Vietnam: National Assembly approves extension of environmental protection tax cut on petrol, oil and lubricants
The Standing Committee of Vietnam's National Assembly approved an extension of the environmental protection tax reduction on gasoline, oil, and lubricants until 31 December 2025. The decision was made on 11 January 2025, through Resolution
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Kenya: Cabinet approves new tax treaty with Singapore
Kenya's Cabinet has approved a new income tax treaty with Singapore on 11 February 2025. Signed on 23 September 2024, this treaty replaces the 2018 version, which never took effect. The tax treaty aims to eliminate double taxation on income
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Australia: ATO publishes reportable tax position schedule for 2025
Companies are required to complete a reportable tax position schedule if their total business income is AUD 250 million or more, or AUD 25 million or more while part of an economic group with AUD 250 million or more in total income. This applies
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Kazakhstan proposes VAT rate increases and exemptions in tax code overhaul
The Kazakhstan government has introduced proposed amendments to its Tax Code on 11 February 2025, aimed at reshaping the country’s VAT framework. The key changes include raising the standard VAT rate from 12% to 16%, alongside a new reduced 10%
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China revises tax residency certificate rules
China's State Administration of Taxation has released Announcement No. 4 of 2025 outlining revised rules and procedures for obtaining a "Certificate of Tax Residency" for enterprises and individuals. The Announcement No. 4 of 2025 will take
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Philippines, Cambodia signs income tax treaty
The Philippines and Cambodia have signed their first income tax treaty on 11 February 2025. The treaty will take effect once ratification instruments are exchanged. The income tax treaty aims to alleviate the burden of double taxation for
See MoreAustralia: Parliament passes tax incentives for hydrogen, critical minerals production
Australia’s House of Representatives has approved the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 on 11 February 2025. Earlier, the bill was passed by the Senate, meaning the legislation has passed both
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India: Cabinet approves Income Tax Bill for 2025Â
The Indian Union Cabinet has approved the Income Tax Bill 2025, which will supersede the old Income Tax Act of 1961. The proposed legislation seeks to streamline tax laws, remove outdated provisions, and simplify compliance processes. Union
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Sri Lanka: Inland Revenue issues guidelines for obtaining tax residency certificates
The Sri Lanka Inland Revenue has issued a notice outlining the steps taxpayers must follow to obtain tax residency certificates. This notice was published by Sri Lanka Inland Revenue on 29 January 2025. INLAND REVENUE DEPARTMENT NOTICE TO
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Singapore: IRAS urges employers to meet AIS deadline for accurate tax filing
The Inland Revenue Authority of Singapore (IRAS)Â has published a statement outlining the advantages of pre-filled tax returns for employees, along with the associated compliance responsibilities for employers. This announcement was made by the
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Vietnam joins multilateral deal on CbC report exchange
The Organisation for Economic Co-operation and Development (OECD), in an update on 10 February 2025, has confirmed that Vietnam signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 3
See MoreAustralia: Senate passes tax incentives for hydrogen, critical minerals production
Australia’s Senate has passed the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 with amendments, proposes refundable tax offsets for hydrogen and critical minerals production while empowering Indigenous Business
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Oman, India sign amending protocol to tax treaty
Oman and India signed an amending protocol their existing tax treaty in Muscat, the announcement was made by Foreign Ministry of Oman on 27 January 2024. The protocol aims to strengthen economic ties and enhance cooperation in the tax sector
See MoreLiechtenstein, Vietnam discuss income tax treaty and business ties
Officials from Liechtenstein and Vietnam met to discuss bilateral cooperation with Liechtenstein expressing interest in negotiating and signing an income tax treaty on 22 January 2025. Liechtenstein Prime Minister Daniel Risch expressed his
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Taiwan: Ministry of Finance warns of penalties for underreporting income despite no tax due
Taiwan's Ministry of Finance has clarified that enterprises will be penalized for failing to report or underreporting income, even if no tax liability exists. This announcement was made by the Taiwan Ministry of Finance on 2 January
See MoreSingapore: IRAS publishes FAQs on spontaneous exchange of tax information
The Inland Revenue Authority of Singapore ( IRAS) has released a set of Frequently Asked Questions (FAQs) regarding the Spontaneous Exchange of Information on 1 January 2025. Â Â Â Why did Singapore commit to the spontaneous exchange of
See MorePhilippines issues guidance on excise tax exemption for EVs, securitisation tax rules
The Philippines Department of Finance (DoF) has released Revenue Regulations (RR) No. 1-2025, which amends section 9 (E) of RR No. 25-2003, has went into effect on 6 January 2025. The amendment updates the documentary requirements motor vehicle
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OECD highlights Kazakhstan’s tax reforms, plans for Pillar Two solution
The OECD has published a case study on tax and development highlighting Kazakhstan’s enhanced ability to combat tax avoidance. The case study showcases Kazakhstan’s notable achievements, emphasizing key milestones such as: Signed and
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