Taiwan: MOF clarifies exit restrictions for tax debtors ahead of lunar new year
Taiwan's Ministry of Finance (MOF) has issued a notice on 21 December 2025 clarifying the requirements for the lifting of travel restriction on tax debtors, which include either paying the tax due along with a fine, or furnishing property
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India issues guidance on principal purpose test in tax treaties
India's Central Board of Direct Taxes has issued Circular No. 01/2025 on 21 January 2025, clarifying the application of the Principal Purpose Test (PPT) provisions in tax treaties. The Circular confirms that PPT provisions, including those
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Vietnam, Togo start talks on double taxation agreement
Vietnam and Togo have agreed to negotiate an income tax treaty as part of efforts to deepen economic and diplomatic ties, following talks between Deputy Prime Minister and Foreign Minister Bui Thanh Son and Togolese Foreign Minister Prof. Robert
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Japan, Zambia sign investment agreement
The “Agreement between Japan and the Republic of Zambia for the Promotion and Protection of Investment” (Japan-Zambia Investment Agreement) was signed in Tokyo by H.E. Mr. TAKEUCHI Kazuyuki, Ambassador Extraordinary and Plenipotentiary of Japan
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Philippines: Congress passes Capital Markets Efficiency Act (CMEPA)
The Congress of the Philippines has approved the Capital Markets Efficiency Promotion Act (CMEPA) on 5 February 2025. These tax measures include reducing the stock transaction tax rate from 0.6% to 0.1% and cutting the documentary stamp tax on
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IMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
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Sri Lanka, UAE finalise investment protection agreement
Sri Lanka and UAE have finalised an agreement on reciprocal promotion and protection of investments between the two countries. This announcement was made by the Ministry of Foreign Affairs, Foreign Employment and Tourism on 3 February 2024. The
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Taiwan proposes extension of tax refund claim period under income tax treaties
Taiwan’s Ministry of Finance (MOF) has proposed a draft amendment to extend the tax refund application period under income tax treaties from five years to ten years. This change aims to streamline regulations and provide taxpayers with
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Japan: MOF presents tax reform bill to parliament
Japan's Ministry of Finance has released the legislative proposals submitted during the 217th session of the National Diet (parliament) – which includes the draft tax reform bill for 2025 and related materials – on 4 February 2025. The key
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China imposes retaliatory tariffs on select US imports
China’s Tariff Commission of the State Council has released the Announcement of CTC No.1 on 4 February 2025, announcing additional tariffs on certain US imports effective from 10 February 2025. China’s new tariffs on US imports include a 15%
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Indonesia: Core Tax Administration System (CTAS) comes into effect
Indonesia’s Regulation No. 81 of 2024, which implements the Core Tax Administration System (CTAS), went into effect on 1 January 2025. CTAS is the Directorate General of Taxation's (DGT) comprehensive system streamlining key tax administration
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Singapore: IRAS updates lists of reportable, participating jurisdictions for CRS
The Inland Revenue Authority of Singapore (IRAS) released updated lists of reportable and participating jurisdictions under the Common Reporting Standard (CRS) on 3 February 2005. The Common Reporting Standard (CRS) is an internationally agreed
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India 2025 Budget: Everything we know so far
India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2025-2026 on 1 February 2025 to the parliament, which included the Finance Bill 2025 (The Bill) outlining amendments to various direct and indirect taxes as well as various
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Uzbekistan adopts CIS tax information exchange protocol
Uzbekistan adopted the amended protocol of the CIS Mutual Assistance Agreement on 13 December 2024. The Commonwealth of Independent States (CIS) is an intergovernmental organization that promotes cooperation among former Soviet republics. It was
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US postpones new tariffs on Canada, Mexico for 30 days
US President Donald Trump has agreed on Monday, 3 February 2025, to halt tariffs on Canada and Mexico for 30 days – which was set to take effect Tuesday, 4 February 2025 – after both countries pledged to step up efforts to stop illicit drugs and
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Australia: Senate report on bill to amend luxury car tax and deny interest deductions on tax debts
Australia’s Senate Economics Legislation Committee has published its report on the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024. This follows after the Senate referred the provisions of the Treasury Laws Amendment (Tax
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Cambodia, Pakistan considers negotiating for income tax treaty
Officials from Cambodia and Pakistan held discussions on bilateral relations, including the negotiation and signing of an income tax treaty on 20 January 2025. The agreement shall prevent double taxation between the two nations while also
See MoreAustralia: ATO targets thin capitalisation in trust reviews
The Australian Taxation Office (ATO) has announced on 30 January 2025 regarding its focus on the updated thin capitalisation rules as part of its justified trust reviews. Thin capitalisation in focus for justified trust reviews How we're
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