Bangladesh: NBR to conduct first transfer pricing audit to tackle tax evasion
Bangladesh tax authority National Board of Revenue (NBR) announced that it will conduct its first transfer pricing audit of multinational companies (MNCs) operating in the country. Bangladesh first introduced transfer pricing provisions in the
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Hong Kong, Rwanda to negotiate income tax treaty
The Hong Kong Inland Revenue Department has announced that representatives from Hong Kong and Rwanda will begin their inaugural round of income tax treaty negotiations from 18 – 22 November 2024. A tax treaty is a bilateral agreement between
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Taiwan, UK sign enhanced trade partnership arrangement
Taiwan Representative to the United Kingdom Amb. Kelly Wu-chiao Hsieh and Representative of the British Office in Taipei John Dennis, representing the Executive Yuan’s Office of Trade Negotiations and the UK Department of Business and Trade signed
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Pakistan to cut power tariffs this winter
Pakistan will be introducing reduced electricity tariffs this winter according to an interview of Power Minister Awais Leghari on Saturday, 9 November 2024. Business and citizens are likely to benefit from a 7-8% reduction in power
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Australia: ATO publishes report on business dispute and settlement findings
The Australian Taxation Office (ATO) has announced the publishing of Public and Multinational Business Disputes and Settlements Findings on 11 November 2024. This report offers valuable insights and key findings regarding disputes and settlements
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Taiwan mandates reporting obligations for income not subject to tax withholding
Taiwan's Ministry of Finance has issued a notice mandating the submission of Non-Withholding Tax Statements for payments that are exempt from withholding on 4 November 2024. The tax withholding system aims to supervise and urge tax withholders to
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Philippines: Senate approves VAT refunds for tourists
The Philippines Senate has approved Senate Bill No. 2415 or An Act Creating a Vat Refund Mechanism for Non-Resident Tourists, on 23 September 2024, which permits nonresident tourists to apply for refunds on value-added tax (VAT). The Senate
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Hong Kong gazettes stamp duty waiver legislation introduced in 2024-25 budget
Hong Kong has gazetted the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024 on 8 November 2024, which eliminates stamp duties payable on the transfer of real estate investment trust (REIT) units and the jobbing business of option
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Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies
Philippine President Ferdinand Marcos Jr. enacted the law “Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act” on 11 November 2024, reducing corporate income tax rates
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Indonesia extends tax holiday for key industries, adapts global minimum tax
Indonesia has issued Regulation No. 69 of 2024, extending the tax holiday incentives for pioneer industries as outlined in Regulation No. 130/PMK.010/2020. Regulation No. 130/PMK.010/2020 replaces Regulation No. 150/PMK.010/2018 and extends
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Japan, Greece tax treaty enters into force
Japan's Ministry of Finance has confirmed that the income tax treaty with Greece will take effect on 5 December 2024. The exchange of diplomatic notes between Japan and Greece for the entry into force of the “Convention between Japan and the
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Russia ratifies income tax treaty with Abkhazia, Malaysia
The President of Russia signed the Law No. 372-FZ for the ratification of the income tax treaties with Abkhazia and Malaysia on 2 November 2024. Earlier, the Russian government approved draft laws for the ratification of pending income tax
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Taiwan clarifies conditions for declaring business expenses, losses
Taiwan's Ministry of Finance has released a notice outlining the general conditions for declaring expenses, losses, and business-related expenses or losses on 4 November 2024. The expenses or losses filed by profit-seeking enterprises should be
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Australia: ATO issues guidance on thin capitalisation rules, related provisions
The Australian Taxation Office (ATO) released guidance on 3 November 2024, outlining how the thin capitalisation rules interact with other provisions. The thin capitalisation rules limit the amount of debt deductions you can claim. Regard must
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Malaysia implements new rules for higher capital allowance for ICT equipment, software
Malaysia Ministry of Finance published two regulations in the Official Gazette on 30 October 2024 – the Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2024 and the Income Tax (Capital
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Philippines offers tax incentives to British investors under CREATE Act
The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
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Hong Kong announces 2023/24 tax return block extension for tax representatives
Hong Kong’s Inland Revenue Department (IRD) issued the Circular Letter To Tax Representatives Block Extension Scheme For Lodgement of 2023/24 Tax Returns on 4 November 2024, extending the due date for ‘M’ code tax filing
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Singapore issues advance ruling on classification of hybrid instruments and related matters
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 7/2024, addressing the classification of hybrid instruments and related matters on 1 November 2024. Subject: Whether: The fixed rate subordinated
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