Turkey: Notional interest deduction as incentive for capital
The Parliament has accepted a law 6639 entitled “notional interest deduction” on 7th April 2015. This new law gives a tax incentive for cash capital contribution increases, effects after 1st July 2015. Excluding those operating in the finance,
See MoreDTA between Nigeria and Spain enters into force
The Income and Capital Tax Treaty between Nigeria and Spain will enter into force on 5th June
See MoreEgypt Publishes Preliminary Budget for 2015-2016
The Ministry of Finance issued a preliminary statement on 18 March 2015, for the 2015-2016 Budget. The statement highlighted the following changes: The standard corporate tax rate will be reduced to 22.5%. The new rate is expected to apply for
See MoreDTA between Portugal and Saudi Arabia signed
Portugal and Saudi Arabia signed an income tax treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Lisbon on 8 April
See MoreBelgium: Council of Ministers Approves Protocol to Treaty between Belgium and Rwanda
The amending protocol to the income tax treaty between Belgium and Rwanda was approved by the Council of Ministers on 13 March 2015. The protocol was signed on 17 May
See MoreRwanda: Cabinet Approves Rwanda-Barbados DTA
The income tax treaty between Rwanda and Barbados was approved by the Cabinet of Rwanda on 20 March
See MoreSouth Africa signs protocol to amend tax treaty with Cyprus
The amending protocol to the Income and Capital Tax Treaty (1997) between South Africa and Cyprus was signed on April 1,
See MoreSouth Africa: SARS Issues Tax Guide For Non-Residents
The South African Revenue Service (SARS) has issued a tax guide for the tax treatment of South Africa-sourced income of non-residents. The guide mainly focuses on employment income. Non-resident individuals are required to register with SARS and
See MoreSouth Africa-Swaziland VAT mutual assistance agreement entered into force
The value added tax mutual assistance agreement between South Africa and Swaziland entered into force on 27 March 2015, which was signed on 4 December
See MoreDTA between Nigeria and Korea (Rep.) entered into force
The Income Tax Treaty between Nigeria and Korea Republic has entered into force on 21st March 2015 and it will be applicable from 1st January
See MoreMauritius: Budget for 2015-16
The Minister of Finance presented the Budget speech for 2015-16 to the parliament on 23 March 2015. The most important changes are summarized below: Corporate taxation: Interest payments to non-resident companies on bonds listed in the stock
See MoreEgypt: Rules for Dividend taxation, electronic tax payments
In Egypt, there are rules for the taxation of dividends and requirements for electronic tax payments by joint-stock companies and state-owned entities. Dividend tax for corporate entities: For corporate entities, the dividend tax applies at a rate
See MoreEgypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
See MoreCyprus and Bahrain sign DTA
Cyprus has signed a Double Taxation Agreement (DTA) with Bahrain on 9 March 2015. The treaty will follow the OECD Model Convention for the Avoidance of Double Taxation on Income and on
See MoreQatar and South Africa signed Income Tax Treaty
An income and capital tax treaty between Qatar and South Africa has signed on 6 March
See MoreNigeria: IMF comments on fiscal policy
On 4 March 2015 the IMF issued a press release on the conclusion of consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has grown strongly over the past decade at an average of almost 7% per annum
See MoreSpain: Cabinet Approves The Tax Treaty With Oman
The Cabinet has approved, on 27 February 2015, the signing "ad referendum" of the Convention between the Kingdom of Spain and the Sultanate of Oman to avoid double taxation and prevention of fiscal evasion with respect to taxes on income and
See MoreTurkey- Korea (Rep.) Free Trade Agreement Signed
A new Free Trade Agreement (FTA) between Turkey and Korea (Rep.) was signed on 26th February 2015. After the FTA enters into force and becomes effective this new agreement will replace the 2012 agreement that entered into force on 1st May
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