Australia: ATO confirms interest on late payments and underpayments is non-deductible from July 2025
The ATO reminds taxpayers that from 1 July 2025, interest on late payments and underpayments will no longer be tax deductible. The Australian Taxation Office (ATO) announced on 10 June 202, reminding taxpayers that from 1 July 2025, interest
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Hong Kong passes law allowing company re-domiciliation
The inward re-domiciliation regime in Hong Kong was enacted on 23 May 2025, allowing non-Hong Kong companies to re-domicile while keeping their legal identity and business continuity. The Hong Kong company inward re-domiciliation regime became
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Kazakhstan revises tax treaty list for CFC rules
Kazakhstan has updated its list of jurisdictions eligible for CFC rule exemptions, removing several countries and Swiss cantons, effective 22 May 2025. Kazakhstan issued Order No. 247 on 22 May 2025, amending Order No. 680 of 19 June 2023. The
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Pakistan unveils Federal budget 2025–26 with major tax reforms
Pakistan’s Ministry of Finance unveiled the 2025-2026 Federal Budget on 10 June, introducing significant tax reforms to boost revenue and regulate digital commerce. Key changes include reduced super tax rates, new digital transaction levies,
See MoreHong Kong updates list of profit tax-exempt debt instruments
The Hong Kong Inland Revenue Department (IRD) has released updated Qualifying Debt Instruments (QDIs) lists as of 31 March 2025. The Hong Kong Inland Revenue Department (IRD) updated its list of Qualifying Debt Instruments (QDIs) on 10 June 2025,
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US extends Section 301 tariff exemptions on Chinese imports through August 2025
The USTR has extended certain product exclusions from Section 301 tariffs on Chinese imports until 31 August 2025. The Office of the US Trade Representative (USTR) has announced an extension of specific product exclusions from Section 301 tariffs
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Malaysia: MoF announces sales and service tax amendments
Malaysia announced revisions to the sales tax and an expanded service tax scope, effective 1 July 2025. Malaysia’s Ministry of Finance announced on 9 June 2025 revisions to the sales tax and an expanded scope for the
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Bangladesh plans higher minimum PIT in 2025-26 budget
The government may introduce a flat BDT 5,000 minimum tax for individuals in FY 2025-26, with new taxpayers paying a discounted BDT 1,000 to boost compliance. Bangladesh may raise the minimum income tax for individuals to BDT 5,000 in the FY
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India: Government approves scheme to boost domestic EV production
India launches a scheme to boost EV manufacturing, attracting global investments with reduced import duties and a minimum INR 4,150 crore commitment. India’s government has approved a forward-looking scheme to promote the domestic manufacture
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Singapore: IRAS updates e-tax guide on foreign asset disposal gains
IRAS revises tax rules for foreign asset sales—gains may be taxable if transactions lack economic substance in Singapore, effective 1 January 2024. The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide Income Tax:
See MoreAustralia: ATO issues updated monthly FX rates for 2024–25, including April and May 2025
The ATO updated its guidance on monthly exchange rates for the 2024-2025 financial year, including rates for April and May 2025, on 5 June 2025. The Australian Taxation Office (ATO) updated its guidance on monthly exchange rates from 1 July 2024
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Australia: BoT consults on revised tax transparency code to align with public CbC reporting
Australia’s Board of Taxation has launched a consultation on 5 June 2025, proposing updates to simplify the Voluntary Tax Transparency Code (VTTC). Australia’s Board of Taxation (BoT), which oversees Australia's Voluntary Tax Transparency
See MoreHong Kong enacts BEPS 2.0 Pillar Two minimum tax law
Under Pillar Two of BEPS 2.0, a global minimum tax of 15% is imposed on multinational enterprise (MNE) groups with annual consolidated revenue of EUR 750 million or above in at least two of the four fiscal years immediately preceding the current
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Philippines enacts Capital Markets Efficiency Promotion Act (CMEPA)Â
Philippine President Ferdinand R. Marcos, Jr. has signed the Capital Markets Efficiency Promotion Act (CMEPA) into law on 30 May 2025, which goes into force on 1 July 2025. Philippine President Ferdinand R. Marcos, Jr., has signed the Capital
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New Zealand lowers interest rates on tax underpayments and overpayments
New Zealand Inland Revenue updated the UOMI Rates on 28 May 2025. Underpayment rates drop to 9.89% (from 10.88%), and overpayment rates decrease to 3.27% (from 4.30%). The New Zealand Inland Revenue has published the revised Taxation (Use of
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Italy, Uzbekistan sign investment protection agreement
Italy and Uzbekistan signed an investment protection agreement (IPA) on 29 May 2025. Italy and Uzbekistan signed an investment protection agreement (IPA) on 29 May 2025. The agreement aims to support Uzbekistan in improving its legal
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Italy, Kyrgyzstan sign investment protection agreement
Italy and Kyrgyzstan signed an investment protection agreement (IPA) on 30 May 2025. Italy and Kyrgyzstan signed an investment protection agreement (IPA) on 30 May 2025. The IPA between Italy and Kyrgyzstan aims to promote and protect
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Kazakhstan authorises signing of first income tax treaty with Egypt
Kazakhstan authorises the Finance Minister to sign its first income tax treaty with Egypt. Kazakhstan issued Decree No. 382 on 28 May 2025, authorising Finance Minister Madi Takiyev to sign an income tax treaty with Egypt. This will be the
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