspension of 24% additional tariffs on US imports for 90 days, keeping 10% tariffs intact. China’s Customs Tariff Commission of the State Council announced on 14 August 2025 that it has temporarily suspended its additional
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Taiwan: MoF clarifies recovery of retained earnings tax break for assets disposed of within three years
Taiwan's finance ministry announced that tax incentives on retained earnings invested in qualifying assets will be revoked with interest if the assets are transferred, repurposed, or sold within three years. Taiwan’s Ministry of Finance (MOF)
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India: Lower house approves higher standard deductions, pension exemptions, incentives for Saudi investment funds
Lok Sabha approves Taxation Laws (Amendment) Bill 2025, proposing higher standard deductions, pension exemptions, and incentives for Saudi investment funds. The Lok Sabha, India’s Lower House of Parliament approved the Taxation Laws (Amendment)
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UAE: FTA establishes audited special-purpose financial statements preparation rules
UAE’s Federal Tax Authority issues Decision 7/2025 requiring tax groups to prepare annual audited aggregated financial statements in line with IFRS. The Federal Tax Authority of the UAE has published Decision No. 7/2025 on 16 July 2025,
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Pakistan: FBR updates e-invoicing implementation schedule
FBR sets new phased deadlines for registration, testing, and mandatory e-invoicing for sales tax-registered persons. The Pakistan Federal Board of Revenue (FBR) has issued a Notification S.R.O. 1413(I)/2025 on 1 August 2025 outlining a revised
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Malaysia: Inland Revenue Board publishes ruling clarifying group relief for resident companies
The ruling confirms the 70% loss surrender limit and introduces a three-year cap for newly established companies, alongside new definitions, examples, and clarifications. The Inland Revenue Board of Malaysia has issued Public Ruling No. 2/2025,
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Australia: Central Bank cuts interest rates for third time in 2025 as inflation eases
Following a two-day policy meeting, the Reserve Bank of Australia board announced that it had reduced the cash rate by 25 basis points. Australia’s central bank has lowered its benchmark interest rate for the third time this year, citing
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Vietnam, Angola to advance tax treaty negotiations
The treaty would be the first between the two countries and requires finalisation, signing, and ratification to take effect. The presidents of Vietnam and Angola have signed a joint statement to expedite negotiations for an income tax treaty and
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Indonesia, Peru sign FTA
The FTA aims to strengthen cooperation on combating narcotics, illegal trade, and collaboration across food, mining, energy transition, fisheries, and defence sectors between Indonesia and Peru. Indonesia and Peru signed a free trade agreement
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Australia: Treasury releases issues paper on budget sustainability, tax reform before economic reform roundtable
The issues paper outlines tax reforms to ensure fair resource returns, extend small business asset write-offs, support affordable housing, incentivise renewable energy investments, make superannuation concessions equitable, and enhance tax
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Taiwan seeks lower US tariffs, continues negotiations
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, supplies chips to major technology companies including Nvidia. Taiwan’s Cabinet is continuing negotiations with the US to secure more favourable tariff
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Cambodia sets 0% duty on select US goods
Cambodia sets a 0% customs duty on new goods originating from and imported directly from the US. Cambodia’s government issued Sub-Decree No. 139 on 8 August 2025, establishing a 0% customs duty rate on goods originating from and imported
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US, China agree to 90-day tariff suspension
Without the extension, US tariffs on Chinese goods would have climbed to 145%, while Chinese tariffs on US goods would have reached 125% from 11 August. President Donald Trump signed an executive order on 11 August 2025, extending the tariff
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Thailand: BOI to introduce refundable tax credits under new GMT rules
Thailand’s BOI will allow promoted companies to claim cash refunds for unused tax credits under new global minimum tax rules. Thailand’s Board of Investment (BOI) plans to introduce Qualified Refundable Tax Credits (QRTCs) under the Pillar
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Malaysia updates transfer pricing audit framework for 2025
IRBM revises penalty and surcharge rules in the updated guidelines. The Inland Revenue Board of Malaysia (IRBM) has issued the Malaysia Transfer Pricing Tax Audit Framework 2025 on 31 July 2025, replacing the previous Transfer Pricing Tax Audit
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Singapore: IRAS publishes details on GST audit, enforcement activities
IRAS reports over 2,800 GST audits in FY 2024-25, recovering SGD 205 million and urging businesses to improve compliance and voluntarily disclose errors. The Inland Revenue Authority of Singapore (IRAS) has released details regarding its GST
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