Malaysia: IRBM releases guidelines on restrictions to the deductibility of interest
On 5 July 2019, the Inland Revenue Board of Malaysia has published new guidance on restrictions to the deductibility of interest expenses. The restriction is provided under Section 140C of the Income Tax Act 1967 (hereinafter referred to as the
See MoreAustralia issues final PCG and ruling on hybrid mismatch rules
The Australian Taxation Office has issued Practical Compliance Guideline (PCG) 2019/6 and Law Companion Ruling (LCR) 2019/3, related to the concept of structure arrangements in relation to Australia's new hybrid mismatch rules.
See MoreHong Kong: IRD publishes departmental interpretation and practice notes on TP documentation
On 19 July 2019, the Hong Kong Inland Revenue Department (IRD) published the three “Departmental Interpretation and Practice Notes” (DIPNs) Nos. 58, 59 and 60. The notes have been issued to set out the Department’s interpretation and practice
See MoreAustralia introduces a bill to amend thin capitalization rules
On 4 July 2019, the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019 was introduced in the Australian House of Representatives. The purpose of the Treasury Laws
See MoreIndia: The new Finance Act modifies the Transfer pricing law
On 5 July 2019, the Minister of Finance presented the Finance (No.2) Act for the financial year 2019-20. The act changes the following transfer pricing rules: Documentations requirements: Under the new amendments, constituent entity of an
See MoreSingapore changes to FATCA reporting requirements with effect from 1 April 2020
On 10 July 2019, the Inland Revenue Authority of Singapore (IRAS) issued an announcement that, with effect from 1 April 2020, the IRAS will no longer accept FATCA (Foreign Account Tax Compliance Act) notifications submitted via the International
See MoreIndonesia publishes a regulation with tax incentives for investments in certain sectors
On 26 June 2019, the Indonesian government issued a Government Regulation (PP) No. 45 of 2019, which amended Regulation No. 94 of 2010 (GR-94) on the calculation of taxable income and the repayment of income taxes in the current year to stimulate
See MoreIndonesia: MoF changes CFC deemed dividend rules
On 26 June 2019, the Ministry of Finance published a new regulation (No.93/PMK.03/2019(PMK-93) on the controlled foreign corporation (CFC) rules for fiscal year(FY) 2019 which amended the regulation No.107/ PMK.03/2017(PMK-107), concerning the
See MoreBangladesh enacts Budget for 2019-20
On 30 June 2019, Parliament passed the Tk 5,23,190 crore national budget for 2019-20 fiscal year. The proposals were enacted by the Finance Act, 2019 (the Act) and became effective as of 1 July 2019. The summary of key amendments introduced by
See MoreIndia presents Finance Bill for 2019/20
On 5 July 2019, the Finance Minister presented the Finance Bill of the newly formed government for financial year (FY) 2019-20. The bill proposed changes to the tax laws starting 1 April 2019. The proposed key amendments includes: The rate of
See MoreIndia deposits ratification instrument for MLI
On 25 June 2019, India has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). According to Article 34, Paragraph 2 of the MLI, with
See MoreAustralia provides additional 15 days for CbC statement lodgment
The Australian Taxation Office (ATO) has provided additional 15 days for the lodgment of CbC statements (Local File, Master File, CbC report) with 30 June 2019 due date because of technical issues. This additional time will apply automatically
See MoreChina updates expense deduction limit for insurance sector
China's Ministry of Finance (MoF) has published Announcement No. 72 of 2019 regarding pre-tax deduction policy for insurance enterprise handling fees and commission expenses. The announcement provides that insurance companies may deduct up to
See MoreIndonesia: MOF proposes draft amendments to the SEZ scheme and tax cuts
The Indonesian Ministry of Finance (MoF) published two announcements on June 17 and 20 June 2019. The ministry is reviewing draft amendments to the Special Economic Zones (SEZ) regime and tax cuts for specific sectors. SEZ regime: Under this
See MoreVietnam: NA approves a new taxation regime for Foreign Service providers
On 13 June 2019, the National Assembly (NA) approved the Law on Tax Administration (amended changes). The law introduced a new taxation regime for Foreign Service providers including e-commerce business. This law will take effect from 1 July
See MorePakistan presents Budget for FY 2019-20
On 11 June 2019, the Finance Minister has presented the budget for the financial year (FY)2019/2020 to the parliament. The finance minister said that the total federal revenue was estimated at Rp6.717 trillion, 19% more than the previous year's
See MoreBangladesh: Budget proposal for FY 2019-20
Today, Mr. Mustafa Kamal, the finance minister of Bangladesh has tabled the budget in parliament which has a size of Tk. 523,190 crore. This budget is the country's 48th since its independence. This year, the government is expecting GDP growth
See MorePhilippines: BIR clarifies certain issues on Tax Amnesty
On 31 May 2019, the Philippines Bureau of Internal Revenue (BIR) has published Revenue Memorandum Circular (RMC) 57-2019 clarifying certain issues on tax amnesty. This circular is issued to address the frequently-asked questions regarding the tax
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