Australia: ATO updates shortfall interest charges on overclaimed tax offsets
The Australian Taxation Office (ATO) released a notice on 27 March 2025 outlining updates to shortfall interest charges related to overclaimed tax offsets. The government announced extending shortfall interest charges to repayments of overclaimed
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Taiwan: Ministry of Finance clarifies investment loss recognition rules for bankrupt businesses
Taiwan's Ministry of Finance has announced that profit-seeking enterprises can only recognise investment losses from bankrupt businesses once the court has ruled to terminate the bankruptcy proceedings, while the National Taxation Bureau of Taipei
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New Zealand seeks public feedback on proposed fringe benefit tax changes
The Inland Revenue of New Zealand is inviting public feedback on proposed changes to the Fringe Benefit Tax (FBT) rules, aiming to simplify compliance and reduce costs for taxpayers, Revenue Minister Simon Watts has announced. This announcement
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Sri Lanka enacts income tax reforms Act
The Sri Lanka Inland Revenue Department (IRD) has released details of the Inland Revenue (Amendment) Act, No. 2 of 2025. Certified on 20 March 2025, the new tax regulations take effect from 1 April 2025. Key changes include: Higher tax-free
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Japan publishes amended tax Laws for 2025 reform in official gazette
Japan published the amended laws, Cabinet orders, and ministerial ordinances for the 2025 tax reform in Special Issue No. 8 of the Official Gazette on 31 March 2025. Earlier, Japan’s Ministry of Finance released the legislative proposals
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India: CBDT expands transfer pricing safe harbour rules and raises transaction limits for select services
India’s Central Board of Direct Taxes (CBDT) issued Notification No. 21/2025 on 25 March 2025, introducing the Income-tax (Sixth Amendment) Rules, 2025. This encompasses three key modifications to the safe harbour rules for international
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Hong Kong introduces upgraded electronic profits tax filing services
The Hong Kong Inland Revenue Department (IRD) has launched the new versions and enhanced features of electronic filing of profits tax return services on 1 April 2025. The IRD Taxonomy Package and IRD iXBRL Data Preparation Tools enables all
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Australia: New law amends luxury car tax, denies interest deductions on tax debtsÂ
Australia’s parliament passed the Treasury Laws Amendment (Tax Incentives and Integrity) Act 2024 on 26 March 2025, which received Royal Assent on 27 March 2025. This follows after Australia’s Senate Economics Legislation Committee has
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India to abolish 6% equalisation levy on online advertising from April 2025
India is set to remove the 6% equalisation levy on online advertising services starting 1 April 2025, following government approval of amendments to the Finance Bill 2025 as part of the 2025-2026 Budget. The levy was first introduced in the 2016
See MoreAustralia: Hydrogen, critical minerals tax incentives enter into force in April 2025
The hydrogen production tax incentive (HPTI) and critical minerals production tax incentive (CMPTI), introduced under the Future Made in Australia (Production Tax Credits and Other Measures) Act 2025, which was passed on 11 February 2025, will take
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Malaysia updates e-invoice guidelines for system disruptions
The Inland Revenue Board of Malaysia (IRBM) released e-Invoice Guideline Version 4.3 on 18 March 2025. This update adds subsection 2.5.4, which provides guidance for handling MyInvois System disruptions, failures, or outages. The MyInvois System
See MoreIndia proposes amendments to direct tax laws in Union Budget 2025
India’s government has introduced revisions to the proposed amendments to the Income-tax Act, 1961, as outlined in the Finance Bill, 2025. The Lok Sabha passed the Finance Bill 2025 on 25 March 2025, incorporating 35 government amendments. The
See MoreAustralia unveils 2025-26 budget, proposes amendments to tax laws for managed investment trusts
Australia’s Treasurer Jim Chalmers presented the 2025-26 Budget on 25 March 2025. The tax measures are limited and include plans to amend tax laws for managed investment trusts, allowing legitimate investors to access concessional withholding tax
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Mauritius updates CRS reportable and participating jurisdictions
The Mauritius Revenue Authority has updated its lists of reportable and participating jurisdictions for the automatic exchange of financial account information under the Common Reporting Standard (CRS). The reportable jurisdictions list includes
See MoreAustralia to tax digital assets under current tax laws
Australia’s government announced its upcoming initiative regarding the development of its digital asset industry on 21 March 2025. The Albanese Government is developing a fit for purpose digital asset regime to help build a more dynamic and
See MoreMalaysia introduces new consolidated income tax and employer audit framework
The Inland Revenue Board of Malaysia (IRBM) has released a new Tax Audit Framework on Income Tax and Employer on 15 March 2025. The updated framework replaces several previous audit frameworks, including: Tax Audit Framework (2022); Tax
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Hong Kong notifies tax representatives of 2024-25 tax return filing block extension scheme
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives on the Block Extension Scheme for the Lodgement of 2024/25 Tax Returns. As in previous years, the letter confirms that the Block Extension Scheme
See MoreIndia: CBDT consults development of income-tax rules, related forms consequent to the 2025 Income Tax Bill
India's Central Board of Direct Taxes (CBDT) published a release on 18 March 2025 inviting stakeholder feedback for the development of Income-tax Rules and associated forms in line with the provisions of the Income Tax Bill 2025. The Income Tax
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