Turkey enforces increased tax penalties under amended Tax Procedure Law
Turkey's Ministry of Treasury and Finance has released General Communiqué No. 571 on 19 October 2024, officially enforcing heightened tax penalties in accordance with the amended Tax Procedure Law (TPL) as outlined in Law No. 7524. According to
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Morocco: 2025 draft finance law introduces new tax rules for joint ventures and economic groups
Morocco’s Ministry of Finance released the draft Finance Law 2025 on 19 October 2024, proposing various measures for corporate income tax, focusing on taxing joint ventures and economic interest groups. Corporate tax rules change for joint
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UAE: Tax Authority releases guide on tax residence and residency certificates
The UAE Federal Tax Authority released a new guide on tax residence and tax residency certificates, titled Tax Procedures Guide on Tax Resident and Tax Residency Certificate - TPGTR1. Federal Decree-Law No. 47 of 2022 on the Taxation of
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Turkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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UAE: MoF drops economic substance reporting requirements
The Ministry of Finance (MoF) has cancelled the economic substance reporting requirements for companies with financial years concluding after 31 December 2022. This update follows Cabinet Decision No. (98) of 2024, which revises certain aspects
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Luxembourg, Oman sign first income tax treaty
Luxembourg and Oman have signed an income tax treaty on 17 October 2024. HE Sheikh Dr Abdullah bin Salem al Harthy, Oman's Ambassador to Luxembourg, signed the agreement on behalf of Oman, and HE Gilles Worth, Luxembourg's Minister of Finance,
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Turkey updates transfer pricing communiqué to align with new CbC reporting deadlines
Turkey’s Ministry of Treasury and Finance released General Communiqué No. 5 on Transfer Pricing on 17 October 2014. This Communiqué amends General Communiqué No. 1 on Transfer Pricing and aligns it with new deadlines for Country-by-Country
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Egypt: House of Representatives approve income tax treaty with Oman
The Egyptian House of Representatives approved the ratification of the income tax treaty with Oman on 7 October 2024. Both countries apply the credit method for the elimination of double taxation. The agreement specifies that dividends,
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Turkey withdraws Draft Omnibus Law on motor vehicle tax
On 15 October 2024, the Turkish government withdrew a draft Omnibus Law that had been submitted to the Grand National Assembly of Türkiye (GNAT) just four days earlier, on 11 October 2024. The proposed law aimed to amend the Motor Vehicles Tax
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Kuwait tightens rules on fixed asset disposal
The Kuwait Tax Authority (KTA) has announced stricter regulations regarding the disposal and destruction of fixed assets, focusing on compliance with the current Executive Rules of the Kuwait tax law. Taxpayers are now required to notify the KTA
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Kenya: KRA to leverage AI and tech to promote tax compliance
The Kenya Revenue Authority (KRA) Commissioner General (CG) HE Dr Musalia Mudavadi plans to use artificial intelligence (AI), the Internet of things (IoT), big data, and blockchain to improve tax administration, enhance transparency, and tackle tax
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Saudi Arabia introduces new real estate transaction tax regulations
Saudi Arabia has released updated regulations for its real estate transaction tax (RETT) system, published in the Official Gazette on 11 October 2024. The new rules implement a 5% tax on all real estate disposals, applying to properties without
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Algeria joins mutual assistance convention to combat tax evasion
Amel Abdellatif, Tax Commissioner of Algeria signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention), as amended by the 2010 protocol, on 10 October 2024. The Convention must first be ratified
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UAE extends corporate tax filing deadline
The UAE Federal Tax Authority (FTA) has extended the deadline for filing corporate tax returns and settling corporate tax obligations to 31 December 2024. The announcement was made in Public Clarification CTP004, clarifying the implications of FTA
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Turkey clarifies application of new anti-avoidance rule
The Turkish Revenue Administration has issued Income Tax General Communiqué No. 326 in the Official Gazette, outlining application measure of Law No. 7524. The purpose of this communiqué is to introduce a general anti-avoidance rule, which
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Iraq: Council of Ministers terminate tax treaty negotiations with Croatia
Iraq’s Council of Ministers revoked its authorisation for tax treaty negotiations with Croatia on 1 October 2024. This decision nullifies earlier approvals granted under Decision No. 103 of 2023 and No. 23396 of 2023, which allowed the drafting
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Kenya consults proposed income tax treaty with Iceland
Kenya has initiated a public consultation on the proposed income tax treaty with Iceland. The announcement was made in a public notice by the National Treasury on 2 October 2024. The consultation is set to conclude on 7 November 2024. The
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US: Treasury releases list of boycott countries
The US Treasury published a notice in the Federal Register regarding the current list of countries that may necessitate participation in or cooperation with an international boycott on 1 October 2024. The countries identified include Iraq,
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