Hong Kong publishes draft guidance on proposed company re-domiciliation regime
The Hong Kong Inland Revenue Department has released draft guidance on the proposed company re-domiciliation regime introduced under the Companies (Amendment) (No. 2) Bill 2024 on 20 December 2024. It is pending approval in the Legislative
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Hong Kong, Croatia tax treaty enters into force
The income tax agreement between Hong Kong and Croatia entered into force on 20 December 2024. Hong Kong and Croatia signed an income and capital tax agreement on 24 January 2024, seeking to eliminate double taxation on income and capital while
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Bangladesh, Hong Kong tax treaty enters into force
The tax treaty between Bangladesh and Hong Kong entered into force on 20 December 2024. The Bangladesh-Hong Kong Income Tax Agreement (2023)’s provisions will apply from 1 April 2025 for Hong Kong and 1 July 2025 for Bangladesh. The
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Korea (Rep.): National Assembly passes 2024 Tax Law Amendment Bill
The South Korean National Assembly approved the 2024 Tax Law Amendment Bill on 10 December 2024. The amendments will affect various tax regulations which include: Deferral of Crypto Gains Tax The bill introduces a two-year deferral on the
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Singapore updates guide on tax treatment of gains, losses from sale of foreign assets
The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on Income Tax: Tax Treatment of Gains or Losses from the Sale of Foreign Assets (Second Edition) on 9 December 2024. This guide explains the income tax treatment of
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India: GST Council rejects airlines’ proposal to include aviation fuel under GST framework
India's GST Council has rejected the airline industry's proposal to bring Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST) framework. The announcement was made by Finance Minister Nirmala Sitharaman following a meeting on 21
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Pakistan: Proposed Tax Laws (Amendment) Bill 2024 strengthens measures against non-filers
Pakistani Finance Minister Muhammad Aurangzeb presented the Tax Laws (Amendment) Bill, 2024, to the National Assembly on 18 December 2024 to strengthen measures against non-filers. The proposed bill introduces strict measures targeting
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New Zealand: Treasury reaffirms support for capital gains tax to strengthen tax system
The New Zealand Treasury has reaffirmed its support for introducing a capital gains tax as part of efforts to improve the country’s tax system. This advice, made public on 5 December 2024, follows an Official Information Act request by Radio New
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Japan, Turkmenistan sign tax treaty
Japan and Turkmenistan signed the tax treaty “Convention between Japan and Turkmenistan for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance” in Ashgabat on 16 December
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Hong Kong enacts Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures Bill
The Hong Kong Inland Revenue Department (IRD) passed the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 on 18 December 2024. This bill covers tax deductions for
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Argentina, China tax treaty enter into force
The income and capital tax treaty between Argentina and China came into force on 26 November 2024. This was confirmed in a notice published in the Argentine Official Gazette on 19 December 2024. This income tax treaty aims to eliminate double
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India: CBDT issues additional guidance on Direct Tax Vivad se Vishwas Scheme
The Central Board of Direct Taxes (CBDT) of India has released Circular No. 19 of 2024, offering additional guidance on the Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024, which came into effect on 1 October 2024. This provides further guidance
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Sri Lanka: President presents tax reform proposals to parliament
The President of Sri Lanka presented a series of tax reform proposals to Parliament on 18 December 2024, with several changes set to take effect in 2025. One of the key changes is a revision to the personal income tax structure, effective 1 April
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Australia: 2024-25 Mid-Year Economic and Fiscal Outlook outlines new tax measures
The federal government released the 2024-2025 Mid-Year Economic and Fiscal Outlook (MYEFO) on 18 December 2024. The 2024-25 MYEFO did not introduce any significant tax reforms, but outlined several noteworthy tax proposals. The 2024–25 MYEFO
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Indonesia announces relief to ease 2025 VAT hike impact
Indonesia’s government has announced a relief package to mitigate the effects of the upcoming VAT increase to 12%, set to take effect on 1 January 2025. Earlier, Indonesia’s Finance Minister, Sri Mulyani Indrawati confirmed that the VAT rate
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Lithuania: Government approves ratification of tax treaty with Taiwan
The Government approved the draft Law for ratification of the tax treaty with Taiwan. The announcement was made by the Lithuanian Ministry of Finance on 11 December 2024. The agreement seeks to eliminate double taxation and to prevent tax evasion
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Taiwan: MOF clarifies amounts of basic income eligible for exemption from basic income tax, related deductions for 2025
The Taiwan's Ministry of Finance (MOF) made an announcement regarding the amounts of basic income eligible for an exemption from income basic tax and related deductions for 2025 on 28 November 2024. The MOF states that, in accordance with the
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Australia announces jurisdictions for public CbC reporting
Australia has published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024. Notably, Liechtenstein has been excluded
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