WTO: World Trade Statistics 2023
On 31 July 2024 the WTO launched a new online interactive tool, World Trade Statistics 2023. The interactive tool includes charts of the growth in merchandise trade value and volume, the top 20 exporters in merchandise trade and the growth in
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Switzerland approves tax treaty with Jordan
During a meeting, the Swiss Federal Council approved a double taxation agreement (DTA) with Jordan on 21 August 2024. The agreement will create legal certainty and favourable conditions for the further development of bilateral economic relations
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Turkey publishes regret declaration guide
Turkey's Revenue Administration published a Regret Declaration Guide on Wednesday, 21 August 2024, outlining the regret and correction scheme. The scheme enables taxpayers to voluntarily disclose illegal activities that have led to tax losses. By
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UAE, Eswatini negotiate tax treaty
Eswatini (formerly Swaziland) announced on Tuesday, 20 August 2024, that it had initiated talks with the United Arab Emirates for an income and capital tax treaty. Ministers Pholile Shakantu, Neal Rijkenberg, and Manqoba Khumalo have met with UAE
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UAE raises awareness about corporate tax compliance
UAE’s Federal Tax Authority (FTA) intensified its awareness activities and events this year, organised to highlight the importance, objectives, procedures, and requirements for complying with the Corporate Tax Law, which came into effect last year
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Kenya: SC halts COA ruling, declares Finance Act 2023 unconstitutional
Kenya’s Supreme Court ruled, on 20 August 2024, suspending the Court of Appeal's recent judgment that declared the Finance Act 2023 unconstitutional. The Supreme Court implemented a conservatory order to suspend and stay most of the declarations
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Oman introduces incentives to develop capital market
Oman's Financial Services Authority (FSA) has launched the Capital Market Incentive Programme (CMIP), on 11 August 2024, aimed at enhancing the investment and business environment in the Sultanate. The initiative is part of a broader strategy to
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Kenya plans to reintroduce tax proposals from Finance Bill 2024, including amended eco levy
Kenya's new Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi, announced in a post on X that he met the Kenya Revenue Authority (KRA) on 20 August 2024, and reaffirmed the government's commitment to boosting revenue
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Turkey approves free trade agreement with Ukraine
Turkey has approved the free trade agreement with Ukraine, according to the country's official gazette No. 32620 on 2 August 2024. The agreement was signed on 3 February 2022 and was later approved by President Recep Tayyip Erdogan, along with
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UAE clarifies corporate tax for juridical persons in the first tax period
The UAE Federal Tax Authority (FTA) released a public clarification, on 13 August 2024, confirming that the first Tax Period of a newly established company, in respect of a juridical person subject to Corporate Tax, is determined by the first
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Israel to implement Pillar Two QDMTT in 2026
Israel's Ministry of Finance announced its initial plan to implement the qualified domestic minimum top-up tax (QDMTT) in 2026, as part of the OECD Pillar Two international tax reform. The enforcement of QDMTT will eliminate the need for Israeli
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Morocco, Chad sign income tax treaty
Morocco and Chad have signed an income tax treaty on 14 August, 2024. This agreement is the first between the two nations. The tax treaty was signed by Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Nasser Bourita, and
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South Africa to impose VAT on low-value parcels
The South African Revenue Services (SARS) has issued interim tax changes on the importation of clothing through e-commerce by several importers on 8 August 2024. SARS observed that many importers have been evading the mandatory customs duties and
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UAE releases new corporate tax guide on determining taxable income
The UAE Federal Tax Authority (FTA) has released a new Corporate Tax Guide titled "Determination of Taxable Income" (CTGDTI1)”, which provides detailed guidance on calculating the taxable income base for corporate tax purposes in the UAE. The
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Saudi Arabia approves updated investment law
The Saudi Press Agency announced the approval of a new Updated Investment Law, published on 11 August 2024. Set to come into effect in early 2025, the law aims to attract foreign investors, enhance the competitiveness of the investment
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South Africa updates guidance on PBO funding to associations of persons
The South African Revenue Service (SARS) has released an updated guidance concerning the provision of funds, assets, or other resources by a public benefit organisation (PBO) to any association of persons. This Note offers guidance on several key
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Indonesia, GCC announce launch of FTA negotiations
Indonesia’s Minister of Trade, Zulkifli Hasan, and Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, launched the Indonesia-GCC Free Trade Agreement (I-GCC FTA) negotiations on 31 July, 2024. The event was marked
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Turkey, Mauritius begin income tax treaty negotiations
Turkey's Revenue Administration announced that the first round of negotiations for an income tax treaty with Mauritius took place via video conference between 30 July to 1 August, 2024. The negotiations, which were held under Deputy Chairman of
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