Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030
The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024. This initiative is aimed at existing manufacturing and agricultural companies that
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Australia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
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Australia updates foreign exchange rate guidelines for 2024-25 income year
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, including the monthly foreign exchange rates for the 2024-2025 income year, which starts from 1 July 2024 to 30 June 2025. All foreign income, deductions, and
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Taiwan: Fines for regulatory violations are not deductible in tax returns
Taiwan's Ministry of Finance has issued a notice stating that fines for regulatory violations cannot be deducted as expenses or losses on annual income tax declaration for profit-seeking enterprises on yesterday, 14 August 2024. The National
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Vietnam proposes changes to corporate income tax rules
The Vietnamese Ministry of Finance has released a draft law proposing changes to the country's corporate income tax (CIT) rule. The draft is expected to be presented to the National Assembly for consideration in October 2024 and ratified in May
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Australia: Senate Committee recommends passing Pillar Two global minimum tax legislation
The Australian Senate Economics Legislation Committee released its report regarding the provisions of three legislations aimed at implementing the Pillar Two global minimum tax in Australia. The report recommends that the bills be passed. The
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Singapore publishes updated e-tax guide on tax deductions for renovation, refurbishment
The Inland Revenue Authority of Singapore (IRAS) has released the seventh edition of its updated e-Tax Guide titled "Income Tax: Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises". Primary updates
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Indonesia; Switzerland IPA enters into force
The Investment Protection Agreement 2022 (IPA) between Indonesia and Switzerland went into force on 1 August, 2024. The new IPA addresses the contractual void left by the termination of the 1974 IPA between Indonesia and Switzerland on 8 April,
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South Korea, Andorra ratify pending tax treaty
The Principality of Andorra has announced the ratification of the pending income tax treaty with South Korea, the notice was published in the Official Gazette on 6 August 2024. The agreement aims to eliminate double taxation involving income
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Indonesia, GCC announce launch of FTA negotiations
Indonesia’s Minister of Trade, Zulkifli Hasan, and Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, launched the Indonesia-GCC Free Trade Agreement (I-GCC FTA) negotiations on 31 July, 2024. The event was marked
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Thailand announces new incentives for car parts manufacturing JVs
The Thailand Board of Investment (BOI) approved a series of new incentives to promote investment in joint ventures (JV) between Thai and foreign companies regarding the manufacturing of automotive parts and components for vehicles using all types of
See MoreIMF Report Looks at China’s Economy
On 2 August 2024 the IMF released a report following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China’s economy has remained resilient even though there is continuing weakness in the
See MoreIMF Looks at the Contribution of China’s Service Sector to Economic Growth
An IMF country focus published on 2 August 2024 noted that reforms to further open China’s service sector can promote sustainable growth and help create jobs. The report notes that China’s growth has been rapid in recent decades and will remain
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Kazakhstan enacts VAT exemption for vehicle, machinery sales
Kazakhstan has enacted Law No. 119-VIII, effective from 21 July 2024, which provides a VAT exemption on the sale of eligible vehicles and agricultural machinery. This law, signed on 8 July 2024, stipulates that to qualify for the exemption,
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South Korea: President reportedly urges National Assembly to scrap financial investment income tax
The office of South Korean President Yoon Suk Yeol has reportedly urged the National Assembly to abandon the current plan to impose a financial investment income tax on capital gains earned by individuals from listed securities on Wednesday, 7
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Japan publishes guidance on consumption tax rules for online platforms
Japan's National Tax Agency (NTA) has issued new rules for the collection of consumption tax by online platform operators, which will apply from 1 April 2025. Businesses who provide electronic services such as application distribution for the
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Taiwan clarifies collateral provided for lifting exit restrictions
Taiwan's Ministry of Finance has clarified that collateral provided to lift travel restrictions due to outstanding tax debts will not be returned until the taxes are fully paid. The National Taxation Bureau of the Northern Area (NTBNA), Ministry
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Kazakhstan publishes updated tax code draft
Kazakhstan's Ministry of National Economy has updated the draft of its new tax code, introducing several amendments, on 24 July 2024. Key amendments Sector-specific corporate tax rates The draft proposes new sector-specific corporate tax
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