US lowers “de minimis” tariff on small Chinese parcels, China lowers tariffs on US imports for 90 days
The White House released a joint statement, on 12 May 2025, announcing that the US will lower the "de minimis" tariff on low-value shipments from China to 30%, easing tensions in the trade war between the two largest economies. The order relieves
See More
Hong Kong, Philippines to start tax treaty negotiations
The Hong Kong Inland Revenue Department announced on 13 May 2025 that Hong Kong and the Philippines will hold their first round of income tax treaty negotiations from 21 to 23 May 2025. The representation should reach the Inland Revenue
See More
Taiwan allows foreign residents to file income tax online without household registration
Taiwan’s Ministry of Finance announced that foreign nationals who stay in the country for at least 183 days within a taxable year are considered residents of Taiwan for tax purposes, even without household registration, and are eligible to file
See More
Australia: Victoria proposes extension of off-the-plan stamp duty concession
Australia’s Victorian government announced on 14 May 2025 that it will extend its stamp duty concession for eligible “off-the-plan” homes for another 12 months. The Victorian Budget 2025-26 will invest AUD 61 million to slash stamp duty for
See More
Australia: Northern Territory presents tax measures for 2025 budget
Australia’s Northern Territory (NT) newly elected Country Liberal Party has presented its 2025-26 budget for the province on 13 May 2025. Chief Minister Lia Finocchiaro and Treasurer Bill Yan have emphasised key priorities in the budget,
See More
ASEAN, Australia, and New Zealand’s revised free trade agreement goes into effect
An upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement came into effect on 21 April 2024. It covers a market of over 703 million people with a combined GDP of more than USD 5.6 trillion. The agreement is expected to enhance
See More
Philippines issues VAT guidelines for cross-border digital services
The Philippines Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 47-2025 on 9 May 2025, offering guidance through FAQs on applying VAT to cross-border digital services. The Circular also states that nonresident providers of
See More
China commits to signing tax treaty with Peru
China's Ministry of Foreign Affairs announced that China and Peru officials convened on 12 May 2025 to discuss bilateral cooperation, including plans to negotiate and sign an income tax treaty. This treaty seeks to prevent double taxation and tax
See More
Singapore issues guidance on key GST audit focus areas and compliance risks
The Inland Revenue Authority of Singapore (IRAS) has released guidance on the key areas of GST compliance audits, outlining the consequences of non-compliance on 13 May 2025. Current Areas of Audits GST is a self-assessed tax. IRAS conducts
See More
EU, Singapore sign landmark digital trade agreement
The European Union ( EU) and Singapore have taken a significant step forward in their bilateral trade relations with the signing of a landmark Digital Trade Agreement (DTA). Signed by Commissioner for Trade and Economic Security Maroš Šefčovič
See More
New Zealand releases draft on taxing overseas transfers for residents
New Zealand's Inland Revenue has released a draft Interpretation Statement (PUB00494) to clarify the tax treatment of money or property received by New Zealand tax residents from overseas, including inheritance. The document, issued on 5 May 2025,
See More
China and Russia sign IPA
China and Russia signed an investment protection agreement (IPA) in Moscow on 8 May 2025. Investment Promotion Agreements (IPAs) are designed to protect investors by requiring national governments to minimize risks such as currency controls,
See More
Bangladesh to raise mandatory minimum corporate turnover tax
The Bangladeshi government is preparing to raise the minimum tax on company turnover from 0.6% to 1% in the upcoming budget. The minimum rate may also rise from 0.25% to 1% for individual taxpayers. These changes are reportedly driven by pressure
See More
Brazil: Chamber of Deputies approve amending protocol to tax treaty with India
Brazil’s Chamber of Deputies have endorsed the amending protocol to the Brazil-India Income Tax Treaty (1988) through Draft Legislative Decree No. 391/2024 on 8 May 2025. The protocol has now been submitted to the Senate for further
See More
Armenia: Cabinet approves tax treaty with Japan
Armenia’s government has endorsed the ratification of the tax treaty with Japan on 8 May 2025 during a cabinet meeting. Signed on 26 December 2024 in Yerevan, this new agreement will replace the existing 1986 tax treaty between Japan and the
See More
Bangladesh abolishes NBR, forms two new revenue divisions
Bangladesh’s President Shahabuddin has promulgated an ordinance dissolving the National Board of Revenue (NBR) yesterday, 12 May, replacing it with two new entities under the Ministry of Finance: Revenue Policy Division and the Revenue Management
See MoreAustralia: ATO highlights unusual deductions and 2025 compliance priorities
The Australian Taxation Office (ATO) has unveiled “wild” tax deduction attempts and its 2025 priorities on 7 May 2025. The key focus areas include common errors in work-related expenses, working from home deductions, and multiple income
See More
Hong Kong approves stamp duty changes on real property
The Hong Kong Legislative Council approved the Stamp Duty (Amendment) Bill 2025 on 7 May 2025 to implement the 2025-26 budget proposal to raise the maximum value of properties chargeable to the HKD 100 stamp duty from HKD 3 million to HKD 4 million,
See More