Thailand introduces Pillar Two top-up tax for MNEs
Thailand's Revenue Department has announced the publication of the Emergency Decree on Top-up Tax B.E. 2567 (2024) in the Official Gazette on 26 December 2024,introducing the implementation of a domestic minimum top-up tax for MNE groups with a
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Singapore: IRAS publishes new guidance on MNE top-up tax, domestic top-up tax
The Inland Revenue Authority of Singapore (IRAS) has released a new e-Tax Guide on the Multinational Enterprise (MNE) Top-up Tax (MTT) and Domestic Top-up Tax (DTT) on 31 December 2024. This e-Tax guide sets out the key parameters of the MTT and
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Korea (Rep.), Philippines FTA enters into force
The Korea-Philippine Free Trade Agreement (FTA) entered into force on 31 December 2024, as announced by the Korean Embassy in Manila on Monday, 30 December 2024. Under the Free Trade Agreement (FTA), South Korea will eliminate tariffs on 94.8% of
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Malaysia updates transfer pricing guidelines, audit framework
Malaysia’s Inland Revenue Board (IRB) has updated transfer pricing guidelines and transfer pricing audit framework. The transfer pricing guidelines have been updated in accordance with the amendments made to section 140A, the introduction of
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China enacts first VAT Law
The 13th Session of the 14th National People's Congress Standing Committee has reviewed and approved the draft of the Value-Added Tax (VAT) Law of China. This legislation, which marks the introduction of China's first VAT Law, is set to take
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Australia: ATO consults implementation of thin capitalisation third-party debt test
The Australian Taxation Office (ATO) has initiated a public consultation regarding the implementation of the thin capitalisation third-party debt test . Additionally, it addresses the associated Schedule 3 of Draft Practical Compliance Guideline
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Australia to amend law to strengthen tax penalty regime
Australia’s government will be amending the tax law to strengthen the current tax penalty regime, as part of the 2024–25 Mid-Year Economic Fiscal Outlook. The announcement was made by ATO is a release on 18 December 2024. The new measure
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Hong Kong gazettes amendment to Minimum Tax for Multinational Enterprise Groups Bill 2024
Hong Kong announced that the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 was published in the Gazette on 27 December. The Bill seeks to implement the international tax reform framework, Base Erosion and
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Australia gazettes instrument regarding Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024
The Australian Official Gazette, on 17 December 2024, published a legislative instrument for CbC reporting jurisdictions by the Taxation Administration for the year 2024. This instrument includes the list of CbC reporting jurisdictions along with
See MoreAustralia consults Crypto Asset Reporting Framework, related amendments
The Australian Treasury has initiated a public consultation regarding how Australia applies the Crypto Asset Reporting Framework (CARF). The consultation paper explores: a comparison of 2 options: adding the CARF into Australian tax law
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Taiwan publishes guidance on tax withholding, calculation for foreign enterprises
Taiwan’s Ministry of Finance has issued guidance on income tax withholding, non-withholding tax statements, and calculating corporate taxes for foreign companies. Optimised income tax withholding system According to an announcement by
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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
See MoreHong 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
See MoreBangladesh, 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
See MoreKorea (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
See MoreSingapore 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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