New Zealand releases draft on taxing overseas transfers for residents
New Zealand's Inland Revenue has released a draft Interpretation Statement (PUB00494) to clarify the tax treatment of money or property received by New Zealand tax residents from overseas, including inheritance. The document, issued on 5 May 2025,
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China and Russia sign IPA
China and Russia signed an investment protection agreement (IPA) in Moscow on 8 May 2025. Investment Promotion Agreements (IPAs) are designed to protect investors by requiring national governments to minimize risks such as currency controls,
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Bangladesh to raise mandatory minimum corporate turnover tax
The Bangladeshi government is preparing to raise the minimum tax on company turnover from 0.6% to 1% in the upcoming budget. The minimum rate may also rise from 0.25% to 1% for individual taxpayers. These changes are reportedly driven by pressure
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Brazil: Chamber of Deputies approve amending protocol to tax treaty with India
Brazil’s Chamber of Deputies have endorsed the amending protocol to the Brazil-India Income Tax Treaty (1988) through Draft Legislative Decree No. 391/2024 on 8 May 2025. The protocol has now been submitted to the Senate for further
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Armenia: Cabinet approves tax treaty with Japan
Armenia’s government has endorsed the ratification of the tax treaty with Japan on 8 May 2025 during a cabinet meeting. Signed on 26 December 2024 in Yerevan, this new agreement will replace the existing 1986 tax treaty between Japan and the
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Bangladesh abolishes NBR, forms two new revenue divisions
Bangladesh’s President Shahabuddin has promulgated an ordinance dissolving the National Board of Revenue (NBR) yesterday, 12 May, replacing it with two new entities under the Ministry of Finance: Revenue Policy Division and the Revenue Management
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Australia: ATO highlights unusual deductions and 2025 compliance priorities
The Australian Taxation Office (ATO) has unveiled “wild” tax deduction attempts and its 2025 priorities on 7 May 2025. The key focus areas include common errors in work-related expenses, working from home deductions, and multiple income
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Hong Kong approves stamp duty changes on real property
The Hong Kong Legislative Council approved the Stamp Duty (Amendment) Bill 2025 on 7 May 2025 to implement the 2025-26 budget proposal to raise the maximum value of properties chargeable to the HKD 100 stamp duty from HKD 3 million to HKD 4 million,
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Kazakhstan launches public consultation on tax treaty amendment with Iran
Kazakhstan has opened a public consultation on the ratification of a protocol amending its 1996 income and capital tax treaty with Iran on 5 May 2025. The protocol, signed on 15 February 2025, marks the first update to the original treaty. It is
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Singapore: IRAS issues corporate tax filing guidance for YA 2025
The Inland Revenue Authority of Singapore (IRAS) has issued new guidance to assist companies with their obligations for the Corporate Income Tax Filing Season 2025 on 8 May 2025. Companies are required to file their Corporate Income Tax Return
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US, China agree to lower tariffs, 90-day tariff pause
The US and China have agreed to temporarily cut tariffs in order to work to end a trade war that has fueled recession fears and unsettled financial markets. Following discussions with Chinese officials in Geneva, US Treasury Secretary Scott
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US: Trump to lower US tariffs on China from 145% if trade talks go well
US President Donald Trump said on Thursday, 8 May 2025, that he expects the US 145% tariffs on China to be reduced if trade negotiations between the two nations this weekend goes well. The Trump administration stated that the US has been working
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Brazil: Congress approves amending protocol to tax treaty with China
Brazil’s Congress has approved the amending protocol to the Brazil-China Income Tax Treaty (1991) through Legislative Decree No. 170/2025 on 5 May 2025. The Legislative Decree No. 170/2025 was published in the Official Gazette No. 83 on 6 May
See MoreAustralia: ATO urges large taxpayers to submit annual GST supplementary return
The Australian Taxation Office (ATO) has issued a reminder about lodging a new supplementary annual GST return for large taxpayers on 8 May 2025. The return is required for those in the Top 100 and Top 1,000 Justified Trust Programs for GST
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Pakistan authorises tax authority to collect dues regardless of pending appeals, stay orders
Pakistan's Federal Board of Revenue has published the Tax Laws (Amendment) Ordinance 2025, enacted on 2 May 2025. A key amendment in the legislation authorises the tax authority to demand immediate tax payment, even if a stay is granted or an appeal
See MoreAustralia: ATO publishes guidance on eligibility of instant asset write-off
The Australian Taxation Office (ATO) released guidance, on 5 May 2025, about business eligibility for the AUD 20,000 instant asset write-off for 2024-2025. Businesses with a turnover under AUD 10 million using simplified depreciation rules may
See MoreBangladesh to shift tax exemption authority to parliament
Bangladesh will introduce a new policy placing full authority for tax exemptions with parliament, removing decision-making power from the government and National Board of Revenue (NBR). NBR Chairman Md Abdur Rahman Khan said the move aims to
See MoreChina to impose anti-dumping duties on Indian cypermethrin
China's commerce ministry announced it will impose anti-dumping duties of 48.4% to 166.2% on Indian cypermethrin for five years, effective immediately. Cypermethrin is an insecticide used in agriculture and sanitation. The decision follows a
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