Korea (Rep.), Vietnam agree to strengthen economic cooperation
South Korea and Vietnam have agreed to deepen economic and strategic cooperation, targeting USD 150 billion in bilateral trade by 2030. Korea (Rep.) and Vietnam have agreed to enhance economic and strategic cooperation amid increasing global
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Hong Kong, Cameroon reschedule first round of tax treaty negotiations
The first round of tax treaty negotiations will now take place from 18–22 August 2025. Hong Kong and Cameroon have rescheduled dates for the first round of negotiations for an income tax treaty. Negotiations will now be held from 18 to 22
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Taiwan: MoF clarifies direct and indirect holdings count in CFC rules
The finance ministry confirms both direct and indirect related-party ownership count when determining CFC status in low-tax jurisdictions. Taiwan’s Ministry of Finance has released a statement on 31 July 2025 clarifying that in assessing
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Philippines: BIR issues 2025 VAT guidance for nonresident DSPs
The BIR has issued a memorandum which details VAT registration, return filing, and payment procedures for nonresident digital service providers through the VDS portal. The Philippines Bureau of Internal Revenue (BIR) released Revenue Memorandum
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Singapore: IRAS rules capital gains from property interest transfers are tax-exempt
IRAS ruled on 1 August 2025 that gains from intra-group transfer of long-held investment properties are capital and not taxable. The Inland Revenue Authority of Singapore (IRAS) released an advance ruling summary no. 16/2025 on 1 August 2025,
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Korea (Rep.): Chipmakers Samsung and SK Hynix excluded from 100% US tariffs
Chip manufacturers Samsung and SK Hynix will be exempted from 100% US tariffs due to local investments and MFN trade status. Korea ( Rep.) semiconductor giants Samsung Electronics and SK Hynix are set to avoid the 100% tariffs on chip imports
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Taiwan urges taxpayers to observe statutory deadlines for administrative appeals
The finance ministry reminded taxpayers to strictly observe statutory deadlines when filing administrative appeals to avoid rejection due to late submission. Taiwan’s Ministry of Finance has issued a notice highlighting the need for taxpayers
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Kazakhstan consults on liquidity criteria for tax exempt securities
The consultation ends on 14 August 2025. Kazakhstan launched a public consultation on liquidity criteria for securities traded on its stock exchanges on 30 July 2025. These criteria will determine eligibility for a tax exemption on dividends
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Singapore clarifies tax treatment of intercompany loan settlements using promissory notes
IRAS confirms that settling intercompany loans via offshore promissory notes does not amount to deemed remittance into Singapore. Singapore's Inland Revenue Authority (IRAS) has released an Advance Ruling Summary No. 15/2025 on 1 August 2025,
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New Zealand proposes special economic zones to boost regional growth
The special economic zones (SEZs) are aimed at driving regional investment and growth through targeted tax and regulatory incentives. New Zealand’s Regional Development Minister Shane Jones has announced plans to submit a proposal to the
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China expands VAT scope to include bond interest
Starting 8 August 2025, a 6% VAT will apply to interest income from newly issued treasury, local government, and financial bonds. China’s Ministry of Finance and State Taxation Administration issued Announcement No. 4 of 2025 on 31 July 2025,
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Australia: ATO consults on guidance for auditing low-risk software payments
The deadline to submit comments is 17 September 2025. The Australian Tax Office (ATO) has initiated a public consultation on draft guidance, Practical Compliance Guideline (PCG) 2025/D4, on 6 August 2025, about cross-border software
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US: Trump considers more China tariffs over Russian oil trade, cites India’s example
Trump has doubled tariffs on Indian imports to 50% over its continued Russian oil purchases and warned of further secondary sanctions, while giving China until 12 August to finalise a tariff deal. US President Donald Trump hinted on 6 August 2025
See MoreKorea (Rep.) unveils 2025 tax revision bill, enhances R&D credits
The 2025 tax reform bill aims to bolster strategic industries and welfare by introducing targeted tax credits for R&D, AI, and K-content, while streamlining corporate and capital gains taxes. South Korea’s Ministry of Economy and Finance
See MoreSingapore: IRAS confirms economic substance exemptions for foreign gains
The two advance rulings confirms that gains from foreign asset disposals are not taxable where economic substance requirements are met. The Inland Revenue Authority of Singapore (IRAS) has published two advance ruling summaries (Nos. 13/2025
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Kazakhstan consults on VAT rules for foreign entities
The deadline for submitting comments is 18 August 2025. Kazakhstan launched a public consultation on 1 August 2025 regarding draft rules for conditional VAT registration for foreign companies. The proposed rules are set to take effect from 1
See MoreAustralia: ATO announces foreign exchange rates for 2025–26 income year
The ATO has updated its foreign exchange rate guidance, including monthly exchange rates for 1 July 2025 to 30 June 2026. The Australian Taxation Office (ATO) has released guidance on monthly exchange rates for the period from 1 July 2025 to 30
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US imposes 50% tariffs on India for Russian oil trade
President Trump imposed an additional 25% tariff on top of the existing 25% tariff on Indian goods, citing India’s high tariffs, trade barriers, ties with Russia, and imports of Russian oil. US President Donald Trump issued an executive order
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