Australia consults tax incentives for hydrogen and critical minerals production
Australia’s government has published two consultation papers requesting comments on its proposed tax incentives on hydrogen and critical minerals production. The deadline for receiving feedback on the both is set for 12 July, 2024. Both
See More
Azerbaijan ratifies tax treaty with Kyrgyzstan
Azerbaijan's National Assembly (Milli Mejlis) ratified the pending income tax treaty with Kyrgyzstan on Friday, 28 June 2024. The income tax agreement is expected to eliminate double taxation on income and prevent tax evasion between the two
See More
Kazakhstan approves tax treaty with Oman
In a move set to boost international economic relations, Kazakh Prime Minister Oljas Bektenov signed Decree No. 404, empowering Finance Minister Madi Takiev to finalise an income and capital tax treaty with Oman. Earlier, Kazakhstan's government
See MoreAustralia: ATO issues guidance on pending domestic and global minimum tax
The Australian Taxation Office (ATO) has issued guidance on implementing the OECD/G20 Two Pillar Solution, also known as the Global and Domestic Minimum Tax, for multinational businesses in Australia on 24 June, 2024. Although this measure has
See More
Australia: ATO issues guidance on disregarding Division 7A
The Australian Taxation Office (ATO) issued an advisory regarding the Division 7A provisions on Monday, 24 June 2024, providing clarification on when the Commissioner of Taxation may disregard the operation of Division 7A or allow a deemed dividend
See MoreAzerbaijan publishes law ratifying BEPS MLI
The Republic of Azerbaijan published a law ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) on Monday, 24 June 2024. The Milli Majlis of Azerbaijan made this decision based on Clause 4 of Part I
See More
Malaysia updates tax investigation framework
The Inland Revenue Board (IRB) of Malaysia has unveiled its updated tax investigation framework for 2024, which includes more comprehensive investigative procedures amongst other methods. The new framework aims for a fair, transparent and
See More
Ukraine ratifies new income tax treaty with Japan
Ukraine published Law No. 3774-IX, ratifying a new income tax treaty with Japan regarding the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance. Signed on 19 February, 2024; the treaty
See More
Hong Kong, Armenia sign tax treaty
The Hong Kong Inland Revenue Department announced that it had signed a comprehensive avoidance of double taxation agreement (CDTA) with Armenia on Monday, 24 June 2024. Tam Tai-pang, Commissioner of Inland Revenue, signed the CDTA on behalf of
See More
Thailand to boost stock market with tax breaks and reduced lock-ups
Thailand is planning to increase the tax allowance and reduce lock-up periods for environmental, social, and governance (ESG)--focused fund holders in an effort to strengthen the local equity market. Individual investments up to THB 300,000 (USD
See More
India: GST Council waives interest, penalty on tax demands for FY18–20
The Goods and Services Tax (GST) Council approved several compliance measures in its 53rd meeting on 22 June, 2024, aiming to reduce tax litigation and enhance business operations. The Council waived interest and penalty for tax demand notices
See More
Kazakhstan initiates public consultation for new draft taxation code
The Republic of Kazakhstan initiated a public consultation regarding the new draft Tax Code (On taxes and other obligatory payments to the budget) on 21 June, 2024. The consultation is set to conclude on 15 July, 2024. The Ministry of National
See MoreAustralia: ATO updates PAYG withholding tax tables
The Australian Taxation Office (ATO) declared updates to the Pay As You Go Withholding (PAYGW) tax tables, which will take effect on 1 July 2024. Employers are reminded to ensure that their payroll software is updated with the new rates to
See More
Singapore: IRAS publishes the seventh edition of the e-tax guide on transfer pricing
On 14 June 2024, the Inland Revenue Authority of Singapore (IRAS) published the Seventh Edition of its e-tax guide on transfer pricing. The most important changes are summarised as follows: Enhanced clarity on working capital adjustment The
See More
Vietnam: Government extends tax payment deadlines in 2024
The Vietnam government released Decree No. 64/2024/ND-CP on 17 June 2024, outlining extensions to tax payment deadlines for various taxes including individual income tax, VAT, corporate income tax, and land rental taxes in 2024. The decree
See More
Vietnam introduces draft law to implement VAT on small value e-commerce imports
On 17 June 2024, Vietnam's Minister of Finance, Ho Duc Phoc, presented the amended draft Law on Value Added Tax (VAT) to the National Assembly. The proposed law introduces VAT on small-value imports from e-commerce platforms such as Shopee and
See More
Singapore consults on GST guide for adopting InvoiceNow for GST-registered businesses
On 12 June 2024, the Inland Revenue Authority of Singapore (IRAS) published a draft e-Tax guide for discussion on the approval of InvoiceNow for GST-registered businesses. Overview of GST InvoiceNow Requirement InvoiceNow is the nationwide
See More
Malaysia announces digital tax incentive scheme
On 31 May 2024, the Malaysia Digital Economy Corporation (MDEC), with the support of the Ministry of Digital (KD) and the Ministry of Finance (MOF), introduced an innovative tax incentive scheme for Malaysia Digital (MD) companies: the Malaysia
See More