Bangladesh: 2024/25 budget’s potential impact on consumer goods and services
Bangladesh Finance Minister Abul Hassan Mahmood Ali announced the BDT 7,96,900 crore (approximately $7.97 billion) national budget for the fiscal year 2024/25 in the parliament today, 6 June, 2024. The new budget could potentially have an impact on
See MoreBangladesh: Finance minister presents 2024/25 budget before the parliament
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament today, 6 June, 2024. This is the country's largest-ever budget
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Bangladesh to raise cigarette prices with higher taxes in budget for 2024-25 fiscal year
Cigarette prices are set to go up following an increase in supplementary duty and value-added tax (VAT) announced in Bangladesh's national budget for the 2024-25 fiscal year, which was presented today, 6 June, 2024, at the National
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Bangladesh proposes elevating VAT on SIM cards
The proposed budget for the fiscal year of 2024/25 suggests an increase in Value Added Tax (VAT) on SIM/eSIM cards, rising from BDT 200 to BDT 300. The supplementary duty on SIM-enabled telecommunication services has been elevated to 20%, marking
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Bangladesh could introduce VAT to light bulbs
The government of Bangladesh had previously exempted the country’s local electronics sector from value-added tax (VAT) for several years. However, Energy-efficient bulbs (1-50 watts) and tube lights (18W and 36W) may be getting more expensive as
See MoreBangladesh Cabinet approves FY 2024/25 budget
The Cabinet of Bangladesh approved the proposed national budget for FY 2024/25 on Thursday, 6 June, 2024. Announced by Abul Hassan Mahmood Ali, Finance Minister, on the same day it received the presidential authentication in the parliament; the
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China, Peru advances tax treaty negotiations
The Peruvian-Chinese Chamber of Commerce announced that China and Peru have completed the first round of negotiations for an income tax treaty on 31 May, 2024. This treaty aims to avoid double taxation and prevent tax evasion, enhancing economic
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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
See MoreBangladesh: 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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