Malaysia ends consultation on extended tax incentives for BioNexus companies
The Inland Revenue Board of Malaysia (IRBM) concluded a brief public consultation regarding a draft public ruling on tax incentives for investments in BioNexus status companies (BSC) on 10 September 2024. The objective of this Public Ruling (PR) is
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IMF Working Paper: Advancing Labour Market Reforms in Korea
An IMF Working Paper of 23 August 2024 written by Stella Tam and Xin Cindy Xu looks at ways of advancing labour market reforms in Korea. The study looks at the structural challenges for the labour market in Korea and assesses the macroeconomic
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New Zealand seeks feedback on GST rules for managed fund fees
New Zealand Inland Revenue has initiated a public consultation process for a draft interpretation statement that outlines the Commissioner's perspective on the proper application of GST concerning fees related to managed funds. Once finalised, this
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Italy, Turkmenistan IPA enters into force
The 2009 Investment Protection Agreement (IPA) between Italy and Turkmenistan entered into force on 21 September 2020. Italy announced this through publication in Official Gazette No. 206 on 3 September 2024. The agreement will remain valid for
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Latvia considering signing tax treaty with Indonesia
Latvia's Ministry of Foreign Affairs issued a release expressing its interest in signing an income tax treaty with Indonesia. Officials from Latvia and Indonesia met on 5 September 2024, during which both parties discussed bilateral
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Russia approves income tax treaties with Abkhazia and Malaysia
The Russian government approved draft laws for the ratification of pending income tax treaties with Abkhazia and Malaysia on 4 September 2024. Previously, Russia and Abkhazia took a step towards economic cooperation by signing an income tax
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Australia: Senate releases report on build-to-rent tax incentive bills
Australia’s Senate Economics Legislation Committee has released its report on the Treasury Laws Amendment (Build to Rent) Bill 2024 and the Capital Works (Build to Rent Misuse Tax) Bill 2024. These draft bills propose tax incentives to stimulate
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
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Lithuania, Taiwan sign income tax treaty
On 3 September 2024, Lithuania's Ministry of Economy and Innovation announced the signing of an income tax treaty with Taiwan, which occurred in August. This treaty marks the first formal agreement of its kind between Lithuania and Taiwan, aimed at
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Taiwan sets new e-invoice and withholding tax deadlines
Taiwan announced new deadlines for e-invoice submissions and revised withholding tax deadlines, following updates approved by the President on 7 August 2024. E-Invoice submission deadlines: The updated regulations require that
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Bermuda and New Zealand activate first tax information exchange agreement
As per recent reports, Bermuda and New Zealand have officially activated their first-ever tax information exchange agreement, which came into effect on 15 December 2017. Initially signed on 16 April 2009, the agreement covers all relevant tax
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Sri Lanka to sign first income tax treaty with Austria
At a press briefing on Cabinet decisions from 2 September 2024, Sri Lanka's Cabinet announced its approval for signing an income tax treaty with Austria. According to the convention, Sri Lanka will be taxed at a rate not exceeding 10% of the
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Philippines: Senate passes Mutual Assistance Convention
The Philippines Senate has ratified the amended OECD - Council of Europe Convention on Mutual Administrative Assistance in Tax Matters, following the 2010 protocol on 3 September 2024. The Multilateral Convention on Mutual Administrative
See MoreOECD urges Malaysia to reintroduce GST to meet deficit target
According to a recent report published in the OECD Economic Surveys on Malaysia for 2024 on 27 August 2024, the OECD recommended Malaysia reinstate the goods and services tax (GST) at a low rate, coupled with targeted social transfers for vulnerable
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Argentina, Vietnam negotiating income tax treaty
Argentina and Vietnam have initiated negotiations for an income tax treaty, according to various reports. The aim of establishing a double tax treaty is to eliminate double taxation and avoid tax evasion between the two countries. Both nations
See MoreNew Zealand, Austria tax treaty protocol now in effect
The amending protocol to the 2006 income and capital tax treaty between Austria and New Zealand was enacted on 29 August 2024. Signed on 12 September 2023, this protocol represents the first amendment to the treaty. The main changes are as
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Singapore unveils summary of feedback on pillar 2 tax legislation and 2024 budget reforms
Singapore's Ministry of Finance released the Summary of Responses to the Public Consultation on the Draft Multinational Enterprise (Minimum Tax) Bill and the Income Tax (Amendment) Bill 2024 on 31 August 2024. Summary of Responses to Public
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New Zealand issues Commissioner’s Statement on withholding in transfer pricing
The New Zealand tax authority released the Commissioner's statement (CS) 24/02: Withholding obligations arising in relation to transfer pricing arrangements on 30 August 2024. CS 24/02 details the Commissioner's stance and operational strategy
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