Vietnam extends 2% VAT reduction on specific goods and services until end of 2024
The Vietnamese government issued Decree No. 72/2024/ND-CP on 30 June 2024, which mandates an additional reduction in the VAT rate from 10% to 8% for various goods and services in the second half of 2024. Effective from 1 July 2024, the government
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Taiwan: Profit-seeking enterprises which have yet to file their annual income tax returns should declare supplementary as soon as possible
The Taichung Branch, National Taxation Bureau of the Central Area, Ministry of Finance indicates that profit-seeking enterprises who have yet to file their 2023 income tax returns by the deadline 31 May, 2024, will soon be sent a delinquency notice
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Malaysia publishes guidelines on tax treatment of hybrid instruments
The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a
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Australia notifies implementation status of Pillar Two GloBe rules
The Australian Taxation Office (ATO) has shared key consultation feedback and findings regarding the implementation of the OECD/G20 Two Pillar Solution in Australia on 24 June 2024. It expects to complete the development of the necessary mechanisms
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Malaysia updates e-invoice guidelines
The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version
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Pakistan enacts Finance Act 2024 with major tax amendments
The Finance Bill 2024 enacts specific provisions proposed in the 2024-25 Budget on 12 June 2024, which include amendments to personal income tax, capital gain tax, sales tax, excise duty, and other taxes. These changes will take effect on 1 July,
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Cyprus, Vietnam to resume tax treaty talks
According to Vietnam’s government press release on 21 June 2024, Cyprus and Vietnam officials convened and expressed their interest in continuing negotiations for an income tax treaty. Both countries agree that avoiding double taxation will
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Thailand, US sign competent authority arrangement to FATCA agreement
The US Internal Revenue Service (IRS) released the official text of the competent authority arrangement (CAA) that the US government signed with Thailand under the Thailand—United States FATCA Model 1A Agreement (2016) (IGA) to implement the
See MoreAustralia announces GIC and SIC rates for Q1 2024-25Â Â
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 19 June, 2024. For the quarter commencing on 1 July 2024, the GIC
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Australia publishes guidance on small business incentives
The Australian Taxation Office (ATO) has released a guide, on 30 June 2024, detailing the criteria for small businesses to claim the AUD 20,000 instant asset write-off (IAWO). Additionally, the ATO has also issued guidance on how to claim the
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Hong Kong approves patent box tax concession
The Hong Kong SAR (HKSAR) Legislative Council passed the draft legislation (Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024) on the patent box tax incentive regime on 26 June, 2024. The draft bill proposes
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India increases windfall tax on petroleum
India's government has announced an increase in the windfall tax on petroleum, raising it to INR 6,000 per metric ton starting 2 July 2024. This decision, detailed in a recent notification, marks a sharp rise from the previous rate of INR
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Singapore issues new guidance for corporate income tax filing season 2024
The Inland Revenue Authority of Singapore (IRAS) has issued new guidance for the Corporate Income Tax Filing Season 2024 detailing filing of the corporate income tax return, preparing a tax computation, filing status, the tax bill, and tax
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Russia, Vietnam sign tax treaty on technical cooperation in tax policy and tax administration
The General Department of Taxation of Vietnam and the Federal Taxation Service of the Russian Federation signed a Memorandum of Understanding (MoU) on technical cooperation in tax policy and tax administration on 20 June, 2024. The tax
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Bangladesh passes fiscal year 2024-25 budget
Bangladesh’s national budget of BDT 7,97,000 crore (USD 74.3 billion) for the fiscal year 2024-25 was approved by the parliament yesterday, 30 June 2024, targeting a GDP growth rate of 6.75 % and aiming to maintain annual inflation at
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US, India agree to extend equalisation levy agreement
The US Department of the Treasury announced the extension of its agreement with India on 28 June, 2024, regarding the transition from the existing equalisation levy to a new multilateral solution agreed by the OECD-G20 Inclusive Framework. The
See MoreAustralia consults tax incentives for hydrogen and critical minerals production
Australia’s government has published two consultation papers requesting comments on its proposed tax incentives on hydrogen and critical minerals production. The deadline for receiving feedback on the both is set for 12 July, 2024. Both
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Azerbaijan ratifies tax treaty with Kyrgyzstan
Azerbaijan's National Assembly (Milli Mejlis) ratified the pending income tax treaty with Kyrgyzstan on Friday, 28 June 2024. The income tax agreement is expected to eliminate double taxation on income and prevent tax evasion between the two
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