China reportedly exempts select US imports from tariffs, discretely communicates policy to companies
China reportedly has drafted a list of US imports that is exempted from its 125% tariffs. It’s unclear how many, or which, products are on the list because authorities have not publicly shared this information. The sources state that the
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China exempts tariffs on US ethane imports
China has exempted the 125% tariff on US ethane imports imposed earlier this month, alleviating pressure on Chinese companies that rely on ethane imported from the US for petrochemical production, reports Reuters . China has increased tariffs on
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New Zealand, Iceland continue tax treaty talks
New Zealand's Ministry of Foreign Affairs and Trade announced that Iceland and New Zealand have concluded a second round of negotiations for an income tax treaty in February 2025. This agreement seeks to eliminate double taxation, combat tax
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Japan: Upper House approves new income tax treaty with Ukraine
Japan's upper house of parliament (House of Councillors) approved the new income tax treaty with Ukraine on 23 April 2025. The new treaty updates tax rules on business profits and investment income, introduces measures to prevent treaty abuse,
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Hong Kong, Bahrain tax treaty enters into force
Hong Kong's Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Bahrain, signed in March last year, came into force on 4 March 2025, after completion of relevant ratification procedures. The CDTA will be applicable to Hong Kong tax
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Malaysia postpones new sales and service tax amid tariff concerns
Malaysia’s Ministry of Finance announced that its planned expansion of the sales and service tax, initially planned for implementation on 1 May 2025 as outlined in Budget 2025, will be postponed. The ministry said the sales and service tax will
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US: Customs and Border Protection imposes new tariffs on Chinese imports
The US Customs and Border Protection (CBP) issued an amended notice on 24 April 2025 announcing additional duties on products from China and Hong Kong following President Donald Trump's Executive Orders 14256, 14259, and 14266. The notice was
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Kyrgyzstan: Parliament approves amending protocol to the tax treaty with Korea (Rep.)
The parliament of Kyrgyzstan approved the law for the ratification of the amending protocol to the 2012 income and capital tax treaty with Korea (Rep.) on 23 April 2025. Earlier, the National Assembly of Korea (Rep.) approved the ratification of
See MoreJapan: Upper House approves new income tax treaty with Turkmenistan
Japan's upper house of parliament (House of Councilors) approved the new income tax treaty with Turkmenistan on 23 April 2025. Japan and Turkmenistan signed the tax treaty “Convention between Japan and Turkmenistan for the Elimination of Double
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Vietnam, Ethiopia to negotiate first tax treaty
Representatives from Ethiopia and Vietnam met on 15 April 2025 to explore opportunities for strengthening bilateral relations. This announcement was made by the Vietnam Government News portal on 16 April 2025. Vietnam and Ethiopia have agreed
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Singapore revises guidelines on withholding tax for specific payments
The Inland Revenue Authority of Singapore (IRAS) has released revised guidance on payments liable to withholding tax on 25 April 2025. The guidance outlines the types of payments subject to withholding tax when made to non-resident companies:
See MoreChina reportedly exempts select US imports from tariffs
China has reportedly exempted certain US imports from its 125% tariffs and is urging companies to identify essential goods that should be exempt from tariffs. However, they are yet to make any public statements regarding the matter. The Trump
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EU, US remain far from reaching a tariff agreement
The EU Economic Commissioner, Valdis Dombrovskis, stated on Friday, 25 April 2025, that the United States and the European Union still have work to do to reach a deal that avoids tariffs on each other's goods. The US has imposed 25% tariffs on EU
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Philippines amends VAT rules for digital services
The Philippines' Department of Finance has announced an amendment to the VAT requirements for non-resident digital services providers (DSPs) operating in the Philippines. Starting 1 June 2025, non-resident digital service providers (DSPs) must
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Thailand, Bhutan sign free trade agreement
Prime Minister Paetongtarn Shinawatra of Thailand and Prime Minister Dasho Tshering Tobgay of Bhutan witnessed the signing of a Free Trade Agreement (FTA) between their countries. The ceremony took place at the Thai Khu Fah Building, Government
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Japan: Upper House of Parliament approves new income tax treaty with Armenia
Japan’s Upper House of Parliament (House of Councilors-Diet) approved the new income tax treaty with Armenia on 23 April 2025. This new agreement replaced the 1986 tax treaty between Japan and the former Soviet Union. It aims to eliminate
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Turkey approves trade and economic cooperation agreement with Maldives
The President of Türkiye approved the trade and economic cooperation agreement with the Maldives on 22 April 2025,, which was signed on 27 November 2023 in Ankara. The approval was made through Decision No. 9755, published in Official Gazette No.
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India expands scope of luxury products subject to tax collection at source
India’s Central Board of Direct Taxes (CBDT) has issued Notifications No. 35/2025 and 36/2025, on 22 April 2025, expanding the scope of the 1% Tax Collected at Source (TCS) on high-value luxury goods. The updated scope now includes
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