OECD: Peer Review Report on Dispute Resolution Mechanisms in Thailand
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution mechanisms more effective) by Thailand was published by the OECD’s Inclusive Framework on 13 September 2022. The report notes
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Taiwan: MOF exempts FINI on physical WHT statements
On 2 September 2022, the Ministry of Finance (MOF) of Taiwan issued a press release to provide an exemption for a Foreign Institutional Investor (FINI) in case of physical withholding tax (WHT) statements when applying for the reduced tax rate in
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Malaysia: IRBM issues guidance on tax treatment of digital currency
On 26 August 2022, the Inland Revenue Board of Malaysia (IRBM) has published guidance on income tax treatment in respect of e-CT which includes general tax treatment of digital currencies or digital tokens. The Guidelines applies to any person that
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China: BEPS MLI in Force
On 1 September 2022, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for China. With regard to the double taxation agreements between China and other
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Taiwan: MOF exempts provisional income tax payments from January to June 2022
Recently, the Ministry of Finance of Taiwan provides an exemption on provisional income tax payments for the period January to June 2022. The exemption is provided for provisional income tax returns in September 2022 for companies affected by the
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New Zealand extends R&D tax incentive due dates
On 26 Aug 2022, New Zealand’s Inland Revenue (IR) issued research and development (R&D) tax incentive updates due to the ongoing COVID-19 pandemic. The IR provides details on R&D tax incentive extensions, changes to claiming supporting
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Singapore amends regulations on CbC reporting agreements
On 11 August 2022, the Ministry of Finance published an amended Regulation No. S 669 on Country-by-Country (CbC) Reporting Agreements in the Official Gazette. The Regulation includes the following changes: Certain companies are required to file
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Australia revises corporate tax transparency income threshold
On 17 Aug 2022, the Australian Taxation Office (ATO) announced a reduction in the corporate tax transparency income threshold for Australian-owned resident private companies from AUD 200 million to AUD 100 million from the 2023 income
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OECD: Peer Review Report on Tax Transparency in Pakistan
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Pakistan. The peer review report examines the legal and regulatory framework in
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Australia updates local file and master file guidelines for 2022
On 9 August 2022, the Australian Taxation Office (ATO) updated guidance on the Local and Master file for 2022 along with instructions. The guidance applies to reporting periods beginning on or after 1 January 2021. The local file must be
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Australia: GST treatment of financial supplies
On 10 August 2022 the ATO opened a consultation on a draft update to Taxation Ruling No. GSTR 2002/2DC1, on the GST treatment of financial supplies and related activities. The draft update to the ruling incorporates changes in the GST law such as
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Australia: Consultation on Multinational Tax Integrity and Tax Transparency
A consultation launched by the Australian government on 5 August 2022 sets out measures that would help to address tax avoidance by multinational groups. Comments are invited by 2 September 2022. The package would implement part of the
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Singapore: IRAS Publishes Updated E-Tax Guide on GST TP Adjustments
On 3 August 2022, the Inland Revenue Authority of Singapore (IRAS) updated the GST-E Tax Guide on Transfer Pricing Adjustments (Third Edition). The e-Tax guide explains the GST treatment for adjustments on the transfer prices of transactions between
See MoreHong Kong: IRD issues a circular extending lodgement for certain taxpayers
On 1 August 2022, the Hong Kong Inland Revenue Department (IRD) has published a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. Recognising the impact of the recent situation of the
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Taiwan extends tax deductions for smart machinery and 5G investment
On 26 July 2022, the Ministry of Finance of Taiwan announced that the smart machinery and 5G investment deductions will be extended to the end of 31 December 2024. Furthermore, investments in new information security products or services will be
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New Zealand: Inland Revenue seeks comments on loss carry-forward rules
On 21 July 2022, the New Zealand Inland Revenue published Interpretation Statement on tax loss carry-forward rules for Consultation. The consultation period is from 21 July 2022 to 1 September 2022. This interpretation statement provides guidance
See MoreHong Kong: IRD publishes gazette on tax concessions for certain shipping-related activities
On 22 July 2022, the Inland Revenue Department of Hong Kong published in the Gazette “Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022” to provide half-rate profits tax concessions (i.e. at a
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South Korea: MOEF announce tax reform plan for 2022
On 21 July 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform plans for 2022. The aim of this plan is to enhance corporate competitiveness, reinforcement of tax support for jobs and investment, support smooth
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