Bahrain, Hong Kong IPA enters into force
The Bahrain - Hong Kong Investment Protection Agreement (2024) will enter into force on 21 March 2025. Hong Kong and Bahrain signed an Investment Protection Agreement (IPA) on 3 March 2024 to strengthen mutual investment protection, with a view
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Turkey raises minimum threshold for VAT refund claim
The government of Turkey has raised the minimum amount for value added tax (VAT) refund claims in cases involving reduced tax rates or exemptions, raising the minimum amount from TRY 2,000 to TRY 10,000. This announcement was published by the
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Saudi Arabia: ZATCA announces 21st e-invoicing integration phase
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has outlined the criteria for the 21st phase of integration under the country’s new E-Invoicing (FATOORA) requirements. This announcement was made by ZATCA on 28 February 2025. This phase
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UAE: FTA urges taxpayers to update records by March ‘25 to avoid penalties
UAE taxpayers must update their tax records by 31 March 2025 to benefit from an extended grace period, during which administrative penalties will be waived. Registrants who have not yet updated their tax records are urged to submit them before the
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Ghana: 2025 budget to ease economic pressures on households, businesses
Ghana's Minister of Finance, Dr. Cassiel Ato Forson, presented the 2025 Budget Statement and Economic Policy on 11 March 2025 outlining tax policies and proposals designed to restore fiscal discipline, boost revenue generation, and ease economic
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UAE: FTA urges natural persons to complete corporate tax registration
The UAE's Federal Tax Authority (FTA) issued a statement on 9 March 2025, urging individuals to register for corporate tax by the end of March 2025. The FTA emphasized that all natural persons subject to Corporate Tax must submit their Tax
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South Africa unveils 2025 budget: Raises VAT and corporate income tax
South Africa's Finance Minister, Enoch Godongwana, presented the 2025 Budget Speech on 12 March 2025. The minister has proposed raising the VAT rate and corporate and personal income taxes. However, no changes to personal income tax rebates or
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UAE: FTA publishes decision No. 2 of 2025 on tax clarifications and directives
The UAE Federal Tax Authority (FTA) has issued Decision No. 2 of 2025, effective from 1 March 2025. The decision updates previous policies on tax clarifications and directives.The decision outlines the process for issuing private and public
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Turkey rejects OECD’s Pillar One Amount B implementation
The Turkish Ministry of Treasury and Finance has issued a formal statement regarding the implementation of Amount B under Pillar One on 7 March 2025, a key component of the OECD/G20 Base Erosion and Profit Shifting (BEPS) framework, developed by the
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Bahrain ratifies income tax treaty with UAE
Bahrain has passed the law to ratify the income tax treaty with the UAE on 9 March 2025. Earlier, the Bahrain Council of Representatives approved the ratification of the income tax treaty with the UAE on 3 December 2024. Bahrain’s
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Malawi announces 2025-26 budget, cuts corporate tax for non-resident firms
Malawi's Minister of Finance Simplex Chithyola Band presented the 2025-26 Budget Statement on 28 February 2025. The budget, totaling MWK 8 trillion, aims to stabilise the economy in the face of sluggish GDP growth, soaring inflation, and mounting
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Kuwait updates UBO regulations with stricter penalties and expanded exceptions
Kuwait's Ministry of Commerce and Industry has issued Decision No. 16 of 2025, updating the country's regulations on Ultimate Beneficial Ownership (UBO). This decision builds on Resolution 4/2023, which took effect on 1 April 2023, and introduced
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Japan, UAE hold second round of EPA negotiations in Dubai
The second round of negotiations for the Japan-United Arab Emirates (UAE) Economic Partnership Agreement (EPA) took place from February 24 to 26 in Dubai, UAE. This announcement was made by the Ministry of Foreign Affairs of Japan on 26
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Qatar: GTA announces an extension of the tax return filing period for the FY 2024
The General Tax Authority (GTA) of Qatar has announced a four-month extension for submitting tax returns for the fiscal year (FY) ending 31 December 2024. This announcement was made by the General Tax Authority of Qatar on 9 March
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UAE issues decision on tax review deadline extensions
The UAE Federal Tax Authority issued Decision No. 1 of 2025 on 17 February 2025. The decision takes effect on 1 March 2025. It sets out the conditions for extending or rejecting requests for tax assessment reviews and reconsiderations. The
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Mozambique: President announces new tax proposals in inauguration speech
Mozambique's new president, Daniel Chapo, announced new tax measures, including renegotiating deals with foreign investors, in his inauguration speech on 15 January 2025. The measures aim to eliminate poverty and improve the country's business
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Egypt introduces tax relief and dispute settlement law
The Egyptian Tax Authority (ETA) has introduced Law No. 5 of 2025, effective from 13 February 2025, offering tax relief and dispute settlement opportunities to enhance compliance and resolve outstanding tax matters. Key provisions include: Under
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Turkey issues guide on taxation of capital gains and occasional income
The Turkish Ministry of Treasury and Finance has published a "Guide to Taxation of Other Income and Earnings," outlining the taxation of various income types, such as capital gains and occasional earnings, under the Individual Income Tax Law
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