New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025

March 13, 2024

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

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Australia: ATO announces GIC and SIC rates for Q3 2023-24

March 08, 2024

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

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Malaysia grants temporary capital gain tax exemption on foreign capital asset disposals 

March 06, 2024

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

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Thailand launches public consultation on pillar 2 global minimum tax 

March 03, 2024

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

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New Zealand updates two-pillar solution including Amount B transfer pricing approach

March 02, 2024

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

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Hong Kong announces 2024-25 budget with new tax measures

March 02, 2024

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

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India: CBDT passes finance act 2024 with limited tax provisions

March 01, 2024

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

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Malaysia publishes service tax policies and FAQs

March 01, 2024

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

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Japan: Platform operators are required to remit consumption tax for foreign e-service providers

February 29, 2024

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

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Singapore: IRAS updates list of jurisdictions under CbC reporting

February 28, 2024

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

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Malaysia issues guidelines for service tax changes for 2024

February 28, 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

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Australia: ATO publishes eligibility thresholds for small business concessions

February 17, 2024

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

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Malaysia clarifies service tax rate increases on digital service providers

February 15, 2024

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

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India releases income tax return forms for assessment year 2024-25

February 15, 2024

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

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Malaysia: IRBM releases Software Development Kit (SDK) for e-Invoicing

February 15, 2024

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

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Philippines proposes legislation for simplifying passive income tax

February 15, 2024

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

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Australia holding public consultation on updated public CbC reporting legislation

February 13, 2024

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.

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Malaysia publishes surcharge FAQs related to transfer pricing adjustments

February 10, 2024

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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