Singapore adds Cameroon to CbCR exchange list for FY2024
The update takes effect for financial years (FY) starting from 2024. The Inland Revenue Authority of Singapore (IRAS) has updated its Country-by-Country Reporting (CbCR) guidance as of 20 June 2025, expanding the list of jurisdictions eligible
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Croatia ratifies tax treaty with Saudi Arabia
Croatia and Saudi Arabia signed a treaty to eliminate double taxation and boost trade and investment between the two nations on 4 December 2024. Croatia published the law ratifying the income and capital tax treaty with Saudi Arabia in the
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Strait of Hormuz in spotlight: Oil prices surge five-month highs after US bombs Iran
Iran is the world's ninth-largest oil producer. The escalation of conflict now threatens vital supply routes, particularly the Strait of Hormuz through which roughly 20% of the world’s oil and gas passes. Markets are bracing for further
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Egypt ratifies amending protocol to 2019 tax treaty with UAE
Egypt ratified the protocol to its 2019 tax treaty with the UAE, signed on 11 February 2024, exchange of ratification instruments. Egypt’s parliament ratified the amending protocol to the 2019 income tax treaty with the UAE on 15 June
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Uganda presents 2025–26 budget, proposes income tax exemption for start-ups
Uganda's Ministry of Finance unveiled a UGX 72.136 trillion national budget for 2025-26. Uganda’s Ministry of Finance Planning and Economic Development has unveiled a UGX 72.136 trillion national budget for the 2025-26 financial year on 12
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Mozambique restores VAT exemption on soap, sugar, and oil
The VAT exemption will be effective from 30 May 2025 to 31 December 2025. Mozambique has published Law No. 3/2025 in the Official Gazette on 21 May 2025, amending the VAT Code to reintroduce a VAT exemption for soap, sugar, and cooking
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Tanzania presents 2025-26 budget, introduces withholding tax and higher AMT
The budget speech highlighted key fiscal changes, which included a new withholding tax, higher alternative minimum tax, and VAT adjustments. Tanzania's Minister of Finance, Mwigulu Nchemba, has presented the 2025-26 Budget Speech to parliament on
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South Africa: SARS issues updated guide and quick reference for advance tax rulings
SARS issues updated advance tax ruling guide and quick reference on application steps. The South African Revenue Service (SARS) has released the second edition of its guide to advance tax rulings on 11 June 2025. This guide offers guidance on
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Kenya: National Treasury publishes budget statement 2025-26, reduces corporate and digital tax rates
Kenya's National Treasury has released the 2025-26 Budget Statement on 12 June 2025. Kenya's National Treasury published the 2025-26 Budget Statement on 12 June 2025, outlining key tax measures aligning with proposals highlighted in the 2025
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Croatia: Parliament ratifies income and capital tax treaty with Saudi Arabia
The Croatian Parliament ratified its first income and capital tax treaty with Saudi Arabia on 6 June 2025. Croatia’s Parliament passed the law to ratify the income and capital tax agreement with Saudi Arabia on 6 June 2025. Signed on 4
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South Africa: SARS outlines SEZ tax benefits for SMMEs to support investment and growth
SARS outlines SEZ tax incentives and licensing rules for SMMEs to support investment and trade. The South African Revenue Service (SARS) published the Traders and Travellers Connect Edition 5 on 9 June 2025, highlighting the benefits of special
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Morocco, Kenya discuss first income tax treaty
Morocco and Kenya met on 26 May 2025 to discuss economic cooperation and a first-ever income tax treaty. Morocco's Ministry of Foreign Affairs announced on 26 May 2025 that Moroccan and Kenyan officials met to advance economic cooperation and
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UAE CEPAs with Costa Rica and Mauritius come into effect
The UAE’s CEPAs with Costa Rica and Mauritius took effect on 2 April 2025, reducing tariffs and boosting trade ties. The UAE’s Comprehensive Economic Partnership Agreements (CEPAs) with Costa Rica and Mauritius took effect on 2 April 2025,
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Luxembourg: Council of State approves ratification of tax treaty with Oman
Luxembourg’s Council of State has approved the ratification of the tax treaty with Oman, advancing the agreement signed in October 2024. Luxembourg's Council of State approved the ratification of the income and capital tax treaty with Oman on 3
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Ukraine: Cabinet of Ministers agrees to sign tax treaty with Angola
Ukraine agrees to sign an income tax treaty with Angola on 30 May 2025. Ukraine's Cabinet of Ministers has approved signing an income tax treaty with Angola on 30 May 2025. This follows after officials from Ukraine and Angola met on 25
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Saudi Arabia: ZATCA urges taxpayers to utilise fines and penalties waiver before June 2026
ZATCA extends deadline for penalty waivers, urging taxpayers to settle dues by 30 June 2025. The Saudi Zakat, Tax and Customs Authority (ZATCA) has urged taxpayers on 2 June 2025. to leverage the “Cancellation of Fines and Exemption of
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Turkey, Zimbabwe trade agreement enters into force
The Turkey-Zimbabwe trade deal entered into force on 9 May 2024 Turkey and Zimbabwe’s trade and economic cooperation agreement, signed on 10 October 2018, entered into force on 9 May 2024. This was confirmed by Presidential Decision No.
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Turkey enacts trade agreement with Azerbaijan and Turkmenistan
Turkey confirmed the entry into force of a broad trade and economic cooperation agreement between Azerbaijan, Turkey, and Turkmenistan. Turkey’s Presidential Decision No. 9925 on 31 May 2025, confirmed the entry into force of a trade and
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