Malaysia updates e-invoicing guidance, confirms implementation timeline
Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,
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India delays Pillar One endorsement until specific concerns are resolved
India's Ministry of Finance has declared it will not endorse Pillar One of the OECD's two-pillar tax solution until specific concerns are resolved. Key issues include the proposed dispute resolution mechanism, which India opposes being subject to
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Singapore updates CRS FAQs with guidance for investment entity trusts
The Inland Revenue Authority of Singapore (IRAS) has released updated FAQs regarding the Common Reporting Standard (CRS) on 25 July 2024. The Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development
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Macau approves tax information exchange deal with China
Macau issued Chief Executive Order No. 39/2024 in the Official Gazette on 22 July, 2024, authorising the automatic exchange of tax information on financial accounts with Mainland China. This Order, "Agreement on the Automatic Exchange of Fiscal
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India to expand transfer pricing safe harbour rules
India’s finance minister, Nirmala Sitharaman, said India plans to broaden its safe harbour regulations for transfer pricing. The minister said this while presenting the 2024-24 federal budget on 23 July, 2024. The planned expansion of the
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India: Finance Bill 2024 proposes corporate tax reform, new personal income tax regime
India’s Finance Minister Nirmala Sitharaman presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July, 2024. The Bill includes several proposals aimed at reforming the corporate tax framework. Corporate income tax New
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Korea (Rep.), Turkey income tax treaty enters into force
The new income tax treaty between Korea (Rep.) and Turkey entered into force on 21 July 2024, replacing the 1983 treaty between the two countries. It aims to enhance tax cooperation and prevent double taxation between the two nations in line with
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Netherlands publishes synthesised text of tax treaty with Kazakhstan
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Kazakhstan, clarifying the impact of the Multilateral Convention on Implementing Tax Treaty-related Measures to Prevent Base Erosion and Profit Shifting
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Azerbaijan publishes law on ratification of pending tax treaty with Kyrgyzstan
Azerbaijan published the law – titled, “Law of the Republic of Azerbaijan on approval of the ‘Agreement between the Republic of Azerbaijan and the Kyrgyz Republic on the elimination of double taxation and prevention of tax evasion with respect
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Taiwan-South Korea tax treaty takes effect January 2024, Taiwan’s 35th ADTA
Taiwan's Ministry of Finance has announced that the new income tax treaty with South Korea, which came into effect on 27 December 2023, will be applicable from 1 January 2024. The National Taxation Bureau of the Central Area, Ministry of Finance
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Netherlands publishes synthesised text of tax treaty with Indonesia under BEPS MLIÂ
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Indonesia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
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Sri Lanka releases estimated income tax statement for 2024-25
The Sri Lanka Inland Revenue Department (IRD) has released the Statement of Estimated Income Tax Payable for the year of assessment 2024/2025. It also issued the Statement of Estimated Tax (SET) - Credit Schedule and the Instructions for completing
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Australia: ATO issues local and master file guidance for 2024
The Australian Taxation Office (ATO) issued guidance for the local and master file requirements for 2024 on 15 July, 2024. This guidance applies to reporting periods commencing from 1 January 2023. This guidance includes the Local file
See MoreTaiwan: MoF issues notice on calculating interest income for loans
Taiwan's Ministry of Finance has released a notice regarding the calculation of interest income for loans provided either without interest or at a rate below the market standard. The Dajyh Office, National Taxation Bureau of the Central Area,
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Bangladesh passes Finance Act 2024
The Bangladesh parliament has passed the Finance Bill 2024 on 30 June, 2024, which amends several laws related to individual tax, corporate tax, and vat and supplementary duty. The bill was introduced by Finance Minister Abul Hassan Mahmood Ali,
See MoreMalaysia revises tax rules on foreign income, exempts dividends
The Inland Revenue Board of Malaysia (IRBM) has published amended technical guidelines – Tax Treatment In Relation To Income Received From Abroad (Amendment) – on 20 June 2024. This guidance provides clarification regarding the tax treatment
See MoreIndia increases windfall tax on petroleum crudeÂ
India’s government announced yesterday, 15 July 2024, an increase in the windfall tax on petroleum crude, raising it from INR 6,000 to INR 7,000 ($83.78) per metric tonne. This change will take effect starting today, 16 July. As part of its
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Hong Kong publishes FAQ on foreign debt interest income
The Hong Kong Inland Revenue Department (IRD) has published a frequently asked question (FAQ) regarding the tax treatment of Interest Income from Foreign Debt Instruments. Is the interest income derived by a fund, family-owned investment holding
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