Turkey extends Q2 2024 provisional tax return deadline
Turkey's Revenue Administration has announced an extension for the submission of the provisional tax return for the second quarter of the 2024 accounting period. The deadline has been moved from 19 August 2024 to 27 August 2024. Normally,
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Ghana: 2024 mid-year budget introduces digital solutions, indirect tax measures
Ghana’s Minister of Finance, Mohammed Amin Adam, presented the 2024 mid-year budget review to the parliament on 23 July 2024. The key provisions of this year’s budget review aim to effectively implement existing tax policies, particularly those
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UAE urges corporate tax registration for June-License holders by August
The UAE Federal Tax Authority (FTA) has issued a press release urging juridical persons (legal entities) that are Resident Persons subject to Corporate Tax and were issued licences in June, to promptly submit their Corporate Tax registration
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South Africa consults draft guide on tax incentives for renewable energy investments
The South African Revenue Service (SARS) has published a draft guide concerning allowances and deductions for assets used in generating electricity from specified renewable energy sources. This guide outlines several tax incentives aimed at
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Saudi Arabia extends penalty exemption
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has announced an extension of the penalty exemption initiative until 31 December 2024. ZATCA urges all taxpayers to leverage from the “Cancellation of Fines and Exemption of Penalties
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Angola extends tax compliance deadline for July
Angola’s General Tax Administration (AGT) announced that it has extended the deadline for tax compliance obligations that expire on 31 July of this year to 18 August 2024, due to various computer system constraints. This includes obligations on
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Kenya to revise tax treaties with Zambia, Germany, Iran
Kenya’s government has shown interest in restarting negotiations to revise its 1968 tax treaty with Zambia, the 1977 tax treaty with Germany, and the 2012 tax treaty with Iran. This follows after the Kenyan government decided to align its tax
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Saudi Arabia releases third edition of transfer pricing guidelines
The Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia published the third edition of its Transfer Pricing (TP) Guidelines on 29 July 2024, introducing several changes. Key updates include: Exemptions for group companies: Group
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Kenya keeps market and deemed interest rates, raises low-interest loan rate
The Kenya Revenue Authority has released a public notice regarding the market interest rate applicable to fringe benefit tax and the deemed interest rate for specific non-resident loans for July, August, and September, 2024. Additionally, the
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South Africa consults tax reform measures in 2024 budget
The South African National Treasury has initiated a public consultation process on 1 August 2024, seeking input on a series of draft bills and regulations aimed at implementing key tax reforms outlined in the 2024 budget. The consultation
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Turkey enacts tax reform law, includes Pillar Two global minimum tax
The Turkish Revenue Administration has officially published Law No. 7524 in the Official Gazette, on 2 August 2024, introducing significant tax reforms aimed at aligning with international standards. This legislation encompasses various measures,
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UAE: FTA introduces new guidelines for corporate tax clarifications, APA submissions
In a move aimed at enhancing clarity and support for taxpayers in the UAE, the Federal Tax Authority (FTA) has introduced new guidelines under Decisions No. 4 and No. 5 of 2024. These decisions, which took effect on 1 July and 1 August respectively,
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Nigeria passes 70% windfall tax on bank foreign exchange profits
Nigeria’s Senate passed the Finance (Amendment) Bill 2024 on 25 July 2024, which introduces a windfall tax on bank profits from foreign exchange transactions for the 2023 fiscal year. The newly sanctioned windfall tax is set at 70% on foreign
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Saudi Arabia revises customs duties to boost national industries
Saudi Arabia's Finance Minister, who also chairs the Zakat, Tax, and Customs Authority (ZATCA), issued Minister of Finance Resolution No. (1-88-1446) on 15 July 2024. The resolution, now in effect, amends customs duty rates on certain goods,
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Oman postpones mandatory B2B e-invoicing system to 2025
Oman's Tax Authorities announced the postponement of the mandatory B2B e-invoicing system to an unspecified date in 2025, citing technical challenges. Initially, the system was set to be introduced on a voluntary basis in April 2024, with
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UAE: FTA issues tax bulletin for free zone persons
The UAE Federal Tax Authority (FTA) has published a Basic Tax Information Bulletin, regarding the regulations for Free Zone Persons under the UAE Corporate Tax Law. The Corporate Tax Law permits a Qualifying Free Zone Person to benefit from a 0%
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Iran, Saudi Arabia finalise income tax treaty negotiations
Iran and Saudi Arabia have successfully concluded their fourth round of negotiations for an income tax treaty, which took place from 12 to 14 July, 2024. This agreement aims to eliminate double taxation and enhance economic cooperation, providing
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Saudi Arabia, Kuwait to sign first income tax treaty
The Saudi Council of Ministers authorised the signing of an income tax treaty with Kuwait on 23 July 2024. This will be the first tax treaty between the two Gulf nations once finalised, signed and ratified. The treaty aims to eliminate double
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