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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New Zealand concludes trade agreement with the Gulf Cooperation Council
New Zealand and the six-nation Gulf Cooperation Council (GCC) have concluded negotiations on a trade agreement that will open up significant opportunities for New Zealand exporters in the Gulf region, Minister for Trade and Agriculture Todd McClay,
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EU, Philippines begin first round of FTA talks
The European Commission announced on 25 October 2024 that the initial negotiations for a free trade agreement (FTA) between the European Union and the Philippines were held in Brussels from 14 to 18 October 2024. A follow-up round is set for
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Hong Kong publishes consultation outcome on global minimum tax implementation, minimum top-up tax
Hong Kong SAR government and the Inland Revenue Department (IRD) released the Outcome of the Consultation on the Implementation of Global Minimum Tax and Hong Kong Minimum Top-up Tax on 30 October 2024. The Government launched a consultation
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Taiwan issues new tax calculation guidelines for foreign companies
Taiwan's Ministry of Finance has released notice for foreign companies on applying the net profit ratio and domestic profit contribution ratio to calculate taxable income and withholding tax before receiving payments for services or business profits
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Hong Kong lowers tax reserve certificate interest
The Hong Kong Inland Revenue Department announced on 1 November 2024 that starting from 4 November 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.7167% against the current rate of 0.8000%, i.e., the new rate
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Australia and Ukraine negotiating income tax treaty
The delegations from Australia and Ukraine convened for the inaugural round of negotiations on an income tax treaty from 8 October to 11 October 2024. The agreement will eliminate double taxation concerning taxes on income, capital, fringe
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Australia: ATO releases 2022-23 corporate tax transparency report
The Australian Taxation Office (ATO) has published its Corporate Tax Transparency Report for 2022-2023, featuring data on the specified population on 1 November 2024. This year's Corporate tax transparency report analyses aggregated data from the
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US and Taiwan to negotiate comprehensive tax deal to prevent double taxation
The US Department of the Treasury announced on 29 October 2024 that the US and Taiwan, under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO), will begin
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Croatia, Australia end income tax treaty talks
In a release on 25 October 2024, Croatia's Ministry of Finance announced that the delegations of Croatia and Australia had completed negotiations for an income tax treaty to eliminate double taxation on income and prevent tax evasion and avoidance
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New Zealand: Government seeks public feedback on proposed inland revenue-MBIE information sharing agreement
The Government of New Zealand has released a consultation paper, seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA
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European Union imposes final countervailing duty on Chinese electric vehicle imports
The European Commission announced a definitive countervailing duty on imports of new battery electric vehicles (BEVs) from China. This decision was published in the Official Journal of the European Union (OJEU) as the Commission Implementing
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OECD launches accession process for Thailand
The Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann has publicly launched the process of Thailand's accession to the OECD in Bangkok on 30 October 2024. The OECD Council adopted the Roadmap for the
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Kazakhstan, Iran set to sign tax treaty
Kazakhstan issued the Government Resolution dated 18 October 2024 for the signing of an amending protocol to the 1996 income and capital tax treaty with Iran. This protocol marks the first amendment to the original treaty since its entry into
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Bangladesh considers phasing out non-refundable minimum tax
The National Board of Revenue (NBR) in Bangladesh is planning to phase out its non-refundable minimum tax system according to local sources, a move aimed at aligning with global tax standards and encouraging investor confidence. The NBR plans to
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Bangladesh, Uganda to negotiate income tax treaty
Representatives from Bangladesh and Uganda met to discuss bilateral cooperation and the need for an income tax treaty on Thursday, 17 October 2024. Joyce Kakuramatsi Kikafunda, the Non-Resident High Commissioner of Uganda to Bangladesh, made a
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US, Taiwan to begin tax treaty negotiations
The US Department of the Treasury announced, on 29 October 2024, that the US and Taiwan, under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO), will begin
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New Zealand consults use of cost method for calculating foreign investment fund income
New Zealand Inland Revenue has initiated a public consultation the draft interpretation statement, PUB00458 Income Tax – Using the Cost Method to Determine Foreign Investment Fund (FIF) Income, explaining when a resident investor can choose to
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