Australia: Payroll tax changes in Victoria, South Australia, Tasmania
The governments of Victoria, South Australia, and Tasmania have declared payroll tax-related changes. General practice businesses (GP) in Victoria will not be required to pay any outstanding or future assessment for payroll tax on payments to
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Australia introduces draft legislation extending fringe benefit tax exemption for electric vehicles in the Senate
The “Treasury Laws Amendment (Extending the FBT Exemption for Plug-In Hybrid Electric Vehicles) Bill 2024” draft legislation has been introduced in the Senate in Australia. If passed, this will extend fringe benefits tax exemption for plug-in
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Malaysia releases synthesized text of Jordan tax treaty affected by BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesized text of the tax treaty with Jordan, regarding changes mandated by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
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Australia: ATO provides clarification on R&D tax incentive offset rates
The Australian Taxation Office (ATO) released a revised guidance providing an explanation regarding the R&D tax incentive offset rates for a qualifying entity on Tuesday, 21 May, 2024. The research and development (R&D) tax incentive
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Argentina and South Korea to advance tax treaty talks
Argentina and South Korea officials met to discuss bilateral cooperation, focusing on advancing negotiations for an income tax treaty between the two countries, on 13 May, 2024. Any tax treaty resulting from the negotiations must undergo
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Hong Kong approves legislation for two-tier tax rates for individuals and 24/25 budget measures
The Hong Kong Inland Revenue Department announced that the Legislative Council has passed legislation to implement specific measures from the 2024-25 Budget on Wednesday, 22 May, 2024. These measures include a two-tiered standard rates regime for
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Hong Kong publishes AEOI reporting errors
The Inland Revenue Department (IRD), on 20 May, 2024, released a list of common mistakes financial institutions have committed when reporting on the automatic exchange of information (AEOI) portal for FATCA and the Common Reporting Standard (CRS) on
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Bangladesh: Government likely to announce tax rates for companies and individuals in advance
The Bangladeshi government is rumoured to be considering announcing income tax rates for individuals and companies in advance, ahead of FY25 budget, as part of a new system which will enable taxpayers to make informed investment and tax
See MoreBangladesh rumoured to reintroduce black money amnesty with 15% tax in FY25
A special opportunity to legalise undisclosed money is expected to return in FY25 in Bangladesh after a four-year hiatus. The local media in the country reported that the government is planning to offer amnesty at a flat 15% tax rate. This
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Taiwan publishes CFC rules for foreign residents
Taiwan's Ministry of Finance has released a notice regarding the application of Controlled Foreign Company (CFC) rules to foreign residents meeting the country's residency criteria. The notice states that foreign nationals, who lived in Taiwan
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Bangladesh might reduce duties on laptop imports
According to sources from the Finance Ministry, the Bangladeshi government is taking steps to ensure laptops are more affordable for freelancers and students, and to support the software manufacturing industry. Currently, importers pay a total of
See MoreBangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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Australia: ATO proposes exemptions from Sharing Economy Reporting Regime for online platforms
The Australian Taxation Office (ATO) has proposed specific exemptions from the Sharing Economy Reporting Regime (SERR) for online platforms. The exemptions are in compliance with the OECD’s Model Reporting Rules for Digital Platforms and the
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Australia: ATO issues notice on minimum yearly repayments for division 7A loans
The Australian Taxation Office (ATO) published a notice regarding the minimum yearly repayments on a Division 7A loan on Monday, 20 May, 2024. Borrowing money from a private company might appear straightforward, but it's crucial to consider the
See MoreAustralia: ATO issues income tax filing requirements for FY 2023/24
The Australian Taxation Office (ATO) has issued the Taxation Laws (Requirement to Lodge a Return for the 2024 Year) Instrument 2024. This instrument outlines who must file an income tax return for the year ending 30 June, 2024. Additionally,
See MoreAustralia: Victoria parliament approves 2024 commercial and industrial property tax reform bill
Australia’s parliament of Victoria has passed the Commercial and Industrial Property Tax Reform Bill 2024, new provisions will come into effect starting 1 July, 2024. Under the reform, stamp duty will be payable one last time on commercial and
See MoreAustralia: ATO issues notice on withholding tax rules for interest, dividend, or royalty payments to non-residents
The Australian Taxation Office (ATO) released a notice regarding the withholding tax requirements for making interest, dividend, or royalty payments to non-residents on Sunday, 19 May, 2024. Taxpayers who have paid interest, dividends, or
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Vietnam’s Ministry of Finance proposes tax reforms for 2024
The Ministry of Finance in Vietnam is taking steps to improve the economy and support taxpayers. A draft resolution has been accomplished, outlining key changes that will come into effect in the second half of 2024. VAT rate reduction The
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