Vietnam initiates consultation on corporate tax law amendment
On 12 June 2024, the Vietnamese Ministry of Finance (MoF) launched a public consultation on a proposed amendment to the corporate income tax (CIT) law. The key elements of the proposal include: Global Minimum Taxation: Incorporating a 15%
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Azerbaijan grants VAT and duty exemptions on defence imports
On 7 June 2024, Azerbaijan’s parliament approved exemptions from VAT and import duties for defence product imports. This exemption is expected to enhance the country’s defence industry and the production and development of defence products in
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Armenia, Hong Kong to sign tax treaty
On 14 June 2024, Armenia’s government announced it approved plans to sign an income tax treaty with Hong Kong. If signed, this tax treaty will be the first between the two nations. The treaty aims to eliminate double taxation of income and prevent
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Singapore updates e-tax guide on foreign income tax exemptions
The Inland Revenue Authority of Singapore (IRAS) released the updated version of its e-Tax guide, Income Tax: Tax Exemption under Section 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure
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Hong Kong reminds property owners of tax obligations
The Hong Kong Inland Revenue Department has released a notice detailing the property tax obligations for properties entirely, jointly, or co-owned by individuals; and properties owned by corporations or other entities. Property tax is charged on
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Malaysia publishes synthesised text of tax treaty with Qatar under BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Qatar, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
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Bangladesh: PSR mandatory for hotels, restaurants, clinics
The Bangladesh government is reportedly expanding its tax net; targeting hotels, restaurants, clinics, and diagnostic centres in an effort to boost revenue collection. The new measures, which take effect next fiscal year, will require these
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Spain confirms end of tax treaty with Kyrgyzstan
Spain’s Council of Ministers, through a statement, convened and approved an agreement recognising Kyrgyzstan's notice of termination of the 1985 tax treaty between Spain and the former Soviet Union on 11 June, 2024. This agreement was signed in
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New Zealand sets deemed rate of return for foreign investment fund interests for 2023-24
On 6 June, 2024, the Inland Revenue Department of New Zealand has declared that the deemed rate of return applicable to the taxation of foreign investment fund interests will be 8.63% for the income year of 2023-24, an increase of 0.48% from the
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Pakistan unveils $68 billion FY 2024-25 budget
Pakistan’s Finance Minister Muhammad Aurangzeb presented the 2024-25 federal budget of PKR 18.87 trillion (USD 68 billion) in the National Assembly yesterday, 12 June, 2024. This year’s national budget is an increase of 40% from the current
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Japan, Kyrgyzstan considers negotiating tax treaty
As per a statement from the Ministry of Economy and Commerce of Kyrgyzstan, representatives from Japan and Kyrgyzstan met on 5 June, 2024, to discuss enhancing bilateral collaborations, which includes talks regarding an income tax
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New Zealand enacts Taxation (Budget Measures) Act 2024
On 4 June, 2024, New Zealand enacted the Taxation Act 2024 , bringing tax relief to many sectors, primarily for individuals’ income tax thresholds. Budget 2024 sets out the Government’s plan to rebuild the economy, ease the cost of living,
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Australia: Queensland government to increase in stamp duty exemptions for home buyers
The Queensland government announced the 2024-25 state budget on 9 June, 2024. It primarily aims to increase duty and land tax rates for foreign individuals and offer first-time home buyers increased stamp duty exemptions. As per the policy,
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Sri Lanka, Maldives to sign tax treatyÂ
Officials from Sri Lanka and the Maldives met to discuss strengthening bilateral relations and cooperation, including the signing of an income tax treaty, on 6 June 2024. This follows after the Maldives ' Minister of Foreign Affairs, Moosa
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Australia: ATO releases 2024-25 tax withholding schedulesÂ
The Australian Taxation Office (ATO) announced it registered the Taxation Administration (Withholding Schedules Instrument 2024). Effective from 1 July, 2024, this instrument outlines the withholding schedules under the "pay as you go" (PAYG)
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Singapore: MoF launches public consultation on new multinational enterprise tax bill, income tax amendments
On 10 June 2024, The Ministry of Finance (MOF) announced a public consultation on the proposed Multinational Enterprise (Minimum Tax) Bill and associated legislative amendments to the Income Tax Act 1947 (ITA). The consultation period will run
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The Australian Taxation Office (ATO) initiated a public consultation on 4 June, 2024, regarding the Supplementary annual GST returns for the Top 100 and Top 1,000 public and multinational business taxpayers. The consultation is set to conclude in
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Ivory Coast, Korea (Rep.) fast-track tax treaty talks
Representatives from Ivory Coast and South Korea convened on 3 June, 2024, to enhance their bilateral ties, focusing on expediting talks for an income tax treaty. These negotiations, initiated in 2018, mark a step towards fostering economic
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