India expands scope of mandatory e-invoicing
The Indian tax administration announced that businesses with an annual turnover exceeding INR 10 crores will be required to report e-invoices to the Invoice Registration Portal (IRP) within 30 days of issuance. This new requirement will start
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Indonesia publishes guidance on joint operations tax
Indonesia’s Ministry of Finance introduced Regulation No. 79 of 2024 (PMK 79) regarding the tax treatment of joint operations on 28 October 2024. The joint operations are classified into two categories based on their tax requirements: those
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Australia consults updated draft ruling on CGT event K6
The Australian Taxation Office (ATO) has initiated a public consultation on the updated draft taxation ruling, TR 2004/18DC, which addresses the application of "capital gains tax (CGT) event K6". This revision clarifies and refines the ATO's
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New Zealand: Inland Revenue clarifies transitional residency, crypto asset sales
New Zealand’s Inland Revenue issued a ruling TDS 24/22 addressing the transitional residency status of a taxpayer and the tax treatment of their crypto asset sales on 3 December 2024. The Taxpayer was a natural person who had previously been a
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Malaysia publishes guidance on Pillar Two global minimum tax, updates FAQs
The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on
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Australia updates guidance on public CbC reporting
The Australian Taxation Office (ATO) has revised its guidance on the public country-by-country (CbC) reporting regime focusing on public CbC parent registration requirements on 11 December 2024. Australia’s public CbC reporting is a reporting
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Singapore revises e-tax guide for securities lending and repo transactions
The Inland Revenue Authority of Singapore (IRAS) has issued an updated e-Tax Guide Securities Lending and Repurchase Arrangements (Second Edition) on 4 December 2024. This e-Tax Guide gives details on the income tax treatments and tax concessions
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US: Rep. Ami Bera leads bipartisan push for Taiwan double taxation relief
The US Representative Ami Bera, M.D. (D-CA-06), Ranking Member of the House Foreign Affairs Subcommittee on the Indo-Pacific and Co-Chair of the Congressional Taiwan Caucus, and Rep. Andy Barr (R-KY-06), Co-Chair of the Congressional Taiwan Caucus
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Australia: Pillar Two minimum tax, PCbC reporting, capital gains withholding laws receive royal assent
Australia’s laws related to the Pillar Two minimum tax, Public Country-by-Country (PCbC) reporting requirements, and capital gains withholding received Royal Assent on 10 December 2024. Pillar Two global minimum tax law The Pillar Two global
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Netherlands: Tax treaties with Moldova, Kyrgyzstan, and Andorra enter into force
The amended protocol to the 2000 Netherlands-Moldova Income and Capital Tax Treaty, signed on 4 September 2023, will officially enter into force on 31 December 2024. This is the first amendment to the tax treaty and its provisions will take effect
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Malaysia: House of Representatives pass Finance Bill 2024
Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after
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Singapore gazettes Economic Expansion Incentives Amendment Bill 2024
Singapore published the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2024 in the Official Gazette on 10 December 2024. It introduces a new 15% Concessionary Tax Rate (CTR) under the Development and Expansion Incentive
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Australia: ATO publishes draft guidance on ‘capital raised for the purpose of funding franked distributions’
The Australian Taxation Office (ATO) released PCG 2024/D4 on 4 December 2025, outlining its compliance approach to the issue of "capital raised for the purpose of funding franked distributions." This is related to Schedule 5 of the Treasury Laws
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Azerbaijan plans to raise penalties for CBC reporting tax non-compliance
Azerbaijan has proposed changes to the Tax Code on penalties for tax non-compliance and country-by-country (CbC) reporting. The penalty for failing to submit requested documents and information to the tax authorities within 60 days will be
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Azerbaijan proposes lowering branch profit tax
Azerbaijan has proposed lowering the branch profits tax rate by amending its Tax Code. If approved, the profit tax will be reduced to 5%, effective from 1 January 2025. Presently, the profit tax for enterprises is 20%. Non-resident legal
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New Zealand, Slovenia sign income tax treaty
New Zealand and Slovenia have signed an income tax treaty on 3 December 2024. A tax treaty is a bilateral agreement between two countries designed to address issues related to the double taxation of both passive and active income of their
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Indonesia to raise VAT rate on luxury goods
Indonesia’s President Prabowo Subianto has approved a plan on 6 December 2024 to increase the value-added tax on luxury goods by one percentage point to 12% in 2025, according to Sufmi Dasco Ahmad, the deputy speaker of parliament. Starting 1
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Taiwan reminds taxpayers of Master File, CbC report submission deadlines for FY2023
Taiwan's Ministry of Finance has issued a reminder to taxpayers about the approaching deadline for submitting the Master File and CbC Report for 2023 on 4 December 2024. The Ministry of Finance states that in order to strengthen tax information
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