New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025
On 11 March 2024, the Finance and Expenditure Committee of the New Zealand Parliament released its final report on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. This bill includes the provisions for the
See MoreAustralia: ATO announces GIC and SIC rates for Q3 2023-24
On 4 March 2024, the Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2023-24 income year. For the quarter commencing on 1 March 2024, the GIC
See MoreMalaysia grants temporary capital gain tax exemption on foreign capital asset disposals
On 4 March 2024, Malaysia issued the Income Tax (Exemption) (No. 3) Order 2024, which was published in the Official Gazette. This order grants a capital gains tax exemption to companies, limited liability partnerships, trust bodies, and cooperative
See MoreThailand launches public consultation on pillar 2 global minimum tax
On March 1, 2024, the Thai Revenue Department initiated a public consultation on draft legislation for enforcing the Pillar 2 global minimum tax rules in Thailand. The legislation includes the Pillar 2 income inclusion rule (IRR) and undertaxed
See MoreNew Zealand updates two-pillar solution including Amount B transfer pricing approach
On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified
See MoreHong Kong announces 2024-25 budget with new tax measures
On 28 February 2024, the Financial Secretary of Hong Kong presented the 2024-25 Budget. The Budget includes various tax measures, including: A proposal for a one-off reduction of profits tax, salaries tax, and tax under personal assessment for
See MoreIndia: CBDT passes finance act 2024 with limited tax provisions
The Central Board of Direct Taxes (CBDT) in India has released the Finance Act 2024, passed on 15 February 2024, to execute the provisions of the Union Budget for 2024-2025. The finance Act includes the following key tax measures: The criteria
See MoreMalaysia publishes service tax policies and FAQs
On 28 February 2024, the Royal Malaysian Customs Department published the service tax policies (STPs) and frequently asked questions (FAQs) about service taxes. The Service Tax Policy 1/2024 (STP 1/2024) establishes the commencement date for
See MoreJapan: Platform operators are required to remit consumption tax for foreign e-service providers
On 2 February 2024, Japan's Cabinet presented tax reform bills for the year 2024 to the National Diet. Among the proposed changes is the taxation of platform operators, wherein specific operators would be subject to Japanese consumption tax (JCT) as
See MoreSingapore: IRAS updates list of jurisdictions under CbC reporting
On 23 February 2024, the Inland Revenue Authority of Singapore (IRAS) revised its Country-by-Country Reporting (CbC) guidance page regarding the jurisdictions eligible for automatic exchange of CbC reports. Papua New Guinea has been included in the
See MoreMalaysia issues guidelines for service tax changes for 2024
On 26 February 2024, the Royal Malaysian Customs Department released the Service Tax (Rate of Tax) (Amendment) Order 2024, which was first published in the Official Gazette. This order implements the changes to the service tax, which goes into force
See MoreAustralia: ATO publishes eligibility thresholds for small business concessions
On 16 February 2024, the Australian Taxation Office (ATO) published a release that outlines the eligibility thresholds for small businesses for concessions. As per the release, small business owners may be eligible for concessions on the amount of
See MoreMalaysia clarifies service tax rate increases on digital service providers
On 14 February 2024, the Royal Malaysian Customs Department released guidelines concerning transitional rules about adjusting the service tax rate from 6% to 8% on digital services provided by foreign registered persons (RFPs). Regarding digital
See MoreIndia releases income tax return forms for assessment year 2024-25
India's Central Board of Direct Taxes (CBDT) has introduced new income tax return (ITR) forms, ITR-1 to ITR-6, for diverse taxpayers in the fiscal year 2023-24 (1 April 2023 to 31 March 2024), aligned with the assessment year 2024-25. Notifications
See MoreMalaysia: IRBM releases Software Development Kit (SDK) for e-Invoicing
On 9 February 2024, the Inland Revenue Board of Malaysia (IRBM) published the Software Development Kit (SDK) for e-Invoicing. The e-Invoice Software Development Kit (SDK) is a collection of tools, libraries, and resources providing a set of
See MorePhilippines proposes legislation for simplifying passive income tax
On 14 February 2024, the Philippines Department of Finance declared a refined proposal for a bill for simplifying passive income taxes. The bill entitled ‘Package 4 of the Comprehensive Tax Reform Program (CTRP)’ is a measure recalibrated by
See MoreAustralia holding public consultation on updated public CbC reporting legislation
On 12 February 2024, the Australian Treasury announced it is conducting an additional public consultation regarding implementing new requirements for publishing selected tax information on a Country-by-Country (CbC) basis or public CbC reporting.
See MoreMalaysia publishes surcharge FAQs related to transfer pricing adjustments
On 18 January 2024, the Inland Revenue Board of Malaysia (IRBM) published an FAQ list about surcharges for transfer pricing adjustments. The FAQ document is available on the transfer pricing guidance webpage. Under the Finance Act 2020, the tax
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