South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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UAE: Cabinet approves first income tax treaty with Kuwait
UAE’s Cabinet of Ministers have approved the income tax treaty with Kuwait. The treaty was signed on 11 February 2024. It is the first income tax treaty between the two countries. The agreement seeks to prevent double taxation on
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Turkey updates withholding tax rules for financial instruments
Turkey's Revenue Administration has announced the publication of Presidential Decision No. 9487 on 31 January 2025, which extends and modifies the reduced withholding tax rates on income from deposit accounts held in Turkish lira (TRY). Under the
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Turkey extends tax restructuring and force majeure measures with new presidential decision
Turkey’s Revenue Administration has released Presidential Decision No. 9500 on 1 February 2025, extending provisions for restructuring tax debts. This measure revisits installment payment terms established under previous laws, including Law No.
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Saudi Arabia: ZATCA issues guidance on double taxation relief
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has released guidance on double taxation relief under the country’s tax treaties. The guidance outlines available methods for avoiding double taxation, including exemption and credit
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Libya, Turkey near agreement on first income tax treaty
Libya and Turkey are close to reaching an agreement on an income tax treaty. A tax treaty is a bilateral agreement between two countries aimed at addressing double taxation on both passive and active income earned by their respective citizens.
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Kuwait gazettes Pillar Two global minimum tax law for MNEs
Kuwait has adopted OECD's Pillar Two global minimum tax with the publication of Decree No. 157/2024 in the Official Gazette on 30 December 2024. The decree imposes a 15% minimum tax rate on multinational enterprise (MNE) groups that generate over
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South Africa: President promulgates Taxation Laws Amendment Act, introduces changes to environmental tax provisions
The President of South Africa has promulgated the Taxation Laws Amendment Act 42 of 2024 which includes changes to environmental tax provisions. The law was published in the Official Gazette on 24 December 2024. The various amendments
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Italy ratifies tax treaty with Libya
Italy published Law No. 2 of 16 January 2025 in its Official Gazette on 24 January 2025, ratifying the income tax treaty with Libya. This follows after Italy’s Chamber of Deputies approved the law ratifying the income tax treaty with Libya on 8
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Norway: Cabinet approves amending protocol to tax treaty with Qatar
Norway’s Cabinet (statsråd) has approved the amending protocol to the 2009 income tax treaty with Qatar on 24 January 2025. The protocol will take effect 30 days after ratification instruments are exchanged and shall apply from 1 January of
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Morocco clarifies 2025 Finance Law provisions
Morocco’s Directorate General of Taxes (DGI) has published detailed guidance on the tax provisions outlined in the 2025 Finance Law. This guidance is presented in the Finance Law Circular No. 60-24. Earlier, Morocco’s Ministry of Finance
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Czech Republic, Kenya conclude tax treaty negotiations
Officials from the Czech Republic and Kenya have announced the conclusion of negotiations for a first-ever income tax treaty between the two countries on 22 January 2025. The treaty aims to eliminate double taxation of income and prevent tax
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Kenya lowers rates for fringe benefit tax, non-resident loans, low-interest loans
The Kenya Revenue Authority (KRA) has issued a public notice on revised market interest rates – lowered to 13% – for fringe benefit tax and deemed interest on certain non-resident loans for January to March 2025. It also sets the low-interest
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Morocco publishes General Tax Code 2025
Morocco’s Directorate General of Taxes (DGI) has released the 2025 edition of the General Tax Code (CGI) on 20 December 2024. The updated Tax Code clarifies the amendments introduced by the 2025 Finance Law which includes measures for corporate
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Israel: Knesset passes trapped profits law
Israel’s Knesset has passed the Trapped Profits Law (tax on excess undistributed profits) on 29 December 2024. The law imposes a 2% tax on excess undistributed profits of closely held holding companies (entities with five or fewer
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Czech Republic, Kenya holds third round of income tax treaty talks
The Czech Republic and Kenya held their third round of income tax treaty negotiations from 20 to 23 January 2025. Any resulting income tax treaty will prevent double taxation and pertain to taxes on income and prevent tax evasion between the
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Kuwait extends statute of limitations for tax claims
Kuwait's Official Gazette published a Decree Law on 19 January 2025 amending Article 441 of Civil Law No. 67/1980 which extends the statute of limitations for tax claims and obligations from five to 10 years. This change impacts legal frameworks
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Israel issues guidance on increased VAT rate
Israel’s Tax Authority has issued guidance on the increase in the standard VAT rate from 17% to 18%, effective 1 January 2025. The guidance provides an explanation of how to apply the correct VAT rate to transactions such as goods, services,
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