Australia endorses OECD subject to tax rule for multinational tax reform
Andrew Leigh, the Australian Assistant Minister for Competition, Charities, and Treasury, announced that Australia is committed to multinational tax reform through a Statement of Support for the OECD's 'Subject to Tax Rule' on 20 September
See More
Greece ratifies tax treaty with Japan
The Greek parliament approved the ratification of the income tax treaty with Japan on 18 September 2024. Signed on 1 November 2023, it is the first of its kind between the two nations. It will enter into force 30 days after the exchange of
See More
Hong Kong: Central Bank lowers interest rate by 0.5%Â
The Hong Kong Monetary Authority (HKMA) announced that it has reduced its base interest rate by 0.5% to 5.25% with immediate effect yesterday, 19 September 2024. This adjustment aligns with a recent decision by the US Federal Reserve, which
See More
Japan updates FAQs on global minimum tax regulations
The Japanese tax authority has updated the FAQs regarding the country's global minimum tax regulations, known as the income inclusion rule (IIR), on 13 September 2024. This update introduces two new FAQs about the QDMTT Safe Harbour requirements,
See More
Taiwan extends reduced securities transaction tax for day trading
Taiwan's Ministry of Finance announced that the Executive Yuan has approved an extension of the reduced Securities Transaction Tax for day trading on the Taiwan securities market for an additional three years, following discussions in its 3,920th
See More
Indonesia: Central Bank lowers interest rate, first cut in three yearsÂ
The Board of Governors of Indonesia’s Central Bank (Bank Indonesia) lowered the interest rate by 0.25% to 6.00% yesterday, 18 September 2024. The central bank also reduced the Deposit Facility (DF) rate and Lending Facility (LF) rate by 0.25%
See More
India eliminates windfall tax on crude oil
According to a government notification, the Indian government announced the elimination of the windfall tax on crude oil, which had been set at INR1,850 per tonne on Tuesday, 17 September 2024. The new policy will take effect from today, 18
See MoreAustralia proposes draft law to simplify small business taxes, enhance foreign capital gains compliance
Australia’s government has proposed a new legislation to alleviate the administrative burden of tax processes for small businesses while enhancing capital gains withholding compliance for foreign residents. The draft legislation, ‘The
See MoreJapan proposes tax reform to ease foreign tax credit rules
The Japanese Financial Services Agency (FSA) has presented a tax reform proposal to the Ministry of Finance, which includes relaxing the rules for foreign tax credits in Japan. The proposal explains that Japan typically uses the credit method to
See More
China extends import duty exemption to African nations
Following a meeting by leaders from China and Africa at the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) on 15 September 2024, China announced it will eliminate import duties on products from the 33 least developed African
See More
Italy reapproves tax treaty with ChinaÂ
The Italian Senate reapproved the law to ratify the pending tax treaty with China on 11 September 2024. First approved in 2020, this law required reapproval after a new government came into power in 2022. The income tax treaty between Italy and
See More
Malaysia, Turkey FTA protocol enters into force
The amending protocol to the 2014 free trade agreement (FTA) between Malaysia and Turkey entered into force on 1 August 2024. The FTA covers trade in goods, including market access, rules of origin, customs procedures and facilitation, sanitary and
See MoreAustralia: Tasmania reveals 2024-25 budgetÂ
The treasurer of Tasmania, Michael Ferguson, has delivered the 2024-25 budget for Tasmania in the House of Assembly on 12 September 2024. The 2024-25 budget focuses on driving the delivery of the 2030 strong plan for Tasmania’s future. The newly
See More
Philippines sets 20% corporate tax for companies under enhanced deduction
The Philippine Senate passed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act on 9 September 2024. The Create More Act modifies the Create Act, which was enacted
See MoreAustralia outlines impact of debt deduction rules on private groups
The Australian Taxation Office (ATO)Â has summarised thin capitalisation and how debt deduction creation rules (DDCR) affect private groups on 3 September 2024. New information has been released to help taxpayers understand how the DDCR interacts
See More
Azerbaijan exempts VAT for import of certain fixed assets under leasing contracts
The Cabinet of Ministers of Azerbaijan approved Resolution No. 383, which exempts the import of certain fixed assets under leasing contracts from value-added tax (VAT) on 3 September 2024. The resolution provides a list of 136 categories of fixed
See More
India: GST Council announces key recommendations from 54th meeting
India's Press Information Bureau has issued a statement from the Ministry of Finance regarding the recommendations from the GST Council's 54th meeting, which took place on 9 September 2024. The 54th GST Council met under the Chairpersonship of
See More
US, Thailand FATCA enters into force
The US Department of the Treasury announced on 6 September 2024 that the Intergovernmental Agreement (IGA) between the US and Thailand for implementing FATCA came into effect on 28 April 2024. However, Thailand is considered to have had the IGA in
See More