Armenia, Japan agree to sign tax treaty
Japan and Armenia have agreed in principle on the new income tax treaty between the two countries. The announcement was made in a press release by Japan’s Ministry of Foreign Affairs on 16 October 2024. This follows after Japan announced that
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Singapore passes bills for the implementation of global minimum tax on multinational corporations
Singapore's parliament passed two bills on 15 October 2024 – Multinational Enterprise (Minimum Tax) (Bill No.33/2024) and Income Tax (Amendment) Bill (Bill No. 32/2024.) – which introduces a top-up tax (MTT) and a domestic top-up tax (DTT) for
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European Commission imposes final anti-dumping duty on Chinese aluminium radiators
The European Commission released the Commission Implementing Regulation 2024/2661 in the Official Journal of the European Union (OJEU) on 15 October 2024, which enforces a definitive anti-dumping duty on aluminium radiator imports from China. The
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Singapore: Second Finance Minister outlines key provisions of Income Tax (Amendment) Bill, Multinational Enterprise (Minimum Tax) Bill
Singapore's Second Minister for Finance, Indranee Rajah, presented the Income Tax (Amendment) Bill and the Multinational Enterprise (Minimum Tax) Bill during their second reading in Parliament, on 14 October 2024, with the aim to modernise
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Mauritius gazettes amending protocol to tax treaty with Bangladesh
Mauritius has gazetted the amending protocol (Government Notice No. 182 of 2024) to the 2009 Double Taxation Avoidance Convention (BM DTC) with Bangladesh. The amending protocol was signed by Mauritius on 5 February 2024 and sent to Bangladesh
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Malaysia revises e-invoicing rules, implementation dates
The Inland Revenue Board of Malaysia (IRBM) released updated guidelines on the new electronic invoicing (e-invoicing) requirements on 4 October 2024. These include the new e-Invoice Guideline (Version 4.0) and e-Invoice Specific Guideline (Version
See MoreMalaysia exempts capital gains tax on share disposal for restructuring, IPOs
Malaysia’s Ministry of Finance (MoF) announced gazette orders exempting capital gains tax (CGT) on the capital gains or profits from the sales of shares during company restructuring and initial public offering (IPO) restructuring
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Kazakhstan: New Tax Code to take effect in early 2026
Kazakhstan's National Economy Minister Nurlan Baibazarov said the country’s new Tax Code will take effect in January 2026. This follows Kazakhstan's President Kassym-Jomart Tokayev's announcement in his State of the Nation address on 2
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India publishes guidance for Direct Tax Vivad se Vishwas Scheme
India's Central Board of Direct Taxes (CBDT) published a guidance, Circular No. 12 of 2024, on Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024 on 15 October 2024, which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
See MoreSingapore updates CbC reporting list of jurisdictions, adds Albania and Georgia
The Inland Revenue Authority of Singapore (IRAS) has updated its list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports on 11 October 2024. The recent
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Taiwan publishes guidance on deductible interest rates for low or no interest loan
Taiwan’s National Taxation Bureau of the Northern Area (NTBNA), under the Ministry of Finance,stated that, if a company borrows money to pay interest on the one hand, but does not charge interest on the loan money on the other hand, or the
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Azerbaijan joins CIS tax reform and digital innovation talks
Azerbaijan attended a high-profile Coordination Council meeting in Bishkek, Kyrgyzstan, on 7 October 2024. The meeting comprised high-ranking tax officials from the Commonwealth of Independent States (CIS) Armenia, Belarus, Russia, Tajikistan,
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Australia: ATO consults new restructuring, thin capitalisation, debt deduction creation rules
The Australian Taxation Office (ATO) launched a public consultation on Practical Compliance Guideline (PCG) 2024/D3 - Restructures and the new thin capitalisation and debt deduction creation rules on 9 October 2024. The ATO has published the
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Malaysia likely to introduce subsidy cuts, new taxes in 2025 budget
Malaysia’s Prime Minister Anwar Ibrahim will announce the 2025 budget in parliament on Friday, 18 October 2024. Analysts and economists suggest the government is likely to implement additional new taxes and reduce subsidies for its 2025 budget,
See MoreSingapore updates guidance on applying for Certificate of Residence, tax reclaim form
The Inland Revenue Authority of Singapore (IRAS) has released revised guidance on the Applying for a Certificate of Residence and Tax Reclaim Form. The Certificate of Residence (COR) is a letter issued by IRAS to certify that the company is a tax
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India introduces key amendments to CGST rules
The Indian Ministry of Finance has issued Notification No. 20/2024 on 8 October 2024, implementing significant amendments to the Central Goods and Services Tax (CGST) Rules, 2017. Key changes in CGST Rules Removal of IGST refund restrictions:
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Taiwan clarifies withholding tax rules
Taiwan's Ministry of Finance has released a notice detailing the revised withholding tax rules, which were approved on 7 August 2024 and will come into effect on 1 January 2025. To enhance the protection of the rights and interests for tax
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India consults Income Tax Act, 1961
India's Central Board of Direct Taxes (CBDT) has initiated a public consultation to conduct a comprehensive review of the Income Tax Act, 1961. The announcement was made on 7 October 2024. In the Budget 2024-2025 speech, the Finance Minister
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