Luxembourg ratifies Partnership and Cooperation Agreement with EU, Malaysia
Luxembourg has ratified the Partnership and Cooperation Agreement (PCA) between the European Union and Malaysia on 5 June, 2024. The agreement was signed on 14 December, 2022, at Brussels, and published in the Journal Officiel du Grand-Duché de
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Australia introduces Pillar Two global minimum tax legislation in parliamentÂ
Australia’s Treasurer Jim Chalmers announced on 4 July, 2024, the introduction of legislation in parliament aimed at implementing the Pillar Two global minimum tax. Introduced by the Albanese Government, the legislation ensures multinational
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Taiwan clarifies interest expense rules for fixed asset purchases and construction
Taiwan's Ministry of Finance released a notice on 5 June, 2024 concerning the assessment of the regulations on the recognition of interest expenses related to the purchase and construction of fixed assets profit-seeking enterprises. The National
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South Korea reportedly prepares dividend incentives to boost economic growth
In a bid to stimulate economic growth and encourage corporate investment, the South Korean government is reportedly gearing up to unveil a set of incentives aimed at boosting dividends. According to sources, the government plans to introduce a 5%
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Pakistan publishes new returns forms for tax year 2024
Pakistan's Federal Board of Revenue (FBR) published a Notification S.R.O. 949(I)/2024 on 3 July 2024, which includes new returns forms available for companies, salaried persons, and business individuals for the tax year 2024. The forms are
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Austria to negotiate first tax treaty with Bangladesh
The Austrian Council of Ministers approved the negotiation of an income and capital tax treaty with Bangladesh on 3 July 2024, according to information published by the Federal Chancellery. A tax treaty, also called double tax agreement (DTA) is
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Australia: ATO finalises hybrid mismatch taxation rules
The Australian Taxation Office (ATO) released Taxation Determination (TD) 2024/4 - Income tax: hybrid mismatch rules - application of certain aspects of the 'liable entity' and 'hybrid payer' definitions on 3 July, 2024. TD 2024/4 is applicable
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Hong Kong gazettes patent box regimeÂ
The Hong Kong Inland Revenue Department (IRD) announced the issuance of the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024 in the Official Gazette on 5 July 2024. One of the main aspects of the
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Thailand opens accession discussions with OECD
The OECD announced that it started accession discussions with Thailand on 18 June, 2024, making it the second country from Southeast Asia to become an OECD accession candidate this year. The decision builds on many years of increasing cooperation
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Taiwan issues currency conversion guidelines for offshore e-service suppliers
The National Taxation Bureau of Taipei, Ministry of Finance, has announced that offshore electronic service suppliers pricing their sales of digital services in foreign currencies are required to convert these amounts into New Taiwan Dollars (NTD)
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Kazakhstan ratifies FTA with Singapore
The Kazakhstani Senate, the upper chamber of parliament, ratified a free trade agreement in services and investments with Singapore on 27 June, 2024. This agreement, signed on 22 May 2023, aims to enhance trade and economic cooperation between the
See MoreAustralia passes instant asset write-off, energy incentives for small businesses
The Australian Taxation Office (ATO) has released two updates for small businesses regarding the small business energy incentive and the temporary increase in the instant asset write-off threshold for the fiscal year 2023-24. Both initiatives
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Vietnam extends 2% VAT reduction on specific goods and services until end of 2024
The Vietnamese government issued Decree No. 72/2024/ND-CP on 30 June 2024, which mandates an additional reduction in the VAT rate from 10% to 8% for various goods and services in the second half of 2024. Effective from 1 July 2024, the government
See MoreTaiwan: Profit-seeking enterprises which have yet to file their annual income tax returns should declare supplementary as soon as possible
The Taichung Branch, National Taxation Bureau of the Central Area, Ministry of Finance indicates that profit-seeking enterprises who have yet to file their 2023 income tax returns by the deadline 31 May, 2024, will soon be sent a delinquency notice
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Malaysia publishes guidelines on tax treatment of hybrid instruments
The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a
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Australia notifies implementation status of Pillar Two GloBe rules
The Australian Taxation Office (ATO) has shared key consultation feedback and findings regarding the implementation of the OECD/G20 Two Pillar Solution in Australia on 24 June 2024. It expects to complete the development of the necessary mechanisms
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Malaysia updates e-invoice guidelines
The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version
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Pakistan enacts Finance Act 2024 with major tax amendments
The Finance Bill 2024 enacts specific provisions proposed in the 2024-25 Budget on 12 June 2024, which include amendments to personal income tax, capital gain tax, sales tax, excise duty, and other taxes. These changes will take effect on 1 July,
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