Taiwan: MOF clarifies application of tax treaties
Taiwan's Ministry of Finance (MOF) has published a statement clarifying the application of the country's tax treaties on 26 September 2024. Currently, Taiwan has 35 signed and effective comprehensive income tax agreements. The MOF will continue
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Hong Kong lowers interest rate on tax reserve certificates
The Inland Revenue Department of Hong Kong announced, on 4 October 2024, that starting from 7 October 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.8000% against the current rate of 0.8833%, i.e. the new rate
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Singapore consults on Pillar Two Minimum Tax regulations
Singapore aims to introduce streamlined methods for companies to calculate their top-up taxes in line with the proposed global minimum tax. The global minimum tax, or Pillar Two, aims to establish a 15% effective tax rate for multinational
See MoreTaiwan introduces CFC De minimis rule for profit seeking enterprises
Taiwan's Ministry of Finance has announced a de minimis test enabling profit-seeking enterprises to avoid recognizing investment income under the CFC Rules on September 2024. The National Taxation Bureau of the Southern Area, Ministry of Finance
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Slovak Republic, Kyrgyzstan ratify income tax treaty
The Slovak Republic announced on 2 October 2024 that it had completed the ratification of the 2024 Kyrgyzstan—Slovak Republic Income Tax Treaty. This tax treaty is the first between the two countries to prevent double taxation and tax
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Singapore: IRAS issues advance ruling summary on classification of hybrid instruments
The Inland Revenue Authority of Singapore (IRAS) has released Advance Ruling Summary No. 5/2024, addressing the classification of hybrid instruments and associated matters on 1 October 2024. 1. Subject: Whether: a. The subordinated perpetual
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Australia announces GIC and SIC rates for Q2 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 16 September 2024. For the quarter commencing on 1 October 2024,
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Argentina approves pending tax treaty with China
Argentina's Chamber of Deputies approved the laws for the ratification of the pending income and capital tax treaties with China on 1 October 2024. This income tax treaty aims to eliminate double taxation on income and capital, ensuring it does
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New Zealand: IRD updates compliance guide for multinational enterprises, incorporating BEPS and pillar two measures
The Inland Revenue Department (IRD) New Zealand has updated its compliance focus guide for multinational enterprises (MNEs) to reflect important changes since 2019, including the integration of OECD base erosion and profit shifting (BEPS) measures
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UK, Thailand sign ETP to boost economic partnership
Thailand and the United Kingdom formalised an Enhanced Trade Partnership (ETP) in Bangkok on 18 September 2024. Trade Minister Douglas Alexander will sign the pact alongside Thai Commerce Minister Pichai Naripthaphan in Bangkok this morning as
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Australia: ATO implements additional annual GST return for large taxpayers
The Australian Taxation Office (ATO) has introduced a new supplementary annual goods and services tax (GST) return for large taxpayers who have undergone a GST assurance review on 3 October 2024. The new GST tax measure is part of a pilot
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Thailand extends VAT exemption for cryptocurrency, digital tokens
The government of Thailand exempted Value Added Tax (VAT) on cryptocurrency transfers and the use of digital tokens in Royal Decree No. 788, effective starting 25 September 2024. The latest decree entends this exemption and is applicable to
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India announces tax amnesty scheme rules and start date for dispute settlements
India’s Central Board of Direct Taxes (CBDT) announced the effective date and the rules for implementing the "Direct Tax Vivad Se Vishwas Scheme 2024" (VSV), which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
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Taiwan publishes guidance on application of tax laws for entities donating goods for charity
Taiwan's Ministry of Finance has released guidance on the application of business tax laws and regulations related to donations of goods to government agencies or charitable organisations. According to the National Taxation Bureau of Kaohsiung,
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Hong Kong: BRITACOF tax forum unveils plan to boost cooperation among tax authorities
Hong Kong’s Inland Revenue Department hosted the 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) from September 24 to 26, 2024. This three-day annual mega event in the international tax community attracted about 500
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Malaysia exempts qualifying unit trusts from capital gains, foreign income tax
Malaysia has exempted qualifying unit trusts from capital gains and foreign income tax, issued the Income Tax (Unit Trust) (Exemption) Order 2024 and the Income Tax (Unit Trust in Relation to Income Received in Malaysia from Outside Malaysia)
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Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
Philippines' Department of Finance announced that President Ferdinand R. Marcos, Jr. enacted Republic Act (RA) 12023 on 2 October 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
See MorePhilippines ratifies FTA with Korea (Rep.)
The Philippine Senate announced that it has ratified the free trade agreement (FTA) with South Korea on 23 September 2024. This follows after the Philippines and South Korea signed the FTA on 7 September 2023. Under the FTA, South Korea will
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