Vietnam updates regulations on related-party transactions, transfer pricing
The Vietnam government has issued Decree No. 20/2025/ND-CP amending Decree No. 132/2020/ND-CP on transfer pricing on 10 February 2025, addressing the treatment of lenders or guarantors as related parties. A borrowing or guaranteed enterprise is
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Pakistan introduces mandatory e-invoicing for businesses
Pakistan's Federal Board of Revenue (FBR) announced new rules requiring all registered businesses to electronically link their fiscal devices with the tax agency on 29 January 2025. Pakistan has rolled out a new electronic invoicing system,
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Brazil approves protocol to tax treaty with Singapore
Brazil’s Chamber of Deputies approved the ratification of a protocol amending the 2018 income tax treaty with Singapore on 13 February 2025. Signed on 17 April 2023, this is the first update to the treaty. key changes include revisions to the
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India, Qatar sign new income tax treaty
India and Qatar signed a new income tax treaty on 18 February 2025. The treaty will become effective upon the exchange of ratification instruments and once in effect, will supersede the 1999 tax treaty between the two countries. This announcement
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Bahrain ratifies investment protection agreement with Hong Kong
Bahrain has ratified the Bahrain-Hong Kong Investment Protection Agreement (2024) through Law No. 6/2025 on 13 February 2025. The ratification was published in Official Gazette No. 3795 on the same date. The agreement aims to bolster mutual
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Australia: ATO issues guidance on critical minerals and hydrogen tax incentives
The Australian Taxation Office (ATO) has released a guidance on how to claim the Critical Minerals Production Tax Incentive and the Hydrogen Production Tax Incentive on 21 February 2025. Critical Minerals Production Tax Incentive How to claim
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Philippines, Cambodia sign new tax treaty
The Philippines Department of Finance in a release on 13 February 2025, announced that the Philippines and Cambodia have signed a double taxation agreement (DTA) to boost business confidence, increase trade, and spur economic growth between the two
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Malaysia grants tax exemptions on payments to/from Labuan firms
Malaysia has released the Income Tax (Exemption) Order 2025 in its Official Gazette on 13 February 2025. This order grants tax exemptions on specific payments made to or received from Labuan companies. A Labuan company is incorporated under the
See MoreAustralia suspends commercial broadcasting tax for a year
Australia’s federal government has enacted the Commercial Broadcasting (Tax) Amendment (Transmitter Licence Tax Rebate) Rules 2025 on 13 February 2025, which suspends the Commercial Broadcasting Tax (CBT) for one year from 9 June 2025 to 8 June
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US may suspend tax treaty with China under America First Policy
The US President Donald Trump has signed a memorandum on the "America First Investment Policy" on 21 February 2025. The policy seeks to boost foreign investment in the US to create jobs and grow the economy, especially from allies, while
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Singapore: PM presents 2025 budget, CIT rebate and investment incentives amongst new tax measures
Singapore’s Prime Minister and Finance Minister, Lawrence Wong, presented the 2025 budget on 18 February 2025 outlining various tax changes which include corporate income tax (CIT) rebate and incentives to drive investments. The key tax
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Sri Lanka: 2025 budget pledges reforms largely aligned with conditions set out in IMF bailout
Anura Kumara Dissanayake, Sri Lankan President and Finance Minister, presented the 2025 budget to the Parliament on 17 February 2025, introducing various tax and legal reforms to advance the new government’s policy agenda. These reforms are key to
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Japan, Bangladesh hold fourth round of EPA negotiations
The Ministry of Foreign Affairs of Japan announced, on 7 February 2025, that the fourth round of negotiations for an Economic Partnership Agreement (EPA) between Japan and Bangladesh took place in Dhaka from 2 to 6 February 2025, in a hybrid
See MoreAustralia urges top privately owned wealthy groups to document processes to manage tax issues, risks
The Australian Taxation Office (ATO) has issued a statement urging privately owned and wealthy groups to document their processes for identifying and managing tax issues and risks on 7 February 2025. ATO’s ongoing engagement with groups in the
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Sri Lanka, UAE sign IPA agreement
Sri Lanka and UAE have reached an agreement on investment protection (IPA) agreement during the World Governments Summit in Dubai. This announcement was made by the Sri Lankan President's media division on 13 February 2025. The agreement was
See MoreSri Lanka: 2025 Budget expected to lower income taxes, secure IMF bailout
Sri Lanka's President Anura Kumara Dissanayake, who is also the nation’s finance minister, is expected to present the state budget for 2025 on Monday, 17 February 2025. A key focus of the budget is to ease the vehicle import duties, which is
See MoreAustralia updates form, instructions for thin capitalisation test choice
The Australian Taxation Office (ATO) has updated its form and instructions for taxpayers on 13 February 2025, allowing individuals to select either the group ratio test or the third-party debt test (thin capitalisation test choice) for a specific
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India: CBDT releases details on Income Tax Bill 2025
India's Central Board of Direct Taxes (CBDT) has released details about the Income Tax Bill 2025 , which was presented in parliament on 13 February 2025. Earlier, the Indian Union Cabinet approved the Income Tax Bill 2025, which will supersede
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