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 budgetÂ
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,
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Singapore 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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Australia consults expansion of penalty laws for tax exploitation scheme promoters
Australia’s government is requesting feedback on proposals to expand the penalty laws for promoters of tax exploitation schemes. The Treasury released the public consultation document on 4 October 2024, and interested stakeholders are
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Malaysia consults on tax treatment of local ships
The Inland Revenue Board of Malaysia (IRBM) initiated a public consultation on a draft ruling regarding the tax treatment of Malaysian ships and the exemption of shipping income for qualifying residents. The consultation is open for comments from
See MoreAustralia issues law companion ruling on corporate collective investment vehicle regime
The Australian Taxation Office (ATO) released the Law Companion Ruling (LCR) 2024/1 - The Corporate Collective Investment Vehicle Regime on 2 October 2024. Effective from 1 July 2022, this Ruling is about amendments made to the taxation law to
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Japan, Armenia to negotiate new tax treaty
The Japanese Ministry of Foreign Affairs announced yesterday that tax treaty negotiations between Japan and Armenia are set to begin on 9 October 2024. The two nations will initiate negotiations for the new convention replacing the current tax
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Canada to impose 25% surtax on Chinese steel and aluminium, 100% on EVs
Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland, announced in a release the final list of Chinese-made steel and aluminium products and Chinese-made electric vehicles (EVs) subject to surtax on 1 October 2024. The
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New Zealand issues draft guidance on loss carry forward rules
The New Zealand Inland Revenue has issued draft guidance interpreting the loss carry forward rules established in 2020, known as the business continuity test (BCT). This new draft aims to clarify anti-avoidance provisions not addressed in the
See MoreTaiwan: MOF clarifies application of tax treaties
Taiwan's Ministry of Finance (MOF) has published a statement clarifying the application of the country's tax treaties on 26 September 2024. Currently, Taiwan has 35 signed and effective comprehensive income tax agreements. The MOF will continue
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Hong Kong lowers interest rate on tax reserve certificates
The Inland Revenue Department of Hong Kong announced, on 4 October 2024, that starting from 7 October 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.8000% against the current rate of 0.8833%, i.e. the new rate
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Singapore consults on Pillar Two Minimum Tax regulations
Singapore aims to introduce streamlined methods for companies to calculate their top-up taxes in line with the proposed global minimum tax. The global minimum tax, or Pillar Two, aims to establish a 15% effective tax rate for multinational
See MoreTaiwan introduces CFC De minimis rule for profit seeking enterprises
Taiwan's Ministry of Finance has announced a de minimis test enabling profit-seeking enterprises to avoid recognizing investment income under the CFC Rules on September 2024. The National Taxation Bureau of the Southern Area, Ministry of Finance
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Slovak Republic, Kyrgyzstan ratify income tax treaty
The Slovak Republic announced on 2 October 2024 that it had completed the ratification of the 2024 Kyrgyzstan—Slovak Republic Income Tax Treaty. This tax treaty is the first between the two countries to prevent double taxation and tax
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