For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.
To contact the International Tax Team email internationaltax@kpmg.com.
To register for the International Tax webcasts, click here.
Armenia
Armenia | |||
Tax legislation approved and regulatory update | Transfer pricing | 12 November 2024 | Agreement on automatic exchange of country-by-country reports. Read more. |
Australia
Australia | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 27 November 2024 | Legislation implementing Pillar Two global minimum tax rules passes Senate. Read more. |
Proposed legislation | Income tax | 26 November 2024 | Proposed production tax incentives. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 22 November 2024 | Bill addressing duty and land tax treatment of corporate collective investment vehicles passes Parliament (New South Wales). Read more. |
Proposed legislation | Tax compliance | 22 November 2024 | Consultation on cryptoasset reporting framework and common reporting standards amendments. Read more. |
Proposed legislation | Income tax | 15 November 2024 | Treasury opens consultation on legislation for enhanced ownership disclosure of listed entities. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 15 November 2024 | Australian Taxation Office extends filing deadline for country-by-country reporting entities. Read more. |
Tax legislation approved and regulatory update | Income tax | 01 November 2024 | Australian Taxation Office's 2022-2023 corporate tax transparency report. Read more. |
Bahrain
Bahrain |
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Tax legislation approved and regulatory update | Treaties | 12 November 2024 | New income tax treaty with Guernsey, amendments to treaty with Czech Republic. Read more. | |
Cambodia
Cambodia | |||
Tax legislation approved and regulatory update | Various tax topics | 12 November 2024 | Guidance on tax relief and exemptions. Read more. |
Egypt
Egypt | |||
Tax legislation approved and regulatory update | Indirect tax | 22 November 2024 | New Value Added Tax (VAT) rules on exported services. Read more. |
Hong Kong SAR, China
Hong Kong SAR, China | |||
Administrative and case law | Income tax | 22 November 2024 | Upfront payment, but not necessarily ongoing royalties, under trademark sub-licensing arrangement held Hong Kong-sourced. Read more. |
Tax legislation approved and regulatory update | Tax compliance | 22 November 2024 | Updated encryption tool on Automatic Exchange of Information portal. Read more. |
Tax legislation approved and regulatory update | Income tax | 21 November 2024 | Treatment of foreign-sourced in-kind dividends under foreign-sourced income exemption regime. Read more. |
Proposed legislation | BEPS Pillar 2 | 04 November 2024 | Outcomes from Pillar Two consultation. Read more. |
India
India | |||
Administrative and case law | Income tax | 26 November 2024 | Arbitral award under business contract treated as business income under Japan treaty (Tribunal decision). Read more. |
Administrative and case law | Income tax | 25 November 2024 | Taxpayer entitled to claim business losses from commercial transactions made in good faith (High Court decision). Read more. |
Administrative and case law | Treaties | 19 November 2024 | Treaty exemption available to foreign airline company in respect of code sharing arrangement (Tribunal decision). Read more. |
Tax legislation approved and regulatory update | Tax compliance | 19 November 2024 | Compliance campaign for disclosure of foreign assets and income. Read more. |
Administrative and case law | Income tax | 06 November 2024 | Nonrefundable advance maintenance fees taxable in year of receipt. Read more. |
Israel
Israel | |||
Proposed legislation | Transfer pricing | 07 November 2024 | Proposed "Green Track" for research and development centers. Read more. |
Kazakhstan
Kazakhstan | |||
Proposed legislation | Indirect tax | 19 November 2024 | Proposal to expand list of goods eligible for zero Value Added Tax (VAT) rate in special economic zones. Read more. |
Malaysia
Malaysia | |||
Tax legislation approved and regulatory update | Various tax topics | 26 November 2024 | Amendments to service tax regulations expand intra-group relief and update taxable services. Read more. |
Tax legislation approved and regulatory update | Tax compliance | 18 November 2024 | Framework for voluntary disclosure program. Read more. |
Tax legislation approved and regulatory update | Income tax | 14 November 2024 | Income tax and real property gains tax developments. Read more. |
Maldives
Maldives | |||
Tax legislation approved and regulatory update | Indirect tax | 12 November 2024 | Amendments to goods and services tax, tourism act, and airport fees ratified. Read more. |
Oman
Oman | |||
Tax legislation approved and regulatory update | Treaties | 04 November 2024 | Tax treaties to avoid double taxation signed with Luxembourg and Estonia. Read more. |
Saudi Arabia
Saudi Arabia | |||
Tax legislation approved and regulatory update | Indirect tax | 04 November 2024 | E-invoicing requirement extended to 17th group of taxpayers from July 31, 2025. Read more. |
Singapore
Singapore | |||
Proposed legislation | Transfer pricing | 20 November 2024 | Bills to implement global minimum tax, list of jurisdictions for exchange of country by country reports, applying for certificates of residence. Read more. |
United Arab Emirates
United Arab Emirates | |||
Tax legislation approved and regulatory update | Various tax topics | 12 November 2024 | Tax guide on corporate tax returns includes transfer pricing thresholds and procedures. Read more. |
Tax legislation approved and regulatory update | Income tax | 05 November 2024 | Corporate tax guide on tax residency and tax residency certificate. Read more. |
