South Africa: SARS updates interest rate tables, reduces all rates
The South African Revenue Service (SARS) has published updated interest rate tables on 22 November 2024. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely: interest charged on
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Armenia approves FTA between EAEU, Iran
Armenia’s President has signed a law for the ratification of the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) and Iran on 27 November 2024. The Armenian National
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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Turkey reduces corporate tax exemption rate on asset sales
Turkey's government issued Presidential Decision No. 9160 on 27 November 2024, reducing the exemption rate for corporate income tax on gains derived from the sale of certain assets. Presidential Decision No. 9160 came into effect on the day it
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Turkey updates revaluation rate for 2024
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
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Kuwait, South Africa income tax treaty protocol enters into force
The amending protocol to the Kuwait-South Africa Income Tax Treaty came into force on 2 October 2024. This protocol has been applied retroactively, with its provisions taking effect from 1 April 2012. The amending protocol was signed on 1 April
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India, Nigeria hold talks on income tax treaty
According to a release, officials from India and Nigeria held discussions on bilateral relations from 17 to 18 November 2024, with a focus on finalising negotiations for an income tax treaty. During this period, Prime Minister Shri Narendra Modi
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Egypt implements new VAT rules for exported services
Egypt’s tax authorities issued Instruction No. 78 of 2024, which amends the criteria for applying the 0% value-added tax (VAT) on exported services under Circulars (5) and (6) of 2019. Instruction No. 78 repeals Circulars 5 and 6 of 2019, where
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Oman ratifies tax treaty with Ireland
The Sultan of Oman issued a Royal Decree No. 60/2024 ratifying the income tax treaty with Ireland on 19 November 2024. The decree awaits its publication in the Official Gazette of Oman. Earlier, officials from Ireland and Oman signed an income
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South Africa consults taxation of alcoholic beverages, phase two of carbon tax, tax treatment of collective investment schemes
South Africa's National Treasury has unveiled three discussion papers for public consultation, on 13 November 2024, focusing on carbon tax, alcohol taxation, and the tax treatment of collective investment schemes. These proposals, aimed at refining
See MoreTurkey, Maldives sign preferential trade agreement
Turkey and Maldives signed a Preferential Trade Agreement (PTA), on 4 November 2024, aiming to strengthen trade relations and enhance economic cooperation between the two nations. The agreement was signed by Economic Minister Mohamed Saeed on
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UAE issues ruling on foreign partnerships, family foundations, unincorporated entities
The UAE Ministry of Finance has released Ministerial Decision No. 261 of 2024, addressing the regulations surrounding unincorporated partnerships, foreign partnerships, and family foundations. Unincorporated partnerships Under Article 3 of
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Saudi Arabia: ZATCA clarifies VAT audit process
Saudi Arabian Zakat, Tax and Customs Authority (ZATCA) has introduced new guidelines to clarify VAT audit procedures and ensure better compliance with tax regulations. The guidelines provide businesses with clear steps for audits, corrections,
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Turkey, Congo sign income tax treaty
Turkey's Revenue Administration has announced that representatives from Turkey and Congo signed an income tax treaty on 14 November 2024. During the margins of the 4th Session of the Türkiye-Congo Joint Economic Commission (JEC) Meeting held in
See MoreUAE: FTA publishes guide on private clarifications
The UAE Federal Tax Authority (FTA) has published a detailed guide on Private Clarifications (Private Clarifications - TPGPC1). The following federal taxes apply in the UAE: Excise Tax – introduced with effect from 1 October 2017 VAT
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Kenya consults tax treaty with Romania
Kenya's National Treasury has released a public notice inviting feedback on a proposed double taxation agreement (DTA) with Romania. Written comments should be sent to the Cabinet Secretary of the National Treasury and Economic Planning at the
See MoreUAE: FTA clarifies review process for disputing tax assessments, penalties
The UAE Federal Tax Authority (FTA) has issued Public Clarification TAXP008 on Tax Assessment Reviews, outlining an optional process for challenging tax assessments and administrative penalties, as introduced by Federal Decree-Law No. 28 of 2022, as
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Uruguay, Turkey sign tax treaty
Omar Paganini, and the Ambassador of Turkey in Montevideo, Tunca Özçuhadar, signed the Agreement to Eliminate Double Taxation on Income Taxes and Prevent Tax Evasion and Avoidance on 12 November 2024. The announcement was made in a release by
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