Western Australia increases first homeowner duty concessions
The Western Australian Parliament has approved a bill to increase duty concessions for first-time homeowners. The Duties Amendment (First Home Owner Concessions) Bill 2024 amends the state's Duties Act 2008 so that: Properties valued up to
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Philippines backs 12% VAT on foreign digital service providers
The Philippines’ Ministry of Finance announced that Finance Secretary Ralph Recto had met with senior Netflix officials on 20 August 2024, to discuss the bill on value-added tax for foreign digital service providers, which is currently pending
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India enacts 2024 Finance (No. 2) Act, amends long-term capital gains tax
The Government of India enacted the Finance (No. 2) Act, 2024, on 16 August 2024, after receiving Presidential assent. The bill has already been passed by the parliament's Lower House (Lok Sabha) and the Upper House (Rajya Sabha). This legislation
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Singapore updates CbC reporting jurisdictions, adds Ukraine
The Inland Revenue Authority of Singapore (IRAS) has revised the list of jurisdictions for exchanging Country-by-Country (CbC) reports under the Multilateral Competent Authority Agreement on Automatic Exchange of Country-by-Country Reports (2016)
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Singapore: IRAS publishes new corporate income tax FAQs
The Inland Revenue Authority of Singapore (IRAS) published new FAQs on their website on 19 August 2024. The FAQs address ECI or Form C-S/ Form C-S (Lite)/ Form C Filing; General Corporate Income Tax Matters; Corporate Income Tax Treatment; Late
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Taiwan revises business tax deadlines
The President of Taiwan has officially revised and promulgated key provisions of the Value-Added and Non-Value-Added Business Tax Law (Business Tax Law) on 7 August 2024. These amendments aim to enhance the compliance of electronic invoicing and
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Taiwan issues guidance on claiming foreign tax credits for overseas income
Taiwan's Ministry of Finance (MoF) has released a notice offering guidance on how to claim foreign tax credits. With the globalisation of the economy, it has become more common for domestic profit-seeking enterprises to earn overseas income.
See MoreSingapore updates e-Tax guide on filing of income tax computations in functional currencies other than Singapore Dollars
The Inland Revenue Authority of Singapore (IRAS) has released the second edition of its e-Tax Guide on Filing Income Tax Computations in Currencies Other Than Singapore Dollars. This guide explains the rules for filing income tax computations in
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Vietnam updates indirect overseas investment rules
The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 23/2024/TT-NHNN which simplifies administrative procedures by eliminating the need for SBV approval, easing the process for organisations to implement equity award programmes
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Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030
The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024. This initiative is aimed at existing manufacturing and agricultural companies that
See MoreAustralia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
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Australia updates foreign exchange rate guidelines for 2024-25 income year
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, including the monthly foreign exchange rates for the 2024-2025 income year, which starts from 1 July 2024 to 30 June 2025. All foreign income, deductions, and
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Taiwan: Fines for regulatory violations are not deductible in tax returns
Taiwan's Ministry of Finance has issued a notice stating that fines for regulatory violations cannot be deducted as expenses or losses on annual income tax declaration for profit-seeking enterprises on yesterday, 14 August 2024. The National
See MoreVietnam proposes changes to corporate income tax rules
The Vietnamese Ministry of Finance has released a draft law proposing changes to the country's corporate income tax (CIT) rule. The draft is expected to be presented to the National Assembly for consideration in October 2024 and ratified in May
See MoreAustralia: Senate Committee recommends passing Pillar Two global minimum tax legislation
The Australian Senate Economics Legislation Committee released its report regarding the provisions of three legislations aimed at implementing the Pillar Two global minimum tax in Australia. The report recommends that the bills be passed. The
See MoreSingapore publishes updated e-tax guide on tax deductions for renovation, refurbishment
The Inland Revenue Authority of Singapore (IRAS) has released the seventh edition of its updated e-Tax Guide titled "Income Tax: Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises". Primary updates
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Indonesia; Switzerland IPA enters into force
The Investment Protection Agreement 2022 (IPA) between Indonesia and Switzerland went into force on 1 August, 2024. The new IPA addresses the contractual void left by the termination of the 1974 IPA between Indonesia and Switzerland on 8 April,
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Andorra ratifies tax treaty with South Korea
The Principality of Andorra has announced the ratification of the income tax treaty with South Korea, the notice was published in the Official Gazette on 6 August 2024. The agreement aims to eliminate double taxation involving income taxes and
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