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.
Australia
Tax area concerned | Relevant date | Description of measures and publication link | |
Australia | |||
Tax legislation approved and regulatory update | Indirect tax | 28 October 2024 | Payroll tax changes (Northern Territory), land tax treatment of Corporate Collective Investment Vehicles (New South Wales). Read more. |
Tax legislation approved and regulatory update | Indirect tax | 22 October 2024 | New South Wales (duty, land tax treatment of corporate collective investment vehicles), Victoria (off-the-plan stamp duty concession). Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 15 October 2024 | Guidance on compliance approach to restructuring transactions in response to new thin capitalization rules. Read more. |
Proposed legislation | Income tax | 11 October 2024 | Draft legislation on small business tax obligations, foreign residents’ capital gains withholding passes lower house of Parliament. Read more. |
Tax legislation approved and regulatory update | Tax compliance | 10 October 2024 | Revised fringe benefits tax exemptions for plug-in hybrid vehicles effective April 2025. Read more. |
Tax legislation approved and regulatory update | Income tax | 04 October 2024 | First annual Research and Development tax incentive transparency report. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 04 October 2024 | Supplementary annual Goods and Services Tax return for certain large taxpayers. Read more. |
Bahrain
Tax area concerned | Relevant date | Description of measures and publication link | |
Bahrain | |||
Tax legislation approved and regulatory update | Tax compliance | 28 October 2024 | Amendments to rules on permissible commercial activities for foreign owned companies. Read more. |
Bangladesh
Tax area concerned | Relevant date | Description of measures and publication link | |
Bangladesh | |||
KPMG publication | Various tax topics | 28 October 2024 | Summary of tax laws as amended by Finance Act 2024. Read more. |
Cambodia
Tax area concerned | Relevant date | Description of measures and publication link | |
Cambodia | |||
KPMG publication | Various tax topics | 25 October 2024 | Tax, accounting, labor, and regulatory compliance reminders for 2024-2025. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 22 October 2024 | Guidance covering fiscal obligations for real estate leases, cessation of business, tax relief for airlines. Read more. |
Hong Kong SAR, China
Tax area concerned | Relevant date | Description of measures and publication link | |
Hong Kong SAR, China | |||
Administrative and case law | Tax compliance | 29 October 2024 | Management fees paid to British Virgin Islands affiliate not deductible. Read more. |
Proposed legislation | Tax compliance | 21 October 2024 | Draft legislation granting tax deduction for lease reinstatement costs, removing time limit for claiming building allowances. Read more. |
Administrative and case law | Income tax | 08 October 2024 | Sourcing of profits from container trading and leasing (court decision). Read more. |
India
Tax area concerned | Relevant date | Description of measures and publication link | |
India | |||
Administrative and case law | Tax compliance | 18 October 2024 | Long-term capital gains rate applicable to gains from depreciable assets held for more than 36 months. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 11 October 2024 | Amendments to Goods and Services Tax rules including amnesty scheme. Read more. |
Tax legislation approved and regulatory update | Income tax | 09 October 2024 | Guidelines for applications to excuse delay in claiming refunds. Read more. |
Administrative and case law | Income tax | 07 October 2024 | Procedural disputes within revived reassessment proceedings (Supreme Court decision). Read more. |
Korea, Republic of (South)
Tax area concerned | Relevant date | Description of measures and publication link | |
Korea, Republic of (South) | |||
Administrative and case law | Tax compliance | 23 October 2024 | Royalties for use of unregistered patents subject to tax under U.S. treaty (Tax Tribunal decision). Read more. |
Kuwait
Tax area concerned | Relevant date | Description of measures and publication link | |
Kuwait | |||
Tax legislation approved and regulatory update | Indirect tax | 15 October 2024 | Guidance on requirements under tax law on disposal/destruction of fixed assets. Read more. |
Malaysia
Tax area concerned | Relevant date | Description of measures and publication link | |
Malaysia | |||
Proposed legislation | Various tax topics | 24 October 2024 | Overview of direct tax measures in 2025 budget. Read more. |
Proposed legislation | Indirect tax | 21 October 2024 | Indirect tax proposals in 2025 budget. Read more. |
Tax legislation approved and regulatory update | Income tax | 15 October 2024 | Capital gains tax exemptions for certain group restructurings and initial public offerings. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 09 October 2024 | Summary of income and indirect tax developments (October 2024). Read more. |
Tax legislation approved and regulatory update | Tax compliance | 04 October 2024 | Tax exemptions for unit trusts. Read more. |
New Zealand
Tax area concerned | Relevant date | Description of measures and publication link | |
New Zealand | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 29 October 2024 | Summary of implementation of Pillar Two global anti-base erosion rules. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 07 October 2024 | Updated compliance focus guide for multinationals reflects Base Erosion Profit Shifting, Pillar Two changes. Read more. |
Saudi Arabia
Tax area concerned | Relevant date | Description of measures and publication link | |
Saudi Arabia | |||
Tax legislation approved and regulatory update | Indirect tax | 16 October 2024 | Updated real estate transaction tax law. Read more. |
Singapore
Tax area concerned | Relevant date | Description of measures and publication link | |
Singapore | |||
Tax legislation approved and regulatory update | Tax compliance | 22 October 2024 | Updated guidance on FATCA and common reporting standards return. Read more. |
Tax legislation approved and regulatory update | Tax compliance | 17 October 2024 | Updated record level error codes for FATCA and common reporting standards. Read more. |
United Arab Emirates
Tax area concerned | Relevant date | Description of measures and publication link | |
United Arab Emirates | |||
Tax legislation approved and regulatory update | Income tax | 30 October 2024 | New guidance on tax residence and Tax Residency Certificate application procedures. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 28 October 2024 | Implementation of mandatory e-invoicing from July 2026. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 04 October 2024 | Updated executive regulation on Value Added Tax (VAT). Read more. |
Vietnam
Tax area concerned | Relevant date | Description of measures and publication link | |
Vietnam | |||
Tax legislation approved and regulatory update | Various tax topics | 31 October 2024 | Updates concerning corporate income tax, Value Added Tax (VAT), and foreign contractor tax. Read more. |
