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 legislation approved and regulatory update | Income tax | 19 December 2024 | Tax measures announced in 2024-2025 Mid-year Economic and Fiscal Outlook. Read more. |
Administrative and case law | Income tax | 18 December 2024 | Taxpayers held promoters of scheme to exploit research and development tax incentive (Federal Court decision). Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 18 December 2024 | List of specified jurisdictions for public country-by-country reporting. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 16 December 2024 | Changes to country-by-country reporting exemption process. Read more. |
Proposed legislation | Income tax | 13 December 2024 | Consultation on updated draft ruling on application of “capital gains tax event K6”. Read more. |
Proposed legislation | Indirect tax | 13 December 2024 | Proposed first-home buyer duty relief and general practitioner payroll tax exemption (Queensland). Read more. |
Tax legislation approved and regulatory update | Income tax | 12 December 2024 | Taxpayer alerts on early-stage investor tax offset scheme, Division 7A circumvention arrangements. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 12 December 2024 | Updated guidance on public country-by-country reporting. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 11 December 2024 | Pillar Two minimum tax, public country by country reporting, and foreign residents’ capital gains withholding bills receive Royal Assent. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 04 December 2024 | Update on recent tax legislative developments. Read more. |
Proposed legislation | Income tax | 04 December 2024 | Guidance on thin capitalization rules, franked distributions, insurance premiums paid to nonresident insurers. Read more. |
Proposed legislation | BEPS | 03 December 2024 | Treasury releases draft legislation for tax treaty with Portugal incorporating Base Erosion Profit Shifting provisions. Read more. |
Proposed legislation | Income tax | 02 December 2024 | Parliament advances tax legislation for small businesses, build-to-rent developments, and production incentives. Read more. |
Administrative and case law | Income tax | 02 December 2024 | Application for stay of royalty withholding tax proceedings denied (Federal Court decision). Read more. |
Proposed legislation | Income tax | 02 December 2024 | Parliamentary committee recommends implementing digital services tax. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 02 December 2024 | Guidance on international transactions that attract scrutiny. Read more. |
Proposed legislation | BEPS Pillar 2 | 02 December 2024 | Parliament passes Pillar Two minimum tax bills. Read more. |
Proposed legislation | Transfer pricing | 02 December 2024 | Parliament passes legislation implementing public country-by-country reporting. Read more. |
Bahrain
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Tax legislation approved and regulatory update | BEPS Pillar 2 | 16 December 2024 | Pillar Two global minimum tax implementing regulations. Read more. | |
Cambodia
Tax legislation approved and regulatory update | Transfer pricing | 20 December 2024 | New transfer pricing regulations. Read more. |
India
Tax legislation approved and regulatory update | Income tax | 17 December 2024 | Additional guidance on Direct Tax Vivad Se Vishwas Scheme 2024. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 13 December 2024 | New group of taxpayers required to report invoices within 30 days. Read more. |
Administrative and case law | Transfer pricing | 06 December 2024 | Transfer pricing rules applicable to transactions between foreign company and its Indian branch (Tribunal decision). Read more. |
Indonesia
Tax legislation approved and regulatory update | Indirect tax | 13 December 2024 | Guidance on tax treatment of joint operations. Read more. |
Tax legislation approved and regulatory update | Income tax | 02 December 2024 | Guidance on deductibility of uncollectible accounts. Read more. |
Malaysia
KPMG publication | Various tax topics | 12 December 2024 | Tax developments summary (December 2024). Read more. |
Tax legislation approved and regulatory update | Indirect tax | 02 December 2024 | Amendments to indirect tax laws relating to Pulau 1. Read more. |
Maldives
Tax legislation approved and regulatory update | Income tax | 02 December 2024 | Tightened enforcement procedures, new reporting rules for special economic zones. Read more. |
Pakistan
Tax legislation approved and regulatory update | Income tax | 30 December 2024 | Income Tax Amendment Ordinance, 2024 increases tax rate for banking sector. Read more. |
Proposed legislation | Various tax topics | 20 December 2024 | Proposed changes to income, sales, and excise tax legislation. Read more. |
Singapore
Tax legislation approved and regulatory update | Tax compliance | 04 December 2024 | Common Reporting Standard Taxpayer Identification Numbers guide issued. Read more. |
Tax legislation approved and regulatory update | Income tax | 02 December 2024 | Alternative net tonnage basis of taxation for shipping companies. Read more. |
Sri Lanka
Proposed legislation | Various tax topics | 19 December 2024 | Tax reform proposals presented to Parliament include value added tax on nonresident digital service providers. Read more. |
Taiwan
Tax legislation approved and regulatory update | Income tax | 30 December 2024 | Recent guidance on income tax withholding. Read more. |
Tax legislation approved and regulatory update | Income tax | 23 December 2024 | Guidance on income tax withholding, non-withholding tax statements, tax calculation for foreign enterprises. Read more. |
Turkiye
Tax legislation approved and regulatory update | Income tax | 30 December 2024 | Reduced exemption rate for corporations for gains derived from sales of certain assets. Read more. |
Tax legislation approved and regulatory update | Income tax | 30 December 2024 | Updated guide on mutual agreement procedures under income tax treaties. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 30 December 2024 | Clarified withholding tax requirements for payments from electronic commerce intermediaries to service providers. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 30 December 2024 | Amended electronic invoice and document requirements for various sectors. Read more. |
United Arab Emirates
Tax legislation approved and regulatory update | Income tax | 02 December 2024 | Guide on corporate tax treatment of real estate investments for natural persons. Read more. |
Tax legislation approved and regulatory update | Income tax | 02 December 2024 | Grace period to update tax records, requests for review of tax assessment or administrative penalties. Read more. |
