Cyprus, Oman signs income tax treaty
Oman’s government has announced on 8 December 2024 that it signed an income tax treaty with Cyprus. The agreement was signed on behalf of the Government of Oman by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, while it was signed on
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Zambia proposes new tax measures in 2025 budget draft
Zambia's Ministry of Finance and National Planning have introduced new tax measures in the draft 2025 Budget. The proposed tax changes include limiting the offset of carried-forward losses to 50% of taxable income across all sectors, a reduction
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UAE: Dubai publishes guidance for foreign bank tax
Dubai has released Administrative Decree No. 107 of 2024, detailing the application of a 20% annual tax on foreign banks' taxable income. The tax applies to all foreign banks operating in Dubai, including those in special development and free
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Saudi Arabia signs tax treaty with Croatia, Kuwait, customs mutual agreement with Kosovo
Minister of Finance and Chairman of the Board of Directors of the Zakat, Tax and Customs Authority (ZATCA) Mohammed Al-Jadaan signed a series of significant agreements aimed at strengthening tax and customs cooperation with multiple countries during
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Nigeria: FIRS publishes guidance on advance pricing agreements
Nigeria’s Federal Inland Revenue Service (FIRS) has released detailed guidelines on Advance Pricing Agreements (APAs), providing a framework for companies to establish transfer pricing agreements with tax authorities in advance. Businesses
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Kuwait to introduce 15% corporate tax from January 2025
Kuwait's Ministry of Finance is deciding on a draft law that will impose a 15% corporate income tax on all companies operating in the country, effective 1 January 2025. This tax will apply to both local and multinational companies, with the
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UAE to introduce Pillar Two minimum tax rules, tax incentives from January 2025
The UAE Ministry of Finance has announced that it has updated certain provisions of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses on 9 December 2024. These amendments include introduction of a Domestic Minimum
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Bahrain: Council of Representatives approve tax treaty with UAE
The Bahrain Council of Representatives approved the ratification of the income tax treaty with the United Arab Emirates (UAE) on 3 December 2024. Bahrain's ratification of the two agreements on income taxes and the prevention of tax evasion and
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Turkey updates clarification on mutual agreement procedure for double taxation
Turkey's Revenue Administration has issued an updated Guideline on the Mutual Agreement Procedure (MAP) for the elimination of double taxation agreements, effective for requests made from 1 January 2022. The guideline is available in both Turkish
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UAE: Corporate tax registration deadline for juridical persons with licences issued in December set for before end of 2024
The UAE Federal Tax Authority (FTA) has announced that all Resident Juridical Persons with licenses issued in December, regardless of the year of issuance, must submit their Corporate Tax registration applications by 31 December 2024. In a press
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Turkey, Lesotho conclude initial tax treaty negotiations
Officials from Turkey and Lesotho met in Ankara to negotiate for a tax treaty between 26 t– 29 November 2024, according to the release, The negotiations were conducted under Mehmet Arabaci, Deputy President of the Turkish Revenue
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UAE: Corporate tax returns, payable settlements due by end of December 2024
The Federal Tax Authority (FTA) called on businesses subject to Corporate Tax to file their returns and pay their dues for their respective tax periods within the stipulated legal timeframes. As part of its commitment to supporting and
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Iceland, Saudi Arabia sign tax treaty
In an announcement by the Saudi Press Agency (SPA), officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The signing took place during the first day of the Zakat Tax and Customs Conference in
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Bahrain: Council of Representatives approve tax treaty with Hong Kong
Bahrain’s Council of Representatives approved the ratification of the income tax treaty with Hong Kong on 3 December 2024. Signed on 3 March 2024, the Hong Kong-Bahrain income tax treaty is the first between the two countries. This agreement
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EU proposes permanent digital trade certificates with Turkey
The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to
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Kenya introduces pre-filled VAT returns for November 2024
The Kenya Revenue Authority (KRA) has issued a public notice announcing to all VAT registered taxpayers that the VAT return will be pre-filled with tax information available to KRA starting from the November 2024 tax period. This measure is being
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Qatar: Council of Ministers approve Pillar Two global minimum tax
Qatar's Council of Ministers approved the proposed amendments to the Income Tax Law, on 4 December 2024, for the implementation of measures aligned with the Pillar Two global minimum tax framework. As part of the inclusive framework on Base
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South Africa: SARS clarifies tax allowances, deductions for renewable energy generation assets
The South African Revenue Service (SARS) has released a guide “Guideline on the on Allowances and Deductions Relating to Assets Used in Generation of Electricity from Specified Sources of Renewable Energy” on 23 November 2024. It provides
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