Azerbaijan signs MLI to implement tax treaty related BEPS measures
On 20 November 2023, Azerbaijan signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI), at a signing ceremony held in Baku. Azerbaijan has become the 102nd jurisdiction to join the BEPS Convention, which
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Vietnam takes step towards global minimum tax adoption
On 10 November 2023, the Vietnam Government declared that the National Assembly is currently deliberating a proposed resolution aimed at enacting the regulations related to Global Minimum Tax. The Global Minimum Tax, also known as Pillar Two, is an
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Malaysia: IRBM publishes guidance on investment tax allowance
On 10 November 2023, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 4/2023, providing guidance on the investment tax allowance for companies involved or planning to engage in business activities related to promoted activities
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Taiwan: MOF reminds taxpayers to submit master file and CbC report by 31st December 2023
On 10 November 2023, Taiwan’s Ministry of Finance (MOF) issued a press release as a reminder to the taxpayers to submit master file and country-by-country (CbC) report. The profit-seeking enterprises that meet the conditions and use the
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Australia: ATO updates guidelines on central management and control test of residency
The Australian Taxation Office (ATO) has released updated guidelines that give foreign companies greater certainty about the compliance under the central management and control test. For better clarification to foreign companies regarding their
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Singapore Gazettes Order Declaring MCAA-CbC
On 6 November 2023, the Singaporean Official Gazette issued Order No. S 714 confirming the effective dates for the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbC) with specific jurisdictions.
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OECD: Peer Review Report on Transparency and EOI in Thailand
On 8 November 2023 the Global Forum published a peer review report on Thailand's implementation of the standard on transparency and exchange of information. Thailand joined the Global Forum in 2017 and made efforts to establish the necessary legal
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Pakistan: Peer Review Report on Exchange of Information and Transparency
On 8 November 2023 the Global Forum published the second-round peer review report assessing Pakistan’s practical implementation of the standard on transparency and exchange of information on request (EOIR). The latest peer review assessment
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Philippines joins the inclusive framework to combat tax avoidance and implement BEPS standards
On 8 November 2023, the Philippines joined as a member of the Organisation for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base-Erosion and Profit Shifting (BEPS) Inclusive Framework. The Inclusive Framework on BEPS is
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Australia increases interest rate for simplified transfer pricing record-keeping options for loans
On 8 November 2023, the Australian Taxation Office (ATO) released an updated version of practice compliance guideline on simplified transfer pricing record-keeping options (PCG 2017/2). The updates outline the safe harbor interest rate for the
See MoreAustralia: ATO provides clarity on R&D tax incentive integrity rules
On 27 October 2023, the Australian Taxation Office (ATO) released a notice where it clarified the application of integrity rules for the R&D Tax Incentive. The identified issues with the application of some R&D program integrity rules
See MoreSingapore: IRAS updates list of jurisdictions participating under MCAA-CbC
On 30 October 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Under the list:
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Hong Kong: IRD issues circular letter extending due date for M code returns
On 25 October 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “M” code profit tax returns. The extension is granted for recognizing the genuine difficulties being experienced by
See MoreAustralia extends deadline for submitting CbC reports, Master file & Local file
The Australian Tax Office (ATO) has announced that taxpayers with country-by-country (CbC) reporting obligations for the year ending 31 December 2022 will now have until 31 January 2024 to submit their reports. This extension applies to the CbC
See MoreAustralia seeks feedback on amendments to interest limitation rules
On 18 October 2023, the Australian Treasury Department opened a consultation on an exposure draft bill to amend the interest limitation rules. As part of the 2022-23 Budget, an integrity measure was announced to address risks to Australia’s
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Malaysia announces tax proposals for 2024 Budget
On 13 October, Malaysian Prime Minister and Finance Minister Anwar Ibrahim tabled the government’s 2024 budget. The budget includes tax proposals related to corporations such as: Capital gains tax on disposal of unlisted shares: In line
See MoreAustralia: ATO encourages taxpayers to register for R&D tax incentive
The Australian Taxation Office (ATO) has reminded taxpayers about the importance of registering eligible R&D activities within 10 months from the end of the income year to claim the R&D Tax Incentive. To claim the R&D Tax Incentive
See MoreMalaysia revises public ruling on tax incentive for BSCs investors
On 4 October 2023, the Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 2/2023, which outlines the tax incentives offered to an investor who has invested in a BioNexus status company in Malaysia. The tax incentive granted to an
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