Singapore enacts Multinational Enterprise (Minimum Tax) Act, Income Tax (Amendment) Act
Singapore has enacted two tax laws, Income Tax (Amendment) Act 2024 and Multinational Enterprise (Minimum Tax) Act 2024, with the aim to align with global tax standards, enhance business competitiveness, and introduce targeted incentives for
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Vietnam, Armenia confirm intent to sign tax treaty
The government of Vietnam announced – on 19 November 2024, during a meeting between officials from Armenia and Vietnam at Hanoi – that both countries confirmed their intention to sign a tax treaty. At the National Assembly House, right after
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Vietnam: National Assembly passes 2024 VAT Law
Vietnam's National Assembly passed the 2024 Law on Value-Added Tax (VAT) on 26 November 2024, which will come into effect on 1 July 2025. This new legislation introduces several amendments. One of the changes is the increase in the tax-exempt
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Hong Kong to exempt crypto taxes for hedge funds, family offices
Hong Kong intends to eliminate taxes on investment gains from cryptocurrencies and other alternative assets to benefit hedge funds, private equity firms, and family offices; according to a circular by Hong Kong’s Financial Services and the
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Philippines plans to revise tax treaties with Indonesia, Malaysia, Singapore
The Philippines government is reportedly planning to enter into negotiations to revise the 1981 tax treaty with Indonesia, the 1982 tax treaty with Malaysia, and the 1977 tax treaty with Singapore. The agreement between the Philippines and
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Japan tax revenue expected to reach record high
Japan’s tax revenues are set to hit a record high for the fifth straight year. Projections estimate revenue rising from JYP 69.6 trillion to around JPY 73.4 trillion for the current fiscal year ending in March 2025. The increase, driven by
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Japan announces JPY 13.9 trillion stimulus budget
Japan's Ministry of Finance has announced a JPY 13.9 trillion (USD 92 billion) additional budget to support Prime Minister Shigeru Ishiba’s stimulus package. According to NHK (state broadcaster), the budget will be partially funded by JPY 3.8
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Austria, China amending protocol to tax treaty enters into force
The amendment to the 1991 tax treaty between Austria and China came into force on 19 November 2024. The protocol, signed on 14 September 2023, introduces several updates to modernise the agreement and align it with global tax standards. The
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Malaysia updates service tax rules, includes new taxable services and expands group relief
The Royal Malaysian Customs Department has released the Service Tax (Amendment) (No. 2) Regulations 2024 which broadens intra-group relief to include maintenance and repair services while also revising the range of taxable services. Amendments to
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Australia proposes tax breaks for hydrogen, critical minerals production
Australia’s government has presented the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024’ to Parliament” , proposing tax incentives on hydrogen and critical minerals production. This follows after the
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Australia passes bill for Pillar Two Global Minimum Tax
The Australian Senate has passed the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 on 26 November 2024. The House of Representatives endorsed the bill in August 2024. This followed after the Australian Senate
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Hong Kong, Rwanda conclude first round of income tax treaty negotiations
An update from the Hong Kong Inland Revenue Department reports that Hong Kong and Rwanda officials concluded the initial round of negotiations for an income tax treaty on 22 November 2024. The resulting treaty would be the first of its kind
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Kyrgyzstan ratifies income tax treaty with Azerbaijan
Kyrgyzstan's President Sadyr Japarov has signed into law the ratification of a new income tax treaty with Azerbaijan on 22 November 2024. The aim of this tax agreement is to eliminate double taxation with respect to income taxes and the
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Vietnam: Government proposes VAT reduction extension for 2025
The Vietnamese government issued Resolution No. 218/NQ-CP on 12 November 2024, instructing the Ministry of Finance to propose policies for tax reductions, including an extension of the VAT cut into the first half of 2025. The proposed plan
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Kyrgyzstan approves protocol to amend 2005 tax treaty with Germany
The Cabinet of Ministers of Kyrgyzstan has granted the Minister of Economy and Commerce the authority to sign a protocol amending the 2005 income and capital tax treaty with Germany on 13 November 2024. A tax treaty is a bilateral agreement
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Australia initiates consultation on crypto reporting framework (CARF) and CRS changes
The Australian Treasury has published a consultation paper in November 2024 outlining Australia's strategy for adopting the OECD-developed guidelines on the Crypto Asset Reporting Framework (CARF) and related modifications to the Common Reporting
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India, Nigeria hold talks on income tax treaty
According to a release, officials from India and Nigeria held discussions on bilateral relations from 17 to 18 November 2024, with a focus on finalising negotiations for an income tax treaty. During this period, Prime Minister Shri Narendra Modi
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Sri Lanka: IRD launches e-services for 2023/24 tax returns
The Sri Lanka Inland Revenue Department (IRD) has announced the launch of its "e-services" platform for the electronic filing of annual tax returns for the assessment year 2023/2024. Taxpayers must submit their returns electronically by 30 November
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