Korea (Rep.), Turkey income tax treaty enters into force
The new income tax treaty between Korea (Rep.) and Turkey entered into force on 21 July 2024, replacing the 1983 treaty between the two countries. It aims to enhance tax cooperation and prevent double taxation between the two nations in line with
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Netherlands publishes synthesised text of tax treaty with Kazakhstan
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Kazakhstan, clarifying the impact of the Multilateral Convention on Implementing Tax Treaty-related Measures to Prevent Base Erosion and Profit Shifting
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Azerbaijan publishes law on ratification of pending tax treaty with Kyrgyzstan
Azerbaijan published the law – titled, “Law of the Republic of Azerbaijan on approval of the ‘Agreement between the Republic of Azerbaijan and the Kyrgyz Republic on the elimination of double taxation and prevention of tax evasion with respect
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Taiwan-South Korea tax treaty takes effect January 2024, Taiwan’s 35th ADTA
Taiwan's Ministry of Finance has announced that the new income tax treaty with South Korea, which came into effect on 27 December 2023, will be applicable from 1 January 2024. The National Taxation Bureau of the Central Area, Ministry of Finance
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Netherlands publishes synthesised text of tax treaty with Indonesia under BEPS MLIÂ
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Indonesia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
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Sri Lanka releases estimated income tax statement for 2024-25
The Sri Lanka Inland Revenue Department (IRD) has released the Statement of Estimated Income Tax Payable for the year of assessment 2024/2025. It also issued the Statement of Estimated Tax (SET) - Credit Schedule and the Instructions for completing
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Australia: ATO issues local and master file guidance for 2024
The Australian Taxation Office (ATO) issued guidance for the local and master file requirements for 2024 on 15 July, 2024. This guidance applies to reporting periods commencing from 1 January 2023. This guidance includes the Local file
See MoreTaiwan: MoF issues notice on calculating interest income for loans
Taiwan's Ministry of Finance has released a notice regarding the calculation of interest income for loans provided either without interest or at a rate below the market standard. The Dajyh Office, National Taxation Bureau of the Central Area,
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Bangladesh passes Finance Act 2024
The Bangladesh parliament has passed the Finance Bill 2024 on 30 June, 2024, which amends several laws related to individual tax, corporate tax, and vat and supplementary duty. The bill was introduced by Finance Minister Abul Hassan Mahmood Ali,
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Malaysia revises tax rules on foreign income, exempts dividends
The Inland Revenue Board of Malaysia (IRBM) has published amended technical guidelines – Tax Treatment In Relation To Income Received From Abroad (Amendment) – on 20 June 2024. This guidance provides clarification regarding the tax treatment
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India increases windfall tax on petroleum crudeÂ
India’s government announced yesterday, 15 July 2024, an increase in the windfall tax on petroleum crude, raising it from INR 6,000 to INR 7,000 ($83.78) per metric tonne. This change will take effect starting today, 16 July. As part of its
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Hong Kong publishes FAQ on foreign debt interest income
The Hong Kong Inland Revenue Department (IRD) has published a frequently asked question (FAQ) regarding the tax treatment of Interest Income from Foreign Debt Instruments. Is the interest income derived by a fund, family-owned investment holding
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Bahamas issues MAP guidance with Japan
The Bahamas Ministry of Finance has released guidance on Mutual Agreement Procedures (MAP) with Japan as per the tax information exchange agreement between the two nations. The guidance details the scope of MAP, eligibility for requesting MAP,
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Singapore publishes updated e-tax guide on GST for exports
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide on GST exports on 8 July, 2024 . This e-Tax Guide details the various circumstances and documentary requirements for which a supply of goods can
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Australia: ATO updates foreign exchange rate guidelines
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, which includes the monthly foreign exchange rates for the 2023-2024 income year (1 July, 2023, to 30 June, 2024) and the annual foreign exchange rates for the
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Hong Kong issues guidance on foreign income exemption regime
Hong Kong’s Inland Revenue Department (IRD) issued guidance on various facets of the foreign-sourced income exemption (FSIE) regime, on 5 July 2024, clarifying definitions for covered income, economic substance requirements, and participation
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Australia: ATO to collect data from online marketplaces
The Australian Taxation Office (ATO) registered a gazette notice stating that it will be acquiring sales data from online selling platforms operating in Australia from 2023–24 through to 2025–26. The announcement was made on Monday, 8 July
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Kazakhstan consults signing of STTR MLI approval
The Ministry of Finance of Kazakhstan has initiated a public consultation on a draft resolution to approve the signing of the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule (STTR MLI). The
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