Hong Kong publishes 2024-25 profits tax filing guide
Hong Kong has published a guide for 2023-25 profits tax filings. The 2024-2025 profits tax filing season began on 1 April 2024 with the mass distribution of profits tax returns. Who should file Newly registered business Generally, a
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India enacts Finance Act 2025, offers support for targeted sectors of the economy
India's Central Board of Direct Taxes (CBDT) has released the Finance Act 2025 on 29 March 2025. The Act was officially enacted on 29 March 2025, following the President's assent, implementing the provisions outlined in the 2025–2026
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Iceland, Philippines start tax treaty negotiations
As of 26 March 2025, officials from Iceland and the Philippines recently convened to explore opportunities for bilateral cooperation, focusing on initiating negotiations for an income tax treaty. Iceland's non-resident Ambassador to the
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Armenia: Parliament approves ratification of tax treaty with Hong Kong
Armenia’s parliament approved the ratification of the income tax treaty with Hong Kong on 26 March 2025. To complete the ratification process, the agreement must now be enacted by the President and published in the Official Gazette. The treaty
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Hong Kong, Barbados end first round of tax treaty talks
The Hong Kong Inland Revenue Department (IRD) announced that the officials from Barbados and Hong Kong concluded the first round of negotiations for an income tax treaty on 28 March 2025. The agreement between Hong Kong and Barbados aims to
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Oman ratifies protocol amending tax treaty with India
Oman ratified the amending protocol to the India-Oman Income Tax Treaty (1997) on 27 March 2025 through Royal Decree No. 36/2025. Earlier, Oman and India signed an amending protocol to their existing tax treaty in Muscat, the announcement was
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Australia: ATO updates shortfall interest charges on overclaimed tax offsets
The Australian Taxation Office (ATO) released a notice on 27 March 2025 outlining updates to shortfall interest charges related to overclaimed tax offsets. The government announced extending shortfall interest charges to repayments of overclaimed
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Taiwan: Ministry of Finance clarifies investment loss recognition rules for bankrupt businesses
Taiwan's Ministry of Finance has announced that profit-seeking enterprises can only recognise investment losses from bankrupt businesses once the court has ruled to terminate the bankruptcy proceedings, while the National Taxation Bureau of Taipei
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New Zealand seeks public feedback on proposed fringe benefit tax changes
The Inland Revenue of New Zealand is inviting public feedback on proposed changes to the Fringe Benefit Tax (FBT) rules, aiming to simplify compliance and reduce costs for taxpayers, Revenue Minister Simon Watts has announced. This announcement
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Sri Lanka enacts income tax reforms Act
The Sri Lanka Inland Revenue Department (IRD) has released details of the Inland Revenue (Amendment) Act, No. 2 of 2025. Certified on 20 March 2025, the new tax regulations take effect from 1 April 2025. Key changes include: Higher tax-free
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Japan publishes amended tax Laws for 2025 reform in official gazette
Japan published the amended laws, Cabinet orders, and ministerial ordinances for the 2025 tax reform in Special Issue No. 8 of the Official Gazette on 31 March 2025. Earlier, Japan’s Ministry of Finance released the legislative proposals
See MoreIndia: CBDT expands transfer pricing safe harbour rules and raises transaction limits for select services
India’s Central Board of Direct Taxes (CBDT) issued Notification No. 21/2025 on 25 March 2025, introducing the Income-tax (Sixth Amendment) Rules, 2025. This encompasses three key modifications to the safe harbour rules for international
See MoreHong Kong introduces upgraded electronic profits tax filing services
The Hong Kong Inland Revenue Department (IRD) has launched the new versions and enhanced features of electronic filing of profits tax return services on 1 April 2025. The IRD Taxonomy Package and IRD iXBRL Data Preparation Tools enables all
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Australia: New law amends luxury car tax, denies interest deductions on tax debts
Australia’s parliament passed the Treasury Laws Amendment (Tax Incentives and Integrity) Act 2024 on 26 March 2025, which received Royal Assent on 27 March 2025. This follows after Australia’s Senate Economics Legislation Committee has
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India to abolish 6% equalisation levy on online advertising from April 2025
India is set to remove the 6% equalisation levy on online advertising services starting 1 April 2025, following government approval of amendments to the Finance Bill 2025 as part of the 2025-2026 Budget. The levy was first introduced in the 2016
See MoreAustralia: Hydrogen, critical minerals tax incentives enter into force in April 2025
The hydrogen production tax incentive (HPTI) and critical minerals production tax incentive (CMPTI), introduced under the Future Made in Australia (Production Tax Credits and Other Measures) Act 2025, which was passed on 11 February 2025, will take
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Malaysia updates e-invoice guidelines for system disruptions
The Inland Revenue Board of Malaysia (IRBM) released e-Invoice Guideline Version 4.3 on 18 March 2025. This update adds subsection 2.5.4, which provides guidance for handling MyInvois System disruptions, failures, or outages. The MyInvois System
See MoreIndia proposes amendments to direct tax laws in Union Budget 2025
India’s government has introduced revisions to the proposed amendments to the Income-tax Act, 1961, as outlined in the Finance Bill, 2025. The Lok Sabha passed the Finance Bill 2025 on 25 March 2025, incorporating 35 government amendments. The
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