Kazakhstan updates taxation of scientific R&D activities rules
Kazakhstan's Department of State Revenue has announced updates to the taxation of scientific (R&D) activities on 9 January 2025. By the Law of the Republic of Kazakhstan "On Amendments and Additions to the Code of the Republic of Kazakhstan
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Turkey further extends force majeure for 2023 earthquake-affected taxpayers
Turkey's Revenue Administration has extended the state of force majeure on 10 January 2025, which was introduced after the 6 February 2023 earthquake for taxpayers with an annual turnover of less than TRY 2.5 million. The state of force majeure,
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Vietnam directs banks to withhold tax from payments to certain foreign e-commerce suppliers
Vietnam's General Department of Taxation released Letter No. 6369/TCT-DNL, on 31 December 2024, instructing 100 banks and payment providers in Vietnam to notify branches to withhold and remit taxes on transactions of four foreign e-commerce
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Azerbaijan, Latvia sign MOU on tax recovery assistance and information exchange
Azerbaijan's State Tax Service signed a memorandum of understanding (MOU) on 16 January 2025 with the State Revenue Service of Latvia to enhance cooperation in information exchange and tax recovery efforts. The agreement aims to strengthen
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Malaysia clarifies ruling on tax incentives for BioNexus firms
The Inland Revenue Board of Malaysia (IRBM) has amended the Public Ruling (PR) to clarify the tax incentives available to an investor who has invested in a BioNexus status company (BSC) in Malaysia. The key updates outlined in Public Ruling No.
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Australia: ATO updates guidance on transfer pricing for inbound-related private group funding
The Australian Taxation Office (ATO) has released new guidance on transfer pricing for inbound related party funding within private groups that receive funding from an overseas related party or associate for property and construction on 15 January
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Kazakhstan sets higher penalties for failing to file CbC notification
Kazakhstan will enforce higher penalties for non-compliance with Country-by-Country (CbC) notification requirements from 13 March 2025. Large taxpayers will face fines of KZT 1,966,000, while medium-sized enterprises will be penalised KZT 983,000
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US: House of Representatives passes Taiwan Tax Relief Act
The US House of Representatives approved Bill H.R. 33 – also known as the United States-Taiwan Expedited Double-Tax Relief Act – on 15 January 2025. This legislation aims to relieve double taxation in Taiwan by authorising a tax treaty
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Cambodia issues transfer pricing rules from 2025
Cambodia's Ministry of Economy and Finance has announced Prakas 574 on 19 September 2024 introducing revised transfer pricing regulations, which went into force on 1 January 2025. The key changes include: Updated definition of "related
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Indonesia: President announces 12% VAT limited to luxury goods, services
Indonesia’s President has announced that the VAT rate will increase from 11% to 12%, starting 1 January 2025. However, the VAT increase will only be applicable to luxury goods and services like private jets, yachts, cruise ships, and luxury
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Australia: ATO announces new incentives for build-to-rent projects
The Australian Taxation Office has released a notice detailing new incentives for build-to-rent developments to increase the supply of housing and provide certainty for owners and investors on 13 January 2025. The incentives Faster
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Sri Lanka publishes new Advance Pricing Agreements guide
The Inland Revenue Department of Sri Lanka has announced the release of a new guide on Advanced Pricing Agreements (APAs) on 6 January 2025. This guide provides an overview of the APA process in Sri Lanka, including detailed steps, documentation
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Sri Lanka introduces new tax clearance rules for outward remittances
Sri Lanka’s Inland Revenue Department has implemented new rules on withholding tax and tax clearance certificates for payments to non-residents, effective from 1 January 2025. The regulations apply to withholding agents and financial institutions
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Slovenia ratifies income tax treaty with Australia
Slovenia issued the law ratifying the income tax treaty with Australia on 30 December 2024. Earlier, the Australian government announced the signing of a new tax treaty with Slovenia on 9 September 2024. The agreement will enter into force
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India, Sri Lanka sign amending protocol to tax treaty
India and Sri Lanka signed an amending protocol to their 2013 income tax treaty on 16 December 2024. This marks the first revision to the agreement, which will come into force after the exchange of ratification instruments. The treaty was
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Thailand: Cabinet approves lower corporate tax for special economic zones
Thailand's cabinet has approved a proposal to reduce the corporate income tax rate to 10% for profits generated by targeted businesses in the country's special economic zones. The reduced rate applies for 10 consecutive accounting periods. To
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Singapore: IRAS updates 2025 transfer pricing guidance, lowers indicative margin for related-party loans
The Inland Revenue Authority of Singapore (IRAS) released updated transfer pricing guidelines on 2 January 2025. The indicative margin for related-party loans has been revised to +170 basis points (1.70%) from +220 basis points (2.20%) for the
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Taiwan updates low-tax jurisdictions list
Taiwan's Ministry of Finance (MOF) released an updated list of low-tax jurisdictions on 27 December 2024. Controlled Foreign Company (CFC) rules, which have been in effect in Taiwan since the 2023 tax year, were introduced to prevent companies or
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