Oman, India sign amending protocol to tax treaty
Oman and India signed an amending protocol their existing tax treaty in Muscat, the announcement was made by Foreign Ministry of Oman on 27 January 2024. The protocol aims to strengthen economic ties and enhance cooperation in the tax sector
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Liechtenstein, Vietnam discuss income tax treaty and business ties
Officials from Liechtenstein and Vietnam met to discuss bilateral cooperation with Liechtenstein expressing interest in negotiating and signing an income tax treaty on 22 January 2025. Liechtenstein Prime Minister Daniel Risch expressed his
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India issues guidance on principal purpose test in tax treaties
India's Central Board of Direct Taxes has issued Circular No. 01/2025 on 21 January 2025, clarifying the application of the Principal Purpose Test (PPT) provisions in tax treaties. The Circular confirms that PPT provisions, including those
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Taiwan: Ministry of Finance warns of penalties for underreporting income despite no tax due
Taiwan's Ministry of Finance has clarified that enterprises will be penalized for failing to report or underreporting income, even if no tax liability exists. This announcement was made by the Taiwan Ministry of Finance on 2 January
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Singapore: IRAS publishes FAQs on spontaneous exchange of tax information
The Inland Revenue Authority of Singapore ( IRAS) has released a set of Frequently Asked Questions (FAQs) regarding the Spontaneous Exchange of Information on 1 January 2025. Â Â Â Why did Singapore commit to the spontaneous exchange of
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Philippines issues guidance on excise tax exemption for EVs, securitisation tax rules
The Philippines Department of Finance (DoF) has released Revenue Regulations (RR) No. 1-2025, which amends section 9 (E) of RR No. 25-2003, has went into effect on 6 January 2025. The amendment updates the documentary requirements motor vehicle
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OECD highlights Kazakhstan’s tax reforms, plans for Pillar Two solution
The OECD has published a case study on tax and development highlighting Kazakhstan’s enhanced ability to combat tax avoidance. The case study showcases Kazakhstan’s notable achievements, emphasizing key milestones such as: Signed and
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Taiwan: MOF clarifies exit restrictions for tax debtors ahead of lunar new year
Taiwan's Ministry of Finance (MOF)Â has issued a notice on 21 December 2025 clarifying the requirements for the lifting of travel restriction on tax debtors, which include either paying the tax due along with a fine, or furnishing property
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India issues guidance on principal purpose test in tax treaties
India's Central Board of Direct Taxes has issued Circular No. 01/2025 on 21 January 2025, clarifying the application of the Principal Purpose Test (PPT) provisions in tax treaties. The Circular confirms that PPT provisions, including those
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Vietnam, Togo start talks on double taxation agreement
Vietnam and Togo have agreed to negotiate an income tax treaty as part of efforts to deepen economic and diplomatic ties, following talks between Deputy Prime Minister and Foreign Minister Bui Thanh Son and Togolese Foreign Minister Prof. Robert
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Japan, Zambia sign investment agreement
The “Agreement between Japan and the Republic of Zambia for the Promotion and Protection of Investment” (Japan-Zambia Investment Agreement) was signed in Tokyo by H.E. Mr. TAKEUCHI Kazuyuki, Ambassador Extraordinary and Plenipotentiary of Japan
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Philippines: Congress passes Capital Markets Efficiency Act (CMEPA)
The Congress of the Philippines has approved the Capital Markets Efficiency Promotion Act (CMEPA) on 5 February 2025. These tax measures include reducing the stock transaction tax rate from 0.6% to 0.1% and cutting the documentary stamp tax on
See MoreIMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
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Sri Lanka, UAE finalise investment protection agreement
Sri Lanka and UAE have finalised an agreement on reciprocal promotion and protection of investments between the two countries. This announcement was made by the Ministry of Foreign Affairs, Foreign Employment and Tourism on 3 February 2024. The
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Taiwan proposes extension of tax refund claim period under income tax treaties
Taiwan’s Ministry of Finance (MOF) has proposed a draft amendment to extend the tax refund application period under income tax treaties from five years to ten years. This change aims to streamline regulations and provide taxpayers with
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Japan: MOF presents tax reform bill to parliament
Japan's Ministry of Finance has released the legislative proposals submitted during the 217th session of the National Diet (parliament) – which includes the draft tax reform bill for 2025 and related materials – on 4 February 2025. The key
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China imposes retaliatory tariffs on select US imports
China’s Tariff Commission of the State Council has released the Announcement of CTC No.1 on 4 February 2025, announcing additional tariffs on certain US imports effective from 10 February 2025. China’s new tariffs on US imports include a 15%
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Indonesia: Core Tax Administration System (CTAS) comes into effect
Indonesia’s Regulation No. 81 of 2024, which implements the Core Tax Administration System (CTAS), went into effect on 1 January 2025. CTAS is the Directorate General of Taxation's (DGT) comprehensive system streamlining key tax administration
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