Taiwan confirms temporary 20% US tariff, highlights ongoing chip tariff talks
Taiwan President Lai Ching-te said the new 20% US tariff on Taiwanese imports is "temporary” and plans to negotiate for a lower rate. Taiwan President Lai Ching-te stated that the U.S. government’s new 20% tariff on Taiwanese imports,
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Japan, Ukraine tax treaty enters into force
The new tax treaty replaces the 1986 tax treaty between Japan and Ukraine. Japan’s Ministry of Finance announced on 2 July 2025 that the new income tax treaty between Japan and Ukraine entered into force on 1 August 2025. The new treaty,
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Australia: ATO issues guidance on fraudulent GST refund schemes
The alert warns businesses against colluding with related entities to create fake invoices for fraudulent GST refund claims. The Australian Taxation Office (ATO) has issued a new taxpayer alert - TA 2025/2: Arrangements designed to improperly
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Australia: Productivity Commission proposes corporate tax cuts amongst other tax reforms
The proposal is open for consultation and is set to conclude on 15 September 2025. Australia’s Productivity Commission has published an interim report on 31 July 2025, proposing major changes to the country’s corporate tax framework. The
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US cuts tariff on Bangladeshi imports to 20%
The US has lowered its tariff on imports from Bangladesh to 20%, down from the previous steep rate of 35%. The US has reduced its reciprocal tariff rate on imports from Bangladesh to 20%, down from the previous 35%, following intense final
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Pakistan drops digital presence proceeds tax
The DPPT was scrapped just one month after its introduction on 30 July 2025. Pakistan’s government has scrapped the digital presence proceeds tax (DPPT) on foreign entities supplying digital goods and services to Pakistan’s consumers, only a
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Australia anticipates export boost as Trump maintains 10% US tariff rate
Australia expects a boost in exports to the US following President Trump's decision to keep a 10% minimum tariff. Australia’s Trade Minister Don Farrell said Australian products may become more competitive in the US market, aiding export
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Korea (Rep.): Ministry of Economy and Finance proposes corporate tax hikes, AI investment incentives, QDMTT Pillar Two rules
The proposals will require approval from the National Assembly before they can enter into force. The South Korean Ministry of Economy and Finance released the 2025 tax law amendment proposal, on 31 July 2025, which includes corporate tax hikes,
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Bangladesh: Government approves purchase of 220k metric tons of wheat from US to ease trade tensions
This government-to-government deal is part of Bangladesh’s efforts to reduce trade tensions with the US and avoid high tariffs on its exports. Bangladesh has approved the purchase of 220,000 metric tons of wheat from the US for USD 302.75 per
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US announces 25% tariff on India, cites trade barriers and Russian ties
The new tariffs will enter into force on 1 August 2025. The Trump Administration will impose 25% tariffs on Indian imports, citing India's high tariffs, trade barriers and ongoing defence and energy ties with Russia. US President Donald Trump
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US: Trump to set 15% tariff on South Korean imports under new trade deal
President Trump announced a reduced 15% tariff on South Korean imports, down from a planned 25%, as part of a new trade deal. US President Donald Trump announced a reduced 15% tariff on imports from South Korea on 30 July 2025, down from the
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Kazakhstan adopts transfer pricing law amendments, emphasises ‘substance over form
Kazakhstan’s President signed amendments to transfer pricing regulations on 18 July 2025, introducing new rules effective 1 January 2026 that emphasize substance over form, revise reporting thresholds, define key financial terms, and tighten
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Indonesia to increase tax rates on cryptocurrency transactions
Indonesia will increase taxes on crypto trades and remove VAT for buyers starting August 2025. Indonesia will increase taxes on cryptocurrency transactions starting 1 August 2025 under new regulations issued by the Ministry of Finance. The move
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Malaysia: MoF to scrap high-value goods tax scheme
The planned 5% to 10% tax on high-value goods set for May 2024 has been delayed. Malaysia’s Ministry of Finance announced on 29 July 2025 that it had scrapped its planned high-value goods tax, originally proposed two years ago. The Finance
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UAE issues depreciation rules for fair valued investment properties
The Decision allows depreciation deductions for fair-valued investment properties under new corporate tax rules from 2025. The UAE Ministry of Finance has issued Ministerial Decision No. 173 of 2025, effective for tax periods beginning 1 January
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India–EFTA trade agreement enters into force
India signed the agreement with EFTA member states on 10 March 2024. The trade and economic partnership agreement between the European Free Trade Association (EFTA) member states (Iceland, Liechtenstein, Norway, and Switzerland) and India will
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Azerbaijan: Central Bank lowers key interest rate
The rate has been lowered from 7.25% to 7%, effective 24 July 2025. The Central Bank of Azerbaijan has lowered its key refinancing rate from 7.25% to 7.0%, effective 24 July 2025. The decision was based on actual inflation aligning with
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Slovenia ratifies 2024 tax treaty with New Zealand
Slovenia finalises ratification of its 2024 income tax treaty with New Zealand. The President of Slovenia signed legislation ratifying the 2024 income tax treaty between Slovenia and New Zealand on 16 July 2025. The ratified law was published
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