Russia: MoF clarifies tax exemption for CFC amid treaty suspensions
The Guidance Letter No. 03-12-11/2/11449, published by the Russian Ministry of Finance (MoF) on 12 February, 2024, addresses the tax exemption applicable to profits of Controlled Foreign Companies (CFCs) situated in jurisdictions with which Russia
See More
Australia publishes guidelines to address amendments to thin capitalisation rules
The Australian Taxation Office (ATO) published on Friday, 10 May, 2024, a list of priority public advice and guidance topics regarding the modifications to the thin capitalisation rules. Additionally, the ATO mentioned that it will update the
See More
Australia announces consultation on draft bill to amend GST treatment for vehicle supplies
The Australian Taxation Office (ATO) issued a draft, on 10 May, 2024, for public consultation of the legislation A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle
See More
Hong Kong and Venezuela conclude initial round of tax treaty talks
According to an update from the Hong Kong Inland Revenue Department, representatives from Hong Kong and Venezuela have concluded the initial rounds of talks for an income tax treaty on 10 May, 2024. This treaty, if finalised, signed, and
See More
Australia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
See More
Pakistan introduces amendments to tax appeals procedures
On Friday, 3 May 2024, Pakistan enacted the Tax Laws (Amendment) Act, 2024 (the Amendment Act). This law substantially modifies the tax appeals procedures for sales tax, federal income tax, and federal excise laws. These reforms aim to
See More
Singapore: 31 May deadline for FATCA & CRS reporting
Singapore's Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit their Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) returns for the 2023
See MoreAustralia: ATO offers tax relief for struggling businesses
The Australian Taxation Office (ATO) published a notice on Thursday, 9 May, 2024, regarding the availability of tax payment relief options for struggling businesses in Australia. According to the ATO, paying the tax bill in full, and on time,
See More
Taiwan introduces instalment option for settling significant supplementary taxes
On 7 May 2024, the Ministry of Finance in Taiwan released a notification regarding instalment alternatives for settling significant supplementary taxes. The notification states: The National Taxation Bureau of the Northern Area (NTBNA), MOF
See More
Hong Kong releases synthesised text of BEPS MLI-affected tax treaty with Russia
The Hong Kong Inland Revenue Department (IRD) has released the synthesised text of the tax treaty with Russia, as affected by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
See More
Bangladesh and Thailand set sight on FTA in 2024
Bangladesh and Thailand have set their sights on a Free Trade Agreement (FTA) by the end of 2024, according to a joint announcement following a meeting in Bangkok on 26 April, 2024. Thai Prime Minister Srettha Thavisin, at the joint press
See More
Taiwan: Ministry of Finance relaxes taxation for CFC
The Ministry of Finance in Taiwan has released a notification regarding eased taxation regulations concerning profits from Controlled Foreign Corporations (CFCs) invested in enterprises situated in non-low-tax jurisdictions that are acknowledged
See More
Philippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
See MorePakistan disables half a million SIMs to push for tax compliance
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April, 2024, that they will be disabling the mobile phone SIMs of more than half a million people in the country. These individuals have not filed their income tax returns for the
See More
Singapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
The Inland Revenue Authority of Singapore (IRAS) has released an updated guidance on conducting audits and investigations related to Missing Trader Fraud Arrangements. IRAS identifies Missing Trader Fraud arrangements to be one of the key
See More
Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
See More
Australia consults regulation of accounting, auditing, and consulting firms following PwC tax leaks scandal
On Friday, 3 May, 2024, the Australian Treasury introduced two public consultations following the PwC tax leaks scandal. This includes a consultation on the regulation of accounting, auditing and consulting firms in Australia and a consultation
See More
New Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual tax
See More