Malaysia exempts qualifying unit trusts from capital gains, foreign income tax
Malaysia has exempted qualifying unit trusts from capital gains and foreign income tax, issued the Income Tax (Unit Trust) (Exemption) Order 2024 and the Income Tax (Unit Trust in Relation to Income Received in Malaysia from Outside Malaysia)
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Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
Philippines' Department of Finance announced that President Ferdinand R. Marcos, Jr. enacted Republic Act (RA) 12023 on 2 September 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
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Philippines ratifies FTA with Korea (Rep.)
The Philippine Senate announced that it has ratified the free trade agreement (FTA) with South Korea on 23 September 2024. This follows after the Philippines and South Korea signed the FTA on 7 September 2023. Under the FTA, South Korea will
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Singapore: IRAS urges timely corporate tax filing, warns of penalties for late returns
About 262,000 companies are expected to file CIT Returns in Singapore this year. The Inland Revenue Authority of Singapore (IRAS) has issued a reminder, on 26 September 2024, to all companies, including those with no business activities or those
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Azerbaijan deposits instrument of ratification for MLI
Azerbaijan officially became the 86th jurisdiction to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 24 September 2024. This follows after the Azerbaijan parliament
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Australia consults proposed provision denying deductions for ATO interest charges
The Australian Taxation Office (ATO) announced a proposed provision that will disallow the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years beginning on or after 1 July 2025. After 1 July 2025,
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Philippines releases tax refunds, credit guidelines
The Philippines’ Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 74-2024, providing guidelines and requirements for processing tax credit certificates (TCC) and cash refunds that have been illegally or mistakenly
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Singapore: IRAS to organise webinar on taxation of investment holding companies
The Inland Revenue Authority of Singapore (IRAS) will be organising a free webinar on the taxation of investment holding companies on 23 October 2024, according to a release. The online event is tailored for companies whose principal activity is
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Turkey, Hong Kong sign income tax treaty
Turkey's Revenue Administration announced that Turkey and Hong Kong have signed an income tax treaty on 24 September 2024. The agreement was signed by Bekir Bayrakdar, Director, Revenue Administration, on behalf of Turkey and Christopher Hui,
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India scraps tax cases due to higher appeals thresholds
India's Press Information Bureau released a statement from the Ministry of Finance regarding the Supreme Court's resolution of 573 tax cases on 24 September 2024. The measures are expected to significantly reduce the burden of tax litigation and
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Thailand to implement carbon tax by 2025
Thailand’s Deputy Finance Minister Paopoom Rojanasakul announced that the country will implement a carbon tax by 2025, as part of its efforts to address climate change and promote sustainable practices, on 26 September 2024. The carbon tax will
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Malaysia unveils tax incentives for Forest City special financial zone
Malaysia’s Deputy Finance Minister Amir Hamzah Azizan introduced proposed tax incentives during the announcement ceremony for the Forest City Special Financial Zone (SFZ) on 20 September 2024. The Forest City is situated within the Iskandar
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Singapore, Kenya sign income tax treaty
Singapore’s government announced signing a new income tax treaty (DTA) with Kenya on 24 September 2024. This new DTA replaces the previous agreement signed on 12 June 2018 which never entered into force. The agreement establishes a 10%
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Japan, UAE initiates negotiations for CEPA
Japan’s Ministry of Foreign Affairs announced that it has launched negotiations with Japan for a comprehensive economic partnership agreement (CEPA) on 18 September 2024. “I hope that concluding an ambitious, balanced, and comprehensive EPA
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Singapore recognises MCAA-CbC international tax compliance agreement with Ukraine
Singapore has officially recognised the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports with Ukraine as an international tax compliance agreement, it was published in Order No. S 731 on 20
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Singapore, Rwanda sign protocol to amend tax treaty
Singapore and Rwanda have signed an amending protocol to the “Government of the Republic of Singapore and the Government of the Republic of Rwanda for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on
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Australia, UAE end CEPA negotiations
Australia and the United Arab Emirates (UAE) have ended negotiations for a comprehensive economic partnership agreement (CEPA). Australia’s Department of Foreign Affairs and Trade made the announcement on 17 September 2024. On 13 December 2023,
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Oman, Philippines negotiate income tax treaty
The Philippine News Agency reported that negotiations are currently in progress for an income tax treaty between Oman and the Philippines, on 13 September 2024. The Omani government hopes to see increased mutual trade and investment promotions,
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