Italy ratifies new tax treaty with China
Italy has published Law No. 182 of November 18, 2024, in the Official Gazette on 3 December, 2024, ratifying the new tax treaty with China. The agreement aims for the elimination of double taxation with respect to taxes on income and the prevention
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Bahrain: Council of Representatives approve tax treaty with Hong Kong
Bahrain’s Council of Representatives approved the ratification of the income tax treaty with Hong Kong on 3 December 2024. Signed on 3 March 2024, the Hong Kong-Bahrain income tax treaty is the first between the two countries. This agreement
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Hong Kong updates tax-exempt debt instruments list
The Hong Kong Inland Revenue Department (IRD) has released the latest updated lists of Qualifying Debt Instruments (QDIs) as at the end of 30 September 2024 on 2 December 2024. The lists include: Qualifying Debt Instruments issued before 1
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Taiwan publishes guidance on reclassifying expired claims as income
Taiwan's Ministry of Finance has released a notice offering guidance on how to handle accrued expenses that surpass the statute of limitations for unpaid claims 27 November 2024. The National Taxation Bureau of Taipei, Ministry of Finance, stated
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EFTA,Thailand conclude negotiations for FTA
Representatives from the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) Thailand met online to conclude negotiations towards a free trade agreement (FTA) on 29 November 2024, according to a release. Karin Büchel, Head of the Free
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Kyrgyzstan, Korea(Rep.) sign multiple agreements to strengthen bilateral cooperation
An amending protocol to the 2012 income and capital tax treaty between Kyrgyzstan and Korea (Rep.) was signed on 3 December 2024. The announcement was made in a release from the President of Kyrgyzstan. Earlier, Kyrgyzstan’s Cabinet of
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Kazakhstan: National Bank raises interest base rate
The National Bank of Kazakhstan has raised the base interest rate from 14.25% to 15.25%, effective from 2 December 2024. The base rate determines late payment interest, which is calculated as 1.25 times the base rate, divided by 365 to find the
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Singapore publishes updated GST guide for motor vehicle traders
The Inland Revenue Authority of Singapore (IRAS) has released an updated e-Tax Guide, GST: Guide for Motor Vehicle Traders (Eighth Edition) on 2 December 2024. This guide is for GST registered businesses selling new and/or second-hand motor
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India scraps windfall tax on fuel and crude oil domestic production, exports
India's Central Board of Indirect Tax and Customs (CBITC) has issued Notification 29/2024 on 2 December 2024, which repeals the previous directives related to implementing the Special Additional Excise Duty (windfall tax) on the domestic production
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Australia: Treasury consults tax treaty with Portugal
Australia’s Department of the Treasury, in a release, announced a public consultation regarding the draft legislation introducing a tax treaty with Portugal on 3 December 2024. The proposed legislation aims to eliminate double taxation and
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Kyrgyzstan approves amending protocol to 2012 tax treaty with Korea(Rep.)
Kyrgyzstan's Cabinet of Ministers has authorised the Minister of Economy and Commerce to sign an amendment protocol to the 2012 income and capital tax treaty with Korea (Rep.) on 19 November 2024. This protocol represents the first amendment to
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India extends transfer pricing safe harbor rules to FY 2024-25, updates filing deadline for international transactions
India's Central Board of Direct Taxes (CBDT) has released Notification No. 124/2024 outlining the Income Tax (Tenth Amendment) Rules, 2024 on 29 November 2024. According to the amendment, the transfer pricing safe harbor rules under Rule 10TD of
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Papua New Guinea presents Annual Budget 2025
Papua New Guinea’s Department of the Treasury has presented the 2025 Annual Budget to the Parliament on 29 November 2024. The budget totals PGK 28,357 million, which is PGK 980 million larger than the 2024 budget of PGK 27,377
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OECD: Papua New Guinea signs CRS-MCAA
The Organisation for Economic Co-operation and Development (OECD) has announced that Papua New Guinea has officially signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (CRS-MCAA) on 26
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Australia: Parliament passes law for public CbC reporting
Australia's parliament passed a legislation, on 29 November 2024, that mandates all multinational groups to publicly disclose country-by-country (PCbCR) tax information starting 1 July 2024. The legislation requires multinational Australian and
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Australia: ATO updates CbC Reporting Exemptions, adds additional compliance rules
The Australian Taxation Office (ATO) announced updates to its country-by-country (CbC) reporting exemptions on 29 November 2024. These updates bring changes to previous exemptions for the local file, master file, and CbC report. For example,
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Singapore: IRAS issues updated e-tax guide on the GST advance ruling system
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide GST: Advance Ruling System (Tenth Edition) on 15 July 2024. This e-Tax Guide explains the GST advance ruling system and the application
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Singapore, New Zealand sign Competent Authority Arrangement on arbitration under BEPS MLI
The Inland Revenue Authority of Singapore has announced the signing of a Competent Authority Arrangement with New Zealand regarding arbitration under the BEPS MLI on 29 November 2024. On 18 and 21 November 2024, the competent authorities of the
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