US: Trump pauses tariffs for 90 days for all countries, hits China harder with 125%
US President Donald Trump announced a three-month suspension of all “reciprocal” tariffs that took effect on 9 April 2025, excluding those applied to China. The sweeping tariffs will remain for China, the world’s second largest economy and
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India: CBDT signs record number of advance pricing agreements in FY 2024-25
The Indian Central Board of Direct Taxes (CBDT) announced that India has entered into a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY 2024-25. These include Unilateral APAs (UAPAs), Bilateral APAs (BAPAs) and Multilateral
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Kazakhstan expands VAT exemption list for vehicles, machinery, and components from April 2025
Kazakhstan's Ministry of Industry and Construction has expanded the list of vehicles, agricultural machinery, and related components exempt from VAT. The update, effective from 11 April 2025, adds 21 new categories, including items such as
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Taiwan: Ministry of Finance outlines criteria for commission expense deductions
Taiwan's Ministry of Finance issued a notice stating that businesses must provide proof of agency services rendered in order to deduct commission expenses on 31 March 2025. National Taxation Bureau of the Central Area, Ministry of Finance
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Australia: ATO sets deadline for 2023-2024 financial year R&D tax incentive
The Australian Taxation Office (ATO) reminded companies on 3 April 2025 to register their R&D tax incentive activities with the Department of Industry, Science and Resources (DISR) by 30 April 2025 to claim the R&D tax offset for the
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US imposes 104% tariffs on Chinese imports, China retaliates with 84%
US President Donald Trump's "reciprocal" tariffs on numerous countries, including a steep 104% duties on Chinese goods, officially took effect today, 9 April 2025. In response, China is raising its tariff on the United States to 84%, up from 34%,
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Australia: ATO announces amendments to its top 500 program
The Australian Taxation Office (ATO) has announced updates to its Top 500 Private Groups Tax Performance Program, effective 1 April 2025. About the Top 500 private groups tax performance program The Top 500 private groups tax performance
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Armenia ratifies tax treaty with Hong Kong
Armenian President Vahagn Khachaturyan signed the law ratifying the income tax treaty with Hong Kong on 4 April 2025. The ratification law is pending publication in Armenia’s Official Gazette. This follows after Armenia’s parliament
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Hong Kong issues profits tax, property tax, and employer’s returns for 2024-25
The Hong Kong Inland Revenue Department (IRD) has issued profits tax, property tax and employer's returns for 2024-25 on 1 April 2025. The IRD issued about 230,000 profits tax returns, 120,000 property tax returns and 330,000 employer's returns
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Thailand introduces tax incentives to attract skilled professionals back home
Thailand has introduced new tax incentives to encourage skilled Thai professionals working abroad to return. The measures, announced in Royal Decree No. 793 on 24 March 2025, took effect on 25 March 2025. Eligible individuals who return to work
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New Zealand: Parliament grants Royal Assent for Omnibus Tax Bill
New Zealand’s Parliament announced on 29 March 2025 that royal assent had been granted to Public Act No. 9/2025, a comprehensive omnibus tax law. The Bill introduces several key provisions, including confirming annual income tax rates for the
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Vietnam extends 2025 tax payment deadlines
The Vietnamese government issued Decree No. 82/2025/ND-CP on 2 April 2025, outlining extensions to tax payment deadlines for various taxes including individual income tax, VAT, corporate income tax, and land rental taxes in 2025. These measures
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New Zealand: Inland Revenue announces 2025 exemptions for foreign company and FIF disclosures
The Commissioner of Inland Revenue (CIR) has revealed the 2025 International tax disclosure exemption on 31 March 2025. Section 61 of the Tax Administration Act 1994 ("TAA") requires taxpayers to disclose interests in foreign entities. Section
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China responds with additional tariffs on imports from US
China's Ministry of Finance announced the implementation of additional tariffs as a direct response to the reciprocal tariffs previously imposed by the Trump Administration on 4 April 2025. “This practice of the US is not in line with
See MoreAustralia: ATO issues guidance on debt deduction rules
The Australian Taxation Office (ATO) has published guidance on Understanding the debt deduction creation rules (DDCR) to help determine if the DDCR applies to an entity and its related party financing arrangements. The guidance includes the
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Hong Kong publishes 2024-25 profits tax filing guide
Hong Kong has published a guide for 2023-25 profits tax filings. The 2024-2025 profits tax filing season began on 1 April 2024 with the mass distribution of profits tax returns. Who should file Newly registered business Generally, a
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India enacts Finance Act 2025, offers support for targeted sectors of the economy
India's Central Board of Direct Taxes (CBDT) has released the Finance Act 2025 on 29 March 2025. The Act was officially enacted on 29 March 2025, following the President's assent, implementing the provisions outlined in the 2025–2026
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Iceland, Philippines start tax treaty negotiations
As of 26 March 2025, officials from Iceland and the Philippines recently convened to explore opportunities for bilateral cooperation, focusing on initiating negotiations for an income tax treaty. Iceland's non-resident Ambassador to the
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