Australia: ATO issues guidance on hybrid mismatch rules
On 30 January 2024, the Australian Taxation Office (ATO) published guidance on the hybrid mismatch rules. The guidance explains why hybrid mismatch rules exist, how hybrid mismatch rules work and when they should be applied. Australia's hybrid
See More
India: CBDT issues circular explaining tax provisions under Finance Act 2023
On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, "This circular elucidates the essence of
See More
Australia announces amendments to personal income tax rates and thresholds from July 2024Â
On 25 January 2024, the Australian Taxation Office (ATO) declared proposed changes to individual income tax rates and thresholds from 1 July 2024. These changes are yet to become law. The key proposed tax cuts will: reduce the 19 % tax rate
See More
Singapore: IRAS updates list of jurisdictions participating under MCAA-CbC
On 19 January 2024, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Under the
See More
Malaysia releases guidance on investment tax allowance in manufacturing sectorsÂ
On 24 January 2024, the Inland Revenue Board of Malaysia published Public Ruling No. 1/2024, Investment Tax Allowance – Promoted Product Under The Manufacturing Sector. This public ruling outlines specific guidance related to the manufacturing
See More
India: CBDT issues notification for non-resident investors in financial products by IFSC capital market intermediaries
On 4 January 2024, India's Central Board of Direct Taxes (CBDT) issued Notification No. 4/2024 as per the provisions of Section 10, Clause 4G, of the Income Tax Act, 1961. This notification specifically addresses entities who are not residents and
See More
Kazakhstan: National Bank reduces the base interest rate from January 2024
The National Bank of Kazakhstan, or Kazakhstan's central bank, announced that it had reduced the annual base interest rate from 15.75% to 15.25%. The new base interest rate will be effective from 22 January 2024. The interest rate holds
See More
IMF Report Comments on the Sri Lankan Economy
On 19 January 2024 the IMF issued a report following discussions with Sri Lanka. The report notes that the economic reform program implemented by Sri Lanka is helping economic recovery with positive real GDP growth in the third quarter of 2023,
See More
IMF: Report Issued Following Consultations with Australia
On 18 January 2024 the IMF issued a report following discussions with Australia under Article IV of the IMF’s articles of agreement. The report noted that although Australia’s post-pandemic recovery was strong, tighter macroeconomic policies
See More
Hong Kong offers tax deductions for mobile network operators on spectrum utilization fees
On 19 January 2024, the Hong Kong Inland Revenue Department declared the Inland Revenue (Amendment) (Tax Deductions for Spectrum Utilization Fees) Ordinance 2024. This ruling has been published in the Official Gazette and introduces tax deductions
See More
Australia: ATO plans draft taxation ruling on royalties
On 17 January 2024, the Australian Taxation Office (ATO) announced that it started consultation on a new Draft Taxation Ruling TR 2024/D1 Income tax: royalties - character of payments in respect of software and intellectual property rights. The new
See MoreMalaysia considering increasing service taxes
The Royal Malaysian Customs Department (RMCD) announced that it is considering a proposal to increase the service tax rate to 8% from the current 6% and expand the service tax scope—effective 1 March 2024. The service taxes increase a part of the
See More
Malaysia publishes capital gains tax return form filing programmeÂ
On 15 January 2024, The Inland Revenue Board of Malaysia (IRBM) announced that it had published the Capital Gains Tax Return Form (CGTRF) Filing Programme. Malaysia's Finance (No. 2) Act of 2023 has introduced new regulations regarding the
See More
Singapore: IRAS publishes update e-tax guide on common reporting standard
On 12 January 2024, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on common reporting standard. The Common Reporting Standard (CRS) is a globally accepted standard designed for the automatic exchange of financial
See More
Philippines: BIR clarifies withholding tax made by online payment platforms
On 15 January 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 8-2024 of 15 January 2023, in which it clarified the imposition of the new 1% withholding tax for payments by online platforms to
See More
Kazakhstan broadens special retail tax regime qualifying activitiesÂ
On 12 January 2024, Kazakhstan's State Revenue Committee released the Government Decree No. 1240 of 29 December 2023. The Government Decree came into effect on 15 January 2024. This Decree of the government outlines the types of activities for
See More
India: CBDT issues guidelines for withholding tax on e-commerce transactions
On 28 December 2023, the Central Board of Direct Taxes (CBDT) issued guidelines clarifying the deduction of withholding tax in e-commerce transactions under Section 194-O of the Income-tax Act, 1961. The details of the guidelines are outlined as
See More
Vietnam proposes investment support fund to counter global minimum tax impact on foreign firms
Vietnam's Ministry of Planning and Investment has responded to the OECD's Global Minimum Tax initiative by proposing a draft decree to establish an Investment Support Fund. This initiative comes after the passage of top-up tax legislation in late
See More