Vietnam: NA passes resolution to implement Pillar 2 global minimum tax
On 29 November 2023, the National Assembly (NA) passed a resolution to implement the Pillar 2 global minimum tax rules. According to this resolution, multinational enterprises with a total consolidated revenue exceeding €750 million (around $800
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Kazakhstan: National Bank reduces the annual base interest rate from November 2023
On 24 November 2023, the National Bank of Kazakhstan decided to reduce the annual base interest rate from 16.00% to 115.75% annually with the interest rate corridor of +/– 1 percentage point. The rate is effective from 27 November 2023 and is
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Australia: Government releases amended interest limitation rule
On 28 November 2023, the Australian government released the amendments and a supplementary explanatory memorandum to the interest limitation rules within the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and
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Malaysia: House of representatives passes finance bill (No. 2) 2023, including pillar two
On 28 November 2023, Malaysia’s Dewan Rakyat, also known as the House of Representatives, passed the Finance (No. 2) Bill 2023. Earlier, the House of Representatives, which is the lower house of the Parliament of Malaysia, deliberated the
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Bangladesh: NBR extends tax return submission deadline amid challenges of new tax Act implementation
On 29 November 2023, the National Board of Revenue (NBR) officially notified an extension of the deadline for submitting individual income tax returns and corporate tax returns for the assessment year (AY) 2023-2024. As per Notification No.
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Pakistan: FBR issues notification imposing 40% windfall tax on banks
On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and
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Azerbaijan signs MLI to implement tax treaty related BEPS measures
On 20 November 2023, Azerbaijan signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI), at a signing ceremony held in Baku. Azerbaijan has become the 102nd jurisdiction to join the BEPS Convention, which
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Vietnam takes step towards global minimum tax adoption
On 10 November 2023, the Vietnam Government declared that the National Assembly is currently deliberating a proposed resolution aimed at enacting the regulations related to Global Minimum Tax. The Global Minimum Tax, also known as Pillar Two, is an
See MoreMalaysia: IRBM publishes guidance on investment tax allowance
On 10 November 2023, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 4/2023, providing guidance on the investment tax allowance for companies involved or planning to engage in business activities related to promoted activities
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Taiwan: MOF reminds taxpayers to submit master file and CbC report by 31st December 2023
On 10 November 2023, Taiwan’s Ministry of Finance (MOF) issued a press release as a reminder to the taxpayers to submit master file and country-by-country (CbC) report. The profit-seeking enterprises that meet the conditions and use the
See MoreAustralia: ATO updates guidelines on central management and control test of residency
The Australian Taxation Office (ATO) has released updated guidelines that give foreign companies greater certainty about the compliance under the central management and control test. For better clarification to foreign companies regarding their
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Singapore Gazettes Order Declaring MCAA-CbC
On 6 November 2023, the Singaporean Official Gazette issued Order No. S 714 confirming the effective dates for the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbC) with specific jurisdictions.
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OECD: Peer Review Report on Transparency and EOI in Thailand
On 8 November 2023 the Global Forum published a peer review report on Thailand's implementation of the standard on transparency and exchange of information. Thailand joined the Global Forum in 2017 and made efforts to establish the necessary legal
See MorePakistan: Peer Review Report on Exchange of Information and Transparency
On 8 November 2023 the Global Forum published the second-round peer review report assessing Pakistan’s practical implementation of the standard on transparency and exchange of information on request (EOIR). The latest peer review assessment
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Philippines joins the inclusive framework to combat tax avoidance and implement BEPS standards
On 8 November 2023, the Philippines joined as a member of the Organisation for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base-Erosion and Profit Shifting (BEPS) Inclusive Framework. The Inclusive Framework on BEPS is
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Australia increases interest rate for simplified transfer pricing record-keeping options for loans
On 8 November 2023, the Australian Taxation Office (ATO) released  an updated version of practice compliance guideline on simplified transfer pricing record-keeping options (PCG 2017/2). The updates outline the safe harbor interest rate for the
See MoreAustralia: ATO provides clarity on R&D tax incentive integrity rules
On 27 October 2023, the Australian Taxation Office (ATO) released a notice where it clarified the application of integrity rules for the R&D Tax Incentive. The identified issues with the application of some R&D program integrity rules
See MoreSingapore: IRAS updates list of jurisdictions participating under MCAA-CbC
On 30 October 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Under the list:
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