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
See More
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 More
Taiwan: 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,
See More
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 More
Malaysia 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 More
India increases windfall tax on petroleum crude
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
See More
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
See More
Bahamas issues MAP guidance with Japan
The Bahamas Ministry of Finance has released guidance on Mutual Agreement Procedures (MAP) with Japan as per the tax information exchange agreement between the two nations. The guidance details the scope of MAP, eligibility for requesting MAP,
See More
Singapore publishes updated e-tax guide on GST for exports
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide on GST exports on 8 July, 2024 . This e-Tax Guide details the various circumstances and documentary requirements for which a supply of goods can
See More
Australia: ATO updates foreign exchange rate guidelines
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, which includes the monthly foreign exchange rates for the 2023-2024 income year (1 July, 2023, to 30 June, 2024) and the annual foreign exchange rates for the
See More
Hong Kong issues guidance on foreign income exemption regime
Hong Kong’s Inland Revenue Department (IRD) issued guidance on various facets of the foreign-sourced income exemption (FSIE) regime, on 5 July 2024, clarifying definitions for covered income, economic substance requirements, and participation
See More
Australia: ATO to collect data from online marketplaces
The Australian Taxation Office (ATO) registered a gazette notice stating that it will be acquiring sales data from online selling platforms operating in Australia from 2023–24 through to 2025–26. The announcement was made on Monday, 8 July
See More
Kazakhstan consults signing of STTR MLI approval
The Ministry of Finance of Kazakhstan has initiated a public consultation on a draft resolution to approve the signing of the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule (STTR MLI). The
See More
Luxembourg ratifies Partnership and Cooperation Agreement with EU, Malaysia
Luxembourg has ratified the Partnership and Cooperation Agreement (PCA) between the European Union and Malaysia on 5 June, 2024. The agreement was signed on 14 December, 2022, at Brussels, and published in the Journal Officiel du Grand-Duché de
See MoreAustralia introduces Pillar Two global minimum tax legislation in parliament
Australia’s Treasurer Jim Chalmers announced on 4 July, 2024, the introduction of legislation in parliament aimed at implementing the Pillar Two global minimum tax. Introduced by the Albanese Government, the legislation ensures multinational
See MoreTaiwan clarifies interest expense rules for fixed asset purchases and construction
Taiwan's Ministry of Finance released a notice on 5 June, 2024 concerning the assessment of the regulations on the recognition of interest expenses related to the purchase and construction of fixed assets profit-seeking enterprises. The National
See More
South Korea reportedly prepares dividend incentives to boost economic growth
In a bid to stimulate economic growth and encourage corporate investment, the South Korean government is reportedly gearing up to unveil a set of incentives aimed at boosting dividends. According to sources, the government plans to introduce a 5%
See More
Pakistan publishes new returns forms for tax year 2024
Pakistan's Federal Board of Revenue (FBR) published a Notification S.R.O. 949(I)/2024 on 3 July 2024, which includes new returns forms available for companies, salaried persons, and business individuals for the tax year 2024. The forms are
See More