India: Tax authority is required to provide justification when rejecting a taxpayer’s chosen transfer pricing method
The Delhi High Court delivered a judgement regarding the tax authority's rejection of SABIC India Pvt. Ltd.'s chosen transfer pricing method, ruling that the tax authority is required to provide justification when rejecting a taxpayer's chosen
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Canada eases surtax on Chinese imports
Canada’s Department of Finance announced new relief measures on 24 October 2024, allowing Canadian importers of Chinese steel, aluminium products, and EVs to request remission of surtaxes under certain conditions for a limited time. This
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Australia: ATO releases list of government entities eligible for e-invoicing
The Australian Taxation Office (ATO) released an updated list featuring 132 Australian government entities registered on the Peppol network On 22 October 2024. The Peppol is an extremely secure network used to exchange business-critical
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Hong Kong issues tax treaty orders with Armenia, Bahrain, Bangladesh, Croatia, and Turkey
The Hong Kong Inland Revenue has announced that the Chief Executive in Council has issued five orders to ratify upcoming tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and Turkey on 23 October 2024. The Orders will be gazetted today, 25
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Australia: Australian Greens propose digital services tax
The Australian Parliament Joint Select Committee on Social Media and Australian Society published its Second interim report on digital platforms and the traditional news media. The report addresses several issues and offers specific
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Kazakhstan negotiates tax treaty with Kuwait
Kazakhstan Ministry of Foreign Affairs, in a release on 21 October 2024, announced that officials from Kazakhstan and Kuwait met to discuss investment relations and establish an income tax treaty on the avoidance of double taxation. Deputy
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Russia: Lower house of parliament approves ratification of tax treaty with Malaysia
The Russian State Duma (lower house of parliament) approved the draft law for the ratification of the income tax treaty with Malaysia on 22 October 2024. Earlier, the two nations signed a new income tax treaty on 17 May 2024. This agreement
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Singapore publishes guidance on New Alternative Net Tonnage Basis of Taxation for Shipping Income
The Inland Revenue Authority of Singapore has updated its guidelines regarding the Tax Treatment for Shipping Income which now includes new provisions related to the alternative net tonnage basis of taxation, which will take effect from the year of
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Thailand to join Crypto-Asset Reporting Framework MCAA
The Cabinet of Thailand approved the signing of a commitment letter to participate in the Multilateral Competent Authority Agreement concerning the Automatic Exchange of Information in accordance with the Crypto-Asset Reporting Framework (CARF MCAA)
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Australia: Victoria government announces off-the-plan stamp duty discount
Victoria’s government introduced a temporary off-the-plan land transfer stamp duty concession starting 21 October 2024. This duty concession will be valid for 12 months and will allow a 100% deduction of outstanding construction and
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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Argentina ratifies tax treaty with China
Argentina ratified the income and capital tax treaty with China, Law 27780 was published in the Official Gazette on 18 October 2024. This income tax treaty aims to eliminate double taxation on income and capital, ensuring it does not create
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Australia: ATO issues guidance on international transactions drawing attention
The Australian Taxation Office (ATO) has released guidance on international transactions that captured its attention. These transactions include: Related party financing - Cross-border financing arrangements involving non-arm’s length
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Malaysia: 2025 budget unveils dividend tax, new tax incentives, sales and service tax changes
Malaysia announced its 2025 Budget on 18 October 2024 with various tax measures. Dividend tax Starting from the year of assessment 2025, a 2% dividend tax will be applied to the annual chargeable dividend income of individuals exceeding MYR
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Czech Republic, Sri Lanka income tax treaty enters into force
The income tax treaty between the Czech Republic and Sri Lanka entered into force on 16 October 2024. The announcement was made by the Czech Ministry of Finance on 15 October 2024. Both countries apply the credit method for the elimination of
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Armenia, Japan agree to sign tax treaty
Japan and Armenia have agreed in principle on the new income tax treaty between the two countries. The announcement was made in a press release by Japan’s Ministry of Foreign Affairs on 16 October 2024. This follows after Japan announced that
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Singapore passes bills for the implementation of global minimum tax on multinational corporations
Singapore's parliament passed two bills on 15 October 2024 – Multinational Enterprise (Minimum Tax) (Bill No.33/2024) and Income Tax (Amendment) Bill (Bill No. 32/2024.) – which introduces a top-up tax (MTT) and a domestic top-up tax (DTT) for
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European Commission imposes final anti-dumping duty on Chinese aluminium radiators
The European Commission released the Commission Implementing Regulation 2024/2661 in the Official Journal of the European Union (OJEU) on 15 October 2024, which enforces a definitive anti-dumping duty on aluminium radiator imports from China. The
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