Singapore: IRAS updates e-tax guide on country-by-country reporting
On 31 October 2022, the Inland Revenue Authority of Singapore (IRAS) published the fourth edition of its e-Tax Guide concerning country-by-country (CbC) reporting. The updated guide includes the following main amendments: Amended to incorporate
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Pakistan: FBR further extends the date of filing income tax returns
On 30 November 2022, the Federal Board of Revenue (FBR) issued Circular No. 18 of 2022 extending the date of filing income tax returns again for the tax year 2022. Accordingly, the FBR is pleased to communicate that the date of filing of Income Tax
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Azerbaijan approves law on joining BEPS inclusive framework
On 26 October 2022, the President of the Republic of Azerbaijan published a law ratifying the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which was approved by the President on 11 October 2022. The form of exchange of letters
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Hong Kong: IRD gazettes taxation on specified foreign-sourced Income bill 2022
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (the Amendment Bill) was gazetted on 28 October 2022 and was introduced into the Legislative Council on 2 November 2022 to provide a new framework for Hong
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Malaysia: IRBM issues guidelines for the tax treatment of dormant labuan entities
On 20 October 2022, the Inland Revenue Board of Malaysia (IRBM) has issued a guideline providing clarification on the tax treatment of Labuan entities with dormant status under the Labuan Business Activity Tax Act 1990. Labuan entity is considered
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Australia: Budget proposal for FY 2022-23
On 25 October 2022, the Australian Treasurer Jim Chalmers delivered the Federal Budget for fiscal year 2022-23. The key tax measures are as follows: Thin capitalization The Budget amended the thin capitalization rules to limit debt deductions
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Hong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 19 October 2022, the Hong Kong Inland Revenue Department (IRD) issued a Circular Letter extending the lodgement of 2021/22 tax returns to 30 November 2022. Recognising the genuine difficulties being experienced by businesses and practitioners
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South Korea exempts taxes on government bonds for non-residents
On 17 October 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced an exemption from tax on interest income derived from government bonds and monetary stabilization bonds. This exemption is temporary and will be applicable from 17
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Norway: Corporate tax proposals for budget 2023
On 6 October 2022, the National budget for 2023 was delivered including following tax proposals related to corporate taxation. Increasing the tax rate from 35.2% to 37.84% on dividends and capital gains effective from 6 October 2022. It is
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Malaysia: Corporate tax proposals in budget 2023
On 7 October 2022, the Finance Minister, YB Senator Tengku Dato’ Sri Zafrul Tengku Abdul Aziz has announced the nation’s 2023 Budget. The budget includes the following tax proposals related to corporate taxation. Reduced the income tax rate
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Mongolia signs MLI to implement tax treaty related BEPS measures
On 6 October 2022, Mongolia signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, at a signing ceremony held in Paris at the 14th meeting of the Inclusive Framework on BEPS. Mongolia
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Malaysia publishes guidelines on tax treatment of income received from abroad
On 29 September 2022, the Malaysian Inland Revenue Board published its guidelines on tax treatment in relation to income which is received from abroad. The objective of the guideline is to explain the tax treatment of foreign income received in
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Pakistan: FBR extends the date of filing Income Tax Returns
On 30 September 2022, the Federal Board of Revenue (FBR) issued Circular No. 16 of 2022 and extended the date of filing income tax returns for the tax year 2022. According to the circular, the FBR extended the date for annual return filing up to 31
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Hong Kong: BEPS MLI enters into force
On 16 September 2022, OECD has published the update list of signatories and parties to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into force for
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Hong Kong: IRD further extends the lodgement of 2021/22 profits tax return
On 8 September 2022, the Hong Kong Inland Revenue Department (IRD) issued a circular letter to tax representatives extending the lodgement of 2021/22 tax returns to 30 September 2022. Recognising the genuine difficulties being experienced by
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Vietnam
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution more effective) in Vietnam was published by the OECD’s Inclusive Framework on 13 September 2022. The report notes that
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Kazakhstan
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution more effective) by Kazakhstan was published by the OECD’s Inclusive Framework on 13 September 2022. Kazakhstan has a
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Australia updates requirements for payments to foreign residents
On 8 September 2022, the Australian Taxation Office (ATO) published a notice in respect of obligations when making interest, dividend, or royalty payments to foreign residents. Taxpayers who have paid interest, dividends or royalties to a foreign
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