Philippines extends withholding tax transition period for online platform payments to suppliers
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
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Bangladesh: IMF proposes 15% VAT on goods and services for businesses over Tk3cr turnover
On 28 April 2024, Bangladesh’s National Board of Revenue (NBR) announced that the International Monetary Fund (IMF) proposed enforcing a 15% Value Added Tax (VAT) on goods and services from businesses with turnover above Tk3 crore. The IMF also
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Australia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
The Australian Parliament has recently approved the following bills, which are awaiting Royal Assent. The bills are as follows: The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill of 2023
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Bangladesh, Qatar sign income tax treaty
Bangladesh and Qatar concluded their income tax treaty on 23 April 2024. Bangladesh’s income tax, including any applicable surcharge, and Qatar’s income tax and corporate tax are both encompassed under the treaty. Double taxation relief To
See MoreAustralia: ATO releases discussion paper on thin capitalization rules for foreign bank branches
On 17 April 2024, the Australian Taxation Office (ATO) published a discussion paper regarding the safe harbor formula for calculating the minimum capital requirements for inward investing deposit-taking institutions (ADIs) under the thin
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Malaysian Service Tax Regime: New policies and guidelines impact Repair & Maintenance, Logistics, Brokerage, and F&B Industries
Over the last three weeks, there has been significant developments with regards to the Malaysian service tax regime, namely three new service tax policies were published, and three guidelines of the Royal Malaysian Customs Department (“RMCD”)
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India: CBDT signs record number of 125 advance pricing agreements in FY 2023-24
The Central Board of Direct Taxes (CBDT) has accomplished a landmark achievement by finalizing a record 125 Advance Pricing Agreements (APAs) during the fiscal year 2023-24 with Indian taxpayers. This figure includes 86 Unilateral APAs (UAPAs) and
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Australia: ATO updates trust tax returns and private rulings forms
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide detailing the upcoming modifications to the annual tax return form for trust income reporting, effective from 1 July 2024. ATO also announced updating its application forms for
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Japan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
See MoreAustralia: ATO offers tax returns concessions until 15 May 2024
On 17 April 2024, the Australian Taxation Office (ATO) declared a concession for tax returns which will conclude on 15 May 2024. This concession allows individual, partnership and trust tax returns to be lodged by 5 June 2024 without penalties,
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New Zealand issues 2024 international tax disclosure exemption
On 3 April 2024, the New Zealand Inland Revenue published a determination concerning the 2024 international tax disclosure exemption. This eases the obligation of taxpayers to report their interests in foreign entities for the income year that
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Australia: ATO announces availability of 2024 reportable tax position schedule
On 14 April 2024, the Australian Taxation Office (ATO) released the reportable tax position schedule 2024, which provides detailed guidance for filing returns. According to the guidance, companies are obligated to file a completed reportable tax
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Malaysia releases tax guidelines for foreign capital asset disposals
On 27 March 2024, the Inland Revenue Board of Malaysia (IRBM) released guidelines about the Tax Treatment on Gains from the Disposal of Foreign Capital Assets Received from Outside Malaysia. The key points of the guidelines are as
See MoreAustralia offers additional guidance on new thin capitalization rules
On 8 April 2024, the Australian Taxation Office (ATO) declared additional consultations about the guidance for the new thin capitalization rules by the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share-Integrity and Transparency)
See MoreMalaysia passes amendments to define capital gains tax
Malaysia’s parliament approved two laws - the Income Tax (Amendment) Bill 2024 and the Labuan Business Activity Tax (Amendment) Bill 2024. The two bills received approval from the House of Representatives on 26 March 2024 and by the Senate on 3
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South Korea issues guidance on amendments to GloBE pillar two rules
On 27 February 2024, South Korea’s Ministry of Economy and Finance (MOEF) announced regulations concerning modifications to Pillar Two global minimum tax rules enacted as part of the 2023 tax reform legislation. The rules will take effect on 22
See MoreMalaysia: IRBM updates e-invoicing guidelines and releases new software development kit version
On 6 April 2024, the Inland Revenue Board of Malaysia (IRBM) issued updated guidelines for the new electronic invoicing (e-invoicing) requirements, e-Invoice Guideline (Version 2.3, and e-Invoice Specific Guideline (Version 2.1). These two updates
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Sri Lanka publishes guidance on tax residency certificates
On 1 April 2024, the Sri Lanka Inland Revenue Department (IRD) issued a notice to taxpayers outlining the necessary procedures to secure a tax residence certificate (TRC). The requirements include: a) A request for TRC should be made to the
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