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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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
See MoreMalaysia: 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
See MoreIndonesia, 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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