Bangladesh reportedly plans customs duty alignment with WTO standards
The National Board of Revenue (NBR) in Bangladesh reportedly plans to align customs duties for 20 products with the World Trade Organisation's (WTO) Bound Duty rates in the 2024/2025 fiscal year. Over the next two fiscal years, another 40
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Taiwan calls for improved compliance with CRS standard
The Ministry of Finance has issued a critical directive to all Financial Institutions (FIs), emphasising the need for strict adherence to the "Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operations" on 24 May,
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Australia publishes synthesised text of tax treaty with China regarding BEPS MLI
The Australian Taxation Office (ATO) has released the synthesised text of the tax treaty with China, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and
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Singapore updates tax guide for variable capital companies with new GST and deduction rules
The Inland Revenue Authority of Singapore (IRAS) published an e-tax guide (Second Edition) detailing the tax framework for variable capital companies (VCCs), a corporate structure designed for investment funds, on 31 May, 2024. The Second Edition
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Thailand unveils tax breaks to stimulate domestic tourism during off-season
In a bid to boost tourism during the traditionally slower months, Thailand's government has implemented tax incentives to encourage domestic travel. The measures were approved by the cabinet on Tuesday, 4 June, 2024. Companies organising
See MoreBangladesh: NRB reportedly raising source tax on educational institutions, cell phone companies
Bangladesh’s National Board of Revenue (NRB) is reportedly planning to increase the source tax on the interest income of educational institutions and Bangladesh Telecommunication Regulatory Commission (BTRC) from mobile phone companies in the 2025
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Bangladesh: Government to withdraw VAT exemptions for local electronics and other goods in 2024 budget
The government of Bangladesh had previously exempted the country's electronics sector from value-added tax (VAT) for several years. However, according to new rumors, the government could likely withdraw this exemption in the upcoming fiscal
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Azerbaijan approves BEPS MLI agreement
The Azerbaijan parliament ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). On 17 March 2023, the Ministry of Taxes of Azerbaijan released a statement regarding the implementation of obligations
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Malaysia publishes synthesised text of tax treaty with Luxembourg under BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Luxembourg, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base
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Australia: ATO summarises 2024 non-individual tax return changes
The Australian Taxation Office (ATO) released a summary on 30 May, 2024, detailing the updates to non-individual tax return forms and schedules for the 2023–24 income tax period. The Company Tax Return 2024 includes changes related to
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New Zealand announces 2024 budget, major adjustments made to individual tax brackets
New Zealand’s 2024 budget was made public on Sunday, 30 May, 2024. It does not contain any major tax measures but proposes adjustments to the individual income tax brackets. The start date has been pushed from July to August. Delivered by
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Japan updates CRS FAQs
Japan's National Tax Agency updated its FAQs on the common reporting standard (CRS) for automatic exchange of financial account information concerning non-residents on 9 April 2024. The revised FAQ includes new guidance on reporting requirements
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Vietnam implements tougher measures to tackle tax evasion
Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a
See MoreSingapore: IRAS introduces new exchange rate tool for taxpayers
The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations. This tool simplifies the process of calculating average exchange rates for
See MoreMalaysia, Russia releases tax treaty updates
Malaysia and Russia signed a new income tax treaty on 17 May, 2024, which replaced the 1987 tax treaty between the two countries. As of now, the main measures of this new agreement are as follows: Scope of the taxes The tax treaty includes
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Hong Kong cuts tax reserve certificate interest rate
The Hong Kong Inland Revenue Department, on Friday, 31 May, 2024, announced a change in the rate of interest payable on Tax Reserve Certificates in a legal notice published in the Government Gazette. The notice includes a reduction in the annual
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Japan clarifies global minimum tax rules with new guidance
Japan's National Tax Agency has released an explanation of its administrative guidance related to the Income Inclusion Rule (J-IIR), part of the country's 2023 tax reform measures to implement Pillar Two global minimum tax. The J-IIR ensures
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