South Korea updates pillar 2 GMT laws to incorporate OECD guidance
On 31 December 2023, South Korea issued Law No. 19928 (Partial Amendment to the International Tax Adjustment Act). The amendments pertain to the Pillar 2 global minimum tax rules South Korea introduced as part of tax reforms for 2023. The amendments
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Philippines imposes withholding tax on online platform paymentsÂ
On 29 December 2023, the Philippine News Agency (PNA) published a release declaring that the Bureau of Internal Revenue (BIR) had imposed a 1% withholding tax on online merchants with earnings amounting to more than PHP 500,000 annually. BIR
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Malaysia offers 2-month deferral on unlisted share gains tax
On 29 December 2023, Malaysia released the Income Tax (Exemption) (No. 7) Order 2023 in the Official Gazette, which provides a deferral of capital gains taxation on the disposal of unlisted shares. Earlier, Malaysia’s new Finance (No. 2) Act
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Sri Lanka increases VAT rate to 18%
On 28 December 2023, Sri Lanka’s Inland Revenue Department (IRD) issued the Notice to VAT Registered Persons announcing the new VAT rate of 18% from 15%—effective 1 January 2024. The notice also states that any advance payment made before 1
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Hong Kong starts public discussion on adopting pillar 2 GloBe rules
On 21 December 2023, the Hong Kong Inland Revenue Department declared the launch of a public consultation on the implementation of global minimum tax under Pillar Two of the international tax reform proposals drawn up by the Organisation for
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Australia: ATO Introduces new legislation to tackle Franking Credit distribution
On 6 December 2023, the Australian Taxation Office (ATO) announced the enactment of a new integrity rule to stop the distribution of franking credits funded by capital raising. The ATO has also initiated a public consultation concerning the
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Malaysia releases practice note on tax treatment of copyright and software payments to non-residents
On 5 December 2023, the Inland Revenue Board of Malaysia (IRBM) announced Practice Note No. 3/2023, in which it clarified the Tax treatment of copyright and software payments made by distributors and resellers to non-residents. In general,
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Hong Kong updates guidance on FSIE regime
The Hong Kong Inland Revenue Department updated the guidance on the new Foreign-Sourced Income Exemption (FSIE) regime. The updated guidance is a continuation of previously published draft updates initially released when the Bill was
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Kazakhstan’s Transfer Pricing Legislative Amendments 2023
Kazakhstan is undergoing a pivotal transformation in its transfer pricing framework, marked by the Majilis' approval of substantial amendments to the existing legislation. The aim is to curb revenue losses, prevent capital outflow, and align with
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Australia to halt deductions for ATO interest charges
On 13 December 2023, the Australian Taxation Office (ATO) announced that the government will amend the tax law to deny deductions for ATO interest charges as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO). This measure is not yet
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Papua New Guinea: BEPS MLI enters into force
On 1 December 2023, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Papua New Guinea. Regarding the tax treaties between Papua New Guinea and other
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Kazakhstan announces amendments to its tax lawsÂ
On 12 December 2023, Kazakhstan published Law No. 45-VIII of 12 December 2023 in the Official Gazette, providing various amendments to its tax laws including digital assets. The key amendments are as follows: The amendment of the new limit on
See MoreKazakhstan explains the tax refund procedure
On 8 December 2023, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan explained the procedure for returning an overpaid amount of tax, payment to the budget, and penalties, as well as the procedure for offsetting
See MoreKazakhstan: Proposed super profit tax on Banks
As of 2023, Kazakhstan's banking sector is at an important juncture with the proposed introduction of a super profit tax. The proposed tax reform in Kazakhstan focuses on introducing a super-profit tax on banks' earnings from government securities.
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Kazakhstan: Draft amendments in the Tax Code
The website of the Senate of the Republic of Kazakhstan posted a draft of amendments to the Tax Code of the Republic of Kazakhstan for 2024. Some of the amendments are traditionally retrospective and enacted from past periods. Here are some of the
See MoreHong Kong approves bills to amend asset disposal gain regimes
The Hong Kong Inland Revenue Department passed bills to amend further Hong Kong's refined foreign-sourced income exemption (FSIE) regime, including asset disposal gains and introducing safe harbor rules for onshore equity disposal gains. This
See MoreAustralia: ATO wins case on diverted profits tax
The Australian Taxation Office (ATO) declared that a court has ruled in its favor for its decision about enforcing the diverted profits tax (DPT). The DPT applies to multinationals or significant global entities (SGEs) with an annual global income
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Australia: ATO announces GIC and SIC rates for Q3 2023-24Â Â
The Australian Taxation Office (ATO) has announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2023-24 income year. For the quarter commencing on 1 January 2024, the GIC annual
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