Sri Lanka introduces new tax clearance rules for outward remittances
Sri Lanka’s Inland Revenue Department has implemented new rules on withholding tax and tax clearance certificates for payments to non-residents, effective from 1 January 2025. The regulations apply to withholding agents and financial institutions
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Slovenia ratifies income tax treaty with Australia
Slovenia issued the law ratifying the income tax treaty with Australia on 30 December 2024. Earlier, the Australian government announced the signing of a new tax treaty with Slovenia on 9 September 2024. The agreement will enter into force
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India, Sri Lanka sign amending protocol to tax treaty
India and Sri Lanka signed an amending protocol to their 2013 income tax treaty on 16 December 2024. This marks the first revision to the agreement, which will come into force after the exchange of ratification instruments. The treaty was
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Thailand: Cabinet approves lower corporate tax for special economic zones
Thailand's cabinet has approved a proposal to reduce the corporate income tax rate to 10% for profits generated by targeted businesses in the country's special economic zones. The reduced rate applies for 10 consecutive accounting periods. To
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Singapore: IRAS updates 2025 transfer pricing guidance, lowers indicative margin for related-party loans
The Inland Revenue Authority of Singapore (IRAS) released updated transfer pricing guidelines on 2 January 2025. The indicative margin for related-party loans has been revised to +170 basis points (1.70%) from +220 basis points (2.20%) for the
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Taiwan updates low-tax jurisdictions list
Taiwan's Ministry of Finance (MOF) released an updated list of low-tax jurisdictions on 27 December 2024. Controlled Foreign Company (CFC) rules, which have been in effect in Taiwan since the 2023 tax year, were introduced to prevent companies or
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Korea (Rep.) gazettes amendments to International Tax Adjustment Act, includes adjustments to Global Minimum Tax provisions
South Korea has published Law No. 20612 in the Official Gazette on 31 December 2024, amending the International Tax Adjustment Act, which includes several adjustments to the Global Minimum Tax provisions. The law introduces measures aligned with
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Azerbaijan amends tax code: Cuts branch profit tax, introduces new corporate tax and VAT exemptions
Azerbaijan has approved several amendments to the Azerbaijan Tax Code on 27 December 2024. Key amendments include a reduction of branch profit tax rate, new corporate income tax exemptions, and revised transfer pricing penalties. Reduction of
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Indonesia introduces regulations for Pillar Two global minimum tax
Indonesia's Ministry of Finance has introduced Regulation No. 136 of 2024, implementing Pillar Two global minimum tax rules in the country. The regulations apply to MNE groups with annual consolidated revenue of at least EUR 750 million in two of
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Hong Kong extends filing 2023/24 lodgement tax returns for year-end dates between January and March 2024 accounting year
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns on 15 January 2025. According to the letter, recognising the genuine
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India: CBDT releases 6th annual report on APA programme
India’s Central Board of Direct Taxes (CBDT) has published its 6th Annual Report on the country’s Advance Pricing Agreement (APA) programme for the fiscal year 2023-24. A record 125 APAs were signed, marking the highest number in a single
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India grants tax collection at source exemption for IFSC on goods
India's Central Board of Direct Taxes (CBDT) issued Notification No. 6/2025, providing rules for an exemption from tax collection at source (TCS) on goods purchased by units of an International Financial Services Centre (IFSC), effective from 1
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Taiwan: MOF extends business tax payment deadline
Taiwan's Ministry of Finance (MOF) has announced an extension for the business tax payment deadline to 24 February 2025. The extension applies to both the quarterly period ending 31 December 2024 and the monthly period for January 2025. This
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Australia: ATO issues guidance for local file and master file, private property and construction sector company transfer pricing for 2025Â
The Australian Taxation Office (ATO) has published updated guidance on the local and master file requirements – which applies to reporting periods beginning on or after 1 January 2024 –, and transfer pricing guidance for the private property and
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New Zealand updates money interest rates on underpayments, overpayments
The New Zealand Inland Revenue has announced updates to the Use of Money Interest (UOMI) rates for underpayments and overpayments on 18 December 2024. The revised rates are set at 10.88% (down from 10.91%) for underpayments and 4.30% (down from
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Armenia approves tax treaty with Japan
Armenia’s government has approved the signing of a new income tax treaty with Japan on 19 December 2024. This follows after Armenia and Japan have agreed in principle on the new income tax treaty between the two countries on 16 October
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China publishes 15th APA programme report
China’s State Taxation Administration (STA) has published its 15th annual report on the advance pricing agreement (APA) programme on 26 December 2024. The report provides comprehensive statistical insights into the implementation of the APA
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Taiwan consults increasing VAT registration threshold for non-resident digital service providers
The Taiwanese Ministry of Finance announced on 24 December 2024 that it is seeking public feedback on proposed amendments to VAT rules for non-resident entities offering digital services. The changes aim to raise the annual sales threshold for VAT
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