Mongolia: MLI instrument goes into effect on January 2025, announces direct and indirect tax measures
Mongolia has ratified the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (MLI) on 30 September 2024, which takes effect on 1 January 2025. As of February 2025, the Organisation for Economic
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EU, Korea (Rep.) finalise digital trade agreement
The EU and Korea (Rep) finalised a Digital Trade Agreement (DTA) to boost online trade and data flows on 10 March 2025. Announced at the 12th Trade Committee meeting, the agreement will now undergo legal review before final
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Australia, Latvia conclude second round of tax treaty talks
Australia and Latvia officials met from 11 to 13 February 2025 for the second round of negotiations for an income tax treaty. The agreement between the two nations seeks to eliminate double taxation on income and capital while combating tax
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Taiwan: MoF issues statement on US Double-Tax Relief Act approval
Taiwan's Ministry of Finance ( MoF) issued a statement on 12 March 2025, welcoming the passage of the US-Taiwan Expedited Double-Tax Relief Act by the US House of Representatives on 15 January 2025 (local time). The 119th US Congress, which
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Singapore: IRAS issues Advance Ruling 4/2025 on trade status and tax implications
The Inland Revenue Authority of Singapore has issued Advance Ruling Summary No. 4/2025 on 3 March 2025 , addressing whether a company is engaged in trade or business or operates as a passive investment holding company, along with the associated
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Bangladesh extends corporate tax filing deadline to April 2025
Bangladesh’s National Board of Revenue (NBR) has extended the deadline for companies to submit their income tax returns to 30 April 2025. In Bangladesh, most companies operate with a fiscal year running from July to June, while banks, insurance
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Latvia, Sri Lanka end tax treaty talks
Latvia and Sri Lanka have ended the negotiations by initiating an income tax treaty on 25 February 2025. This is the first-ever treaty between the two countries, and it aims to prevent tax evasion, boost tax cooperation and eliminate double
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Australia: ATO issues guidance on public CbCR exemptions
The Australian Taxation Office (ATO) has updated its list of topics under review, including exemption discretions for public country-by-country reporting (CbCR). Purpose This draft Practice Statement will outline the Commissioner’s approach
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Singapore issues advance ruling on income tax matters concerning business transfers
The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling Summary No. 3/2025 on 3 March 2025, addressing the income tax implications of business transfers. 1. Subject: a. Whether the proposed transfer of the entire banking
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Australia: ATO raises concerns on restructures to exploit MIT withholding rules
The Australian Taxation Office (ATO) issued Taxpayer Alert (TA) 2025/1 on 7 March 2025, raising concerns about restructures and arrangements aimed at accessing the managed investment trust (MIT) withholding regime (including deemed capital gains tax
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China, Italy new tax treaty enters into force
The new income tax agreement between China and Italy was enacted on 19 February 2025. Signed on 23 March 2019, it replaces the 1986 treaty between China and Italy. The agreement aims to eliminate double taxation on income and prevent tax
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Belarus ratifies trade and investment agreement with China
Belarus' House of Representatives approved the ratification of a trade and investment agreement with China on 10 January 2025, following its submission by the Council of Ministers in December 2024. Originally signed in Minsk on 22 August 2024, the
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Hong Kong, Peru commence first IPA talks
Peru’s government announced on 23 February 2025, that the first round of negotiations for an investment protection agreement (IPA) with Hong Kong will take place in Hong Kong from 10 to 12 March
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Papua New Guinea plans major tax reforms after hitting economic goals
Papua New Guinea's Prime Minister James Marape announced tax reforms on 7 February 2025. These tax reforms will take effect once Papua New Guinea's economy reaches a K150 billion milestone, a target expected to be achieved within the next three to
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Kazakhstan: National Bank further raises base interest rate
The National Bank of Kazakhstan (NBK) announced a further increase in the base interest rate from 15.25% to 16.5% on 7 March 2025. The new rate takes effect starting today, 11 March. The Monetary Policy Committee of the National Bank of
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Japan, UAE hold second round of EPA negotiations in Dubai
The second round of negotiations for the Japan-United Arab Emirates (UAE) Economic Partnership Agreement (EPA) took place from February 24 to 26 in Dubai, UAE. This announcement was made by the Ministry of Foreign Affairs of Japan on 26
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Australia: Greens Party propose ‘big tech tax’
The Australian Greens Party has announced its proposal for a 'Big Tech Tax' on 6 March 2025. The Greens will implement a Big Tech Tax to ensure companies like Meta, Google, Microsoft and Amazon are paying their fair share to support the
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Philippines resumes e-invoicing expansion
The Philippines' tax administration (BIR) issued Revenue Resolution 11-2025 on 27 February 2025, announcing the expansion of the electronic invoicing (e-invoicing) system. The Philippines' e-invoicing mandate requires taxpayers to issue invoices
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