IMF: Report Issued Following Consultations with Australia
On 18 January 2024 the IMF issued a report following discussions with Australia under Article IV of the IMF’s articles of agreement. The report noted that although Australia’s post-pandemic recovery was strong, tighter macroeconomic policies
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Hong Kong offers tax deductions for mobile network operators on spectrum utilization fees
On 19 January 2024, the Hong Kong Inland Revenue Department declared the Inland Revenue (Amendment) (Tax Deductions for Spectrum Utilization Fees) Ordinance 2024. This ruling has been published in the Official Gazette and introduces tax deductions
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Australia: ATO plans draft taxation ruling on royalties
On 17 January 2024, the Australian Taxation Office (ATO) announced that it started consultation on a new Draft Taxation Ruling TR 2024/D1 Income tax: royalties - character of payments in respect of software and intellectual property rights. The new
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Malaysia considering increasing service taxes
The Royal Malaysian Customs Department (RMCD) announced that it is considering a proposal to increase the service tax rate to 8% from the current 6% and expand the service tax scope—effective 1 March 2024. The service taxes increase a part of the
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Malaysia publishes capital gains tax return form filing programme
On 15 January 2024, The Inland Revenue Board of Malaysia (IRBM) announced that it had published the Capital Gains Tax Return Form (CGTRF) Filing Programme. Malaysia's Finance (No. 2) Act of 2023 has introduced new regulations regarding the
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Singapore: IRAS publishes update e-tax guide on common reporting standard
On 12 January 2024, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on common reporting standard. The Common Reporting Standard (CRS) is a globally accepted standard designed for the automatic exchange of financial
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Philippines: BIR clarifies withholding tax made by online payment platforms
On 15 January 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 8-2024 of 15 January 2023, in which it clarified the imposition of the new 1% withholding tax for payments by online platforms to
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Kazakhstan broadens special retail tax regime qualifying activities
On 12 January 2024, Kazakhstan's State Revenue Committee released the Government Decree No. 1240 of 29 December 2023. The Government Decree came into effect on 15 January 2024. This Decree of the government outlines the types of activities for
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India: CBDT issues guidelines for withholding tax on e-commerce transactions
On 28 December 2023, the Central Board of Direct Taxes (CBDT) issued guidelines clarifying the deduction of withholding tax in e-commerce transactions under Section 194-O of the Income-tax Act, 1961. The details of the guidelines are outlined as
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Vietnam proposes investment support fund to counter global minimum tax impact on foreign firms
Vietnam's Ministry of Planning and Investment has responded to the OECD's Global Minimum Tax initiative by proposing a draft decree to establish an Investment Support Fund. This initiative comes after the passage of top-up tax legislation in late
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Taiwan grants basic income tax exemptions and deductions for 2024
On 8 January 2024, Taiwan’s Ministry of Finance released a notice regarding the amounts of basic income eligible for an exemption from Income Basic Tax and related deductions for 2024 according to the Income Basic Tax Act on 23 November 2023. The
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Sri Lanka releases circular on VAT registration for exempt goods and services
On 4 January 2024, Sri Lanka’s Inland Revenue Department (IRD) published Circular No. SEC/2024/E/01 announcing the VAT registration requirements for suppliers of rubber, tea, and coconut products. As per the amendments made to the Value Added
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South Korea introduces pillar 2 GMT measures and international tax response team
On 4 January 2024, South Korea’s National Tax Service released the new Pillar 2 global minimum tax (GMT) requirements. The announcement affirms the government’s intention to enforce the global minimum tax requirements from 1 January 2024. It
See MoreIndia: CBDT updates safe harbor rules for intragroup financing
On 19 December 2023, the Central Board of Direct Taxes (CBDT) in India announced significant changes to the safe harbor rules for intragroup financing arrangements. These updates, outlined in Notification No. 104/2023, will take effect on 1 April
See MoreMalaysia imposes sales tax on import of low value goods
On 1 January 2024, Malaysia imposed a 10% sales tax on imported low-value goods (LVG) sold in the country. The LVG rules came into effect on 1 January 2023 and were initially intended to be effective from 1 April 2023. However, it was postponed
See MoreSouth Korea approves 2024 tax reform bill and postpones undertaxed profits rule
On December 31, 2023, South Korea implemented the 2024 Tax Reform Bill (the 2024 Tax Reform) after approval from Korea's National Assembly on 21 December 2023. The 2024 Tax Reform will take effect for fiscal years starting on or after 1 January 1,
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Indonesia releases revised guidelines for transfer pricing
On 29 December 2023, Indonesia’s Minister of Finance (MoF) released the revised transfer pricing guidelines Regulation No. 172 of 2023 (PMK-172). The updated and consolidated transfer pricing regulations in various chapters, such as: General
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Turkey implements tax reform with new participation exemptions and enhanced export support
On 28 December 2023, the Revenue Administration of Turkey announced that it had published Law No. 7491 in the Official Gazette. The main provisions are as follows: New participation exemption rules have been implemented for corporate
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