Hong Kong updates lists of qualifying debt instruments
The Hong Kong Inland Revenue Department (IRD) has released updated lists of Qualifying Debt Instruments (QDIs) as of 30 June 2024. Qualifying Debt Instruments issued before 1 April 2018 Short Term/ Medium Term Debt Instruments Eligible for
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Belarus, China sign FTA
Belarus and China have signed a free trade agreement – strengthening cooperation in a range of sectors including trade, security, energy and finance, in services and investments – on 22 August 2024. China is Belarus's second-largest trading
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New Zealand revises emission trading scheme
New Zealand’s Climate Change Minister Simon Watts announced that the government has updated its Emission Trading Scheme (ETS) to better meet climate targets. The government will reduce the number of ETS units available between 2025 and 2029 from
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Malaysia revises service tax policy for logistics services
The Royal Malaysian Customs Department (RMCD) released an update to the Service Tax Policy 4/2024 (Amendment No 1) on 23 August 2024 concerning logistics services, which went into force on 1 March 2024. All logistics services under Group J (First
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Thailand to negotiate tax treaty with Kazakhstan
Officials from Thailand and Kazakhstan met to discuss bilateral cooperation, including the interest of Thailand's Revenue Department in reviving discussions for the negotiation of an income tax treaty, on 15 August 2024. According to the
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New Zealand consults Inland Revenue’s long-term insights briefing
New Zealand’s Inland Revenue is consulting on the scope of its next long-term insights briefing (LTIB). You can provide feedback on this consultation by emailing policy.webmaster@ird.govt.nz with "LTIB topic" in the subject line. The closing
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Czech Republic approves tax treaty with Tanzania
The Czech government has authorised the signing of an income tax treaty with Tanzania on 21 August 2024. This income tax treaty aims to eliminate double taxation concerning taxes on income or concerning taxes on income and capital in force
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Australia revises penalty, interest guidelines
The Australian Taxation Office (ATO) revised its guidance on Penalties and Interest on 21 August 2024, explaining how penalties and interest are applied in different situations, including failure to meet tax obligations. Interest charges Tax
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India clarifies requirement to obtain ITCC before travelling
Indian citizens are not required to obtain an income-tax clearance certificate (ITCC) before travelling to other countries due to the recent amendment to Section 230(1A) of the Income Tax Act. The clarification was issued by the Central Board of
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Western Australia increases first homeowner duty concessions
The Western Australian Parliament has approved a bill to increase duty concessions for first-time homeowners. The Duties Amendment (First Home Owner Concessions) Bill 2024 amends the state's Duties Act 2008 so that: Properties valued up to
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Philippines backs 12% VAT on foreign digital service providers
The Philippines’ Ministry of Finance announced that Finance Secretary Ralph Recto had met with senior Netflix officials on 20 August 2024, to discuss the bill on value-added tax for foreign digital service providers, which is currently pending
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India enacts 2024 Finance (No. 2) Act, amends long-term capital gains tax
The Government of India enacted the Finance (No. 2) Act, 2024, on 16 August 2024, after receiving Presidential assent. The bill has already been passed by the parliament's Lower House (Lok Sabha) and the Upper House (Rajya Sabha). This legislation
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Singapore updates CbC reporting jurisdictions, adds Ukraine
The Inland Revenue Authority of Singapore (IRAS) has revised the list of jurisdictions for exchanging Country-by-Country (CbC) reports under the Multilateral Competent Authority Agreement on Automatic Exchange of Country-by-Country Reports (2016)
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Singapore: IRAS publishes new corporate income tax FAQs
The Inland Revenue Authority of Singapore (IRAS) published new FAQs on their website on 19 August 2024. The FAQs address ECI or Form C-S/ Form C-S (Lite)/ Form C Filing; General Corporate Income Tax Matters; Corporate Income Tax Treatment; Late
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Taiwan revises business tax deadlines
The President of Taiwan has officially revised and promulgated key provisions of the Value-Added and Non-Value-Added Business Tax Law (Business Tax Law) on 7 August 2024. These amendments aim to enhance the compliance of electronic invoicing and
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Taiwan issues guidance on claiming foreign tax credits for overseas income
Taiwan's Ministry of Finance (MoF) has released a notice offering guidance on how to claim foreign tax credits. With the globalisation of the economy, it has become more common for domestic profit-seeking enterprises to earn overseas income.
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Singapore updates e-Tax guide on filing of income tax computations in functional currencies other than Singapore Dollars
The Inland Revenue Authority of Singapore (IRAS) has released the second edition of its e-Tax Guide on Filing Income Tax Computations in Currencies Other Than Singapore Dollars. This guide explains the rules for filing income tax computations in
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Vietnam updates indirect overseas investment rules
The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 23/2024/TT-NHNN which simplifies administrative procedures by eliminating the need for SBV approval, easing the process for organisations to implement equity award programmes
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