Australia: ATO offers tax relief for struggling businesses
The Australian Taxation Office (ATO) published a notice on Thursday, 9 May, 2024, regarding the availability of tax payment relief options for struggling businesses in Australia. According to the ATO, paying the tax bill in full, and on time,
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Taiwan introduces instalment option for settling significant supplementary taxes
On 7 May 2024, the Ministry of Finance in Taiwan released a notification regarding instalment alternatives for settling significant supplementary taxes. The notification states: The National Taxation Bureau of the Northern Area (NTBNA), MOF
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Hong Kong releases synthesised text of BEPS MLI-affected tax treaty with Russia
The Hong Kong Inland Revenue Department (IRD) has released the synthesised text of the tax treaty with Russia, as affected by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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Bangladesh and Thailand set sight on FTA in 2024
Bangladesh and Thailand have set their sights on a Free Trade Agreement (FTA) by the end of 2024, according to a joint announcement following a meeting in Bangkok on 26 April, 2024. Thai Prime Minister Srettha Thavisin, at the joint press
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Taiwan: Ministry of Finance relaxes taxation for CFC
The Ministry of Finance in Taiwan has released a notification regarding eased taxation regulations concerning profits from Controlled Foreign Corporations (CFCs) invested in enterprises situated in non-low-tax jurisdictions that are acknowledged
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Philippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
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Pakistan disables half a million SIMs to push for tax compliance
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April, 2024, that they will be disabling the mobile phone SIMs of more than half a million people in the country. These individuals have not filed their income tax returns for the
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Singapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
The Inland Revenue Authority of Singapore (IRAS) has released an updated guidance on conducting audits and investigations related to Missing Trader Fraud Arrangements. IRAS identifies Missing Trader Fraud arrangements to be one of the key
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Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
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Australia consults regulation of accounting, auditing, and consulting firms following PwC tax leaks scandal
On Friday, 3 May, 2024, the Australian Treasury introduced two public consultations following the PwC tax leaks scandal. This includes a consultation on the regulation of accounting, auditing and consulting firms in Australia and a consultation
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New Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual tax
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Hong Kong issues notice on 2023/24 individual tax return filing
The Hong Kong Inland Revenue Department published a notice on 2 May, 2024, regarding the filing 2023/24 individual tax returns. Taxpayers are required to file duly completed returns to the Inland Revenue Department (IRD) within one month from the
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IMF proposes ending tax rebates for 33 industries in Bangladesh
According to Bangladesh’s National Board of Revenue (NBR) the International Monetary Fund (IMF) has proposed the government to end the tax rebate facility for 33 industries, which has been provided to these sectors for 10 years. The IMF has
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India CBDT extends Form 10A/10AB filing deadline to 30 June 2024
India’s Central Board of Direct Taxes (CBDT) has released Circular No. 07/202 on Saturday, 25 April 2024, which extends the deadline for filing Form 10A/Form 10AB under the Income-tax Act, 1961 (the 'Act') until 30 June 2024. The tax
See MoreAustralia ATO introduces change to CbC local file reporting from 2025
The Australian Taxation Office (ATO) released a notice announcing changes to the Country-by-Country (CbC) Local file reporting on Wednesday, 1 May 2024. These changes will take effect starting 1 January 2025. The key points of the notice
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Philippines extends withholding tax transition period for online platform payments to suppliers
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
See MoreBangladesh: IMF proposes 15% VAT on goods and services for businesses over Tk3cr turnover
On 28 April 2024, Bangladesh’s National Board of Revenue (NBR) announced that the International Monetary Fund (IMF) proposed enforcing a 15% Value Added Tax (VAT) on goods and services from businesses with turnover above Tk3 crore. The IMF also
See MoreAustralia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
The Australian Parliament has recently approved the following bills, which are awaiting Royal Assent. The bills are as follows: The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill of 2023
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