New Zealand ratifies pending tax treaty with Slovak Republic
New Zealand published the Double Tax Agreements (Slovak Republic) Order 2024 on 29 July, 2024. The order, which comes into force on 29 August 2024, gives effect to the agreement between New Zealand and the Slovak Republic for the elimination of
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Australia updates petroleum resource rent tax rules
Australia’s Treasurer Jim Chalmers announced new Petroleum Resource Rent Tax regulations on 6 August, 2024. The Petroleum Resource Rent Tax (PRRT) reform aims to deliver a fairer return to the Australian community from their natural resources.
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India passes Finance Bill 2024, introduces major LTCG tax amendment on real estate
India's Parliament, the Lok Sabha (lower house), passed the Finance (No. 2) Bill 2024 on 7 August 2024. This bill includes a major amendment to the long-term capital gains (LTCG) tax on real estate. The initial proposal was to reduce the LTCG on
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Korea proposes 2024 tax law overhaul to boost economy
The Ministry of Economy and Finance of South Korea (ROK) introduced its proposed 2024 Tax Law Amendment Bill on 25 July 2024, aiming to encourage economic activity and enhance the overall health of the public economy. “This year's tax revision
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New Zealand publishes double tax agreement order for Austria
New Zealand has published the Double Tax Agreements (Austria) Order 2024, which facilitates the ratification of the protocol to the 2006 income tax treaty with Austria. This protocol, signed on 12 September 2023, marks the first amendment to the
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Malaysia updates e-invoicing guidelines
Malaysia’s Inland Revenue Board (IRBM) released updates regarding electronic invoicing (e-invoicing) guidelines on 30 July, 2024. These include revised versions of the e-invoice guideline (version 3.2) and the e-invoice specific guideline (version
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Australia: Senate releases report on public CbC reporting bill
Australia’s Senate Economics Legislation Committee has released its report on legislation introducing public country-by-country (CbC) reporting in Australia. The committee advised to approve the legislation with amendments to ensure the proposed
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Australia: ATO releases withholding tax guidance for payments to non-residents
The Australian Taxation Office (ATO) has published guidance regarding withholding tax obligations related to specific payments made to non-residents on 1 August, 2024. The guidance provides clarification, ensuring taxpayers are aware of their
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Australia initiates consultation on draft law extending SME amended returns period to 4 years
The Australian Treasury has announced a public consultation on a draft legislation entitled “Treasury Laws Amendment Bill: Self-amendments by small and medium businesses” on 26 July, 2024. The consultation is set to conclude on 9 August,
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Vietnam proposes new corporate income tax law
Vietnam's Ministry of Finance has proposed a new Corporate Income Tax Law ("Draft CIT Law"), which aims to modernise the tax framework and align it with international standards. The draft is set for consultation in October 2024 and is expected to be
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Australia: Guidance on Thin Capitalisation Rules Published Online
Following the enactment of the new thin capitalisation laws in April 2024, the ATO has developed web guidance to assist taxpayers in applying the new rules, which are effective for income years commencing on or after 1 July 2023. Under the rules,
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India releases clarifications on new capital gains regime proposed in union budget 2024
India’s Central Board of Direct Taxes (CBDT) issued a set of Frequently Asked Questions (FAQs) to clarify details of the new capital gains regime outlined in the Union Budget 2024 On 24 July 2024. These clarifications come in the wake of proposed
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Australia: ATO to form pillar two tax working group
The Australian Taxation Office (ATO) has announced the formation of a working group to facilitate consultations on the implementation of the Pillar Two global minimum tax in Australia for multinational companies. Applications to join this group
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Singapore clarifies CIT rebate and cash grant details 2024
The Inland Revenue Authority of Singapore (IRAS) released updated guidance clarifying the CIT Rebate for the Year of Assessment 2024 and the CIT Rebate Cash Grant On 24 July 2024. As announced in Budget 2024, to help companies manage rising
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Australia: ATO provides guidance on taxable payments annual reports for contractor services
The Australian Taxation Office (ATO) released guidance on 24 July 2024 for businesses that may need to submit a Taxable Payments Annual Report (TPAR) by 28 August 2024 concerning services provided by contractors. Businesses that offer services
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Australia: ATO announces taxation ruling updates for petroleum resource rent tax
The Australian Taxation Office (ATO) has announced an update to its Taxation Ruling TR 2014/9 to incorporate recent clarifications in the law regarding the petroleum resource rent tax (PRRT) on 25 July 2024. This ruling is in response to the
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Australia initiates consultation strengthening the foreign resident capital gains tax
The Australian Treasury launched a public consultation on strengthening the foreign resident capital gains tax regime on 23 July, 2024. Comments to this consultation can be submitted until 20 August, 2024. The government announced a measure in
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Australia initiates consultation for improving foreign resident capital gains withholding tax
The Australian Treasury launched a public consultation on improving the foreign resident capital gains withholding tax regime on 23 July, 2024. The consultation is set to conclude on 5 August, 2024. As part of the 2023–24 Mid-Year Economic and
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