Singapore: IRAS updates GST concession guide for Singapore-listed REITs and business trusts
The Inland Revenue Authority of Singapore has updated its e-Tax Guide to clarify GST concession procedures for listed REITs and Business Trusts, confirming that separate claims statements are no longer required unless requested and extending the
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Bangladesh: Interim Government announces 2025-26 national budget
The government’s growth forecast of 5.5% falls below the IMF’s estimate, signalling a shift away from chasing ambitious GDP targets and mega projects. The budget is set at BDT 7,90,000 crore, with a revenue budget of BDT 5,74,000
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Taiwan clarifies transfer pricing report rules for Tax Year 2024
Taiwan’s Ministry of Finance has outlined documentation requirements for 2024 controlled transactions, allowing certain enterprises to submit alternative evidence instead of a full transfer pricing report. Taiwan’s Ministry of Finance has
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Australia: ATO consults draft GST instruments
Comments are open until 25 June 2025. The Australian Taxation Office (ATO) has issued two draft legislative instruments, LI 2025/D6 and LI 2025/D7, for public consultation on the goods and services tax (GST) on 28 May 2025. The key measures
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Philippines, Hong Kong begin income tax treaty negotiations
The Philippines and Hong Kong have held their first round of talks on a bilateral income tax treaty aimed at enhancing cross-border tax cooperation. The Philippine Bureau of Internal Revenue (BIR) has announced that Commissioner Romeo D. Lumagui,
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India: Government restores RoDTEP benefits for AA, SEZ, and EOU exports
India restores RoDTEP benefits for AA, EOU & SEZ exporters from 1 June 2025 to boost competitiveness. The Government of India has announced the restoration of benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP)
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Bangladesh to revise tariffs in fy 2025–26 budget ahead of LDC graduation
Bangladesh plans to reform its tariff structure in the FY2025–26 budget, reducing duties on medicines and industrial inputs while increasing them on select raw materials, ahead of its LDC transition in 2026. Bangladesh is preparing a tariff
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Singapore: IRAS issues advance ruling on tax treatment of agreement novation
IRAS rules that novation of agreements in group restructuring is a capital, non-taxable transaction. The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling No. 6/2025 on 2 May 2025, explaining the tax treatment of transferring
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Brazil, China: Amending protocol to tax treaty enters into force
The amendment to the 1991 Brazil-China Income Tax Treaty takes effect on 14 June 2025. The amending protocol to the Brazil-China Income Tax Treaty (1991) will take effect on 14 June 2025, however withholding and other taxes will take effect
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Australia: ATO consults thin capitalization compliance guide
The ATO is seeking public feedback on a draft guidance to limit interest payment deductions on multinational debt. Comments are due by 30 June 2025. The Australian Taxation Office (ATO) has opened a public consultation regarding a draft guidance
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Iran ratifies tax treaty with Bangladesh
The agreement between the two nations was signed on 8 October 2022. Iranian President Masoud Pezeshkian signed legislation ratifying the income tax treaty with Bangladesh on 24 May 2025. The agreement was signed on 8 October
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New Zealand to enhance governance of emissions trading scheme
New rules will require detailed reporting from trading platforms and participants, enhancing oversight as part of broader climate reforms. The New Zealand government announced that it is taking steps to improve its Emissions Trading Scheme (ETS)
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Vietnam introduces tax, financial incentives to promote private growth
The National Assembly passed Resolution 198/2025/QH15 on 17 May 2025 introducing the incentives. Vietnam’s National Assembly passed Resolution 198/2025/QH15 on 17 May 2025, introducing various tax and financial incentives to support private
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Hong Kong: Government approves global minimum tax bill
The bill introduces a 15% global minimum tax for multinational enterprise groups, starting 1 January 2025. The Hong Kong Inland Revenue Department (HKIRD) has announced that the Legislative Council approved the Inland Revenue (Amendment) (Minimum
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Thailand: BOI updates incentives for SMEs, data centres, tourism
Thailand's Board of Investment (BOI) announced the new tax exemptions on 19 May 2025. Thailand's Board of Investment (BOI) announced that it has approved a series of measures to support small and medium-sized enterprises (SMEs), along with
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India: CBDT extends income tax return deadline for AY 2025–26
It has been extended from 31 July to 15 September, 2025. The Indian Central Board of Direct Taxes (CBDT) announced an extended deadline for filing income tax returns for the Assessment Year 2025–26 on 27 May 2025. It has been extended from 31
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Hong Kong, Maldives sign income tax treaty
The agreement will take effect after ratification, applying in Hong Kong from 1 April and in the Maldives from 1 January of the year following its enforcement. Hong Kong and the Maldives signed an income tax treaty on 26 May 2025. This is the
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Kyrgyzstan ratifies amending protocol to tax treaty with Korea (Rep.)
Kyrgyzstan ratified the protocol on 22 May 2025 Sadyr Japarov, Kyrgyzstan’s President, signed the law for the ratification of the amending protocol to the 2012 income and capital tax treaty with Korea (Rep of.) on 22 May 2025. It will take
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