Kazakhstan negotiates tax treaty with Kuwait
Kazakhstan Ministry of Foreign Affairs, in a release on 21 October 2024, announced that officials from Kazakhstan and Kuwait met to discuss investment relations and establish an income tax treaty on the avoidance of double taxation. Deputy
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Kenya keeps market and deemed interest rates unchanged for Q4 2024Â
The Kenya Revenue Authority has released a public notice regarding the market interest rate applicable to fringe benefit tax and the deemed interest rate for specific non-resident loans for October, November, and December 2024, which has been
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South Africa considers incentivising local manufacturing of electric and hybrid vehicles
South African President, Cyril Ramaphosa, announced that he is considering the introduction of tax rebates or subsidies to encourage local manufacture of electric and hybrid vehicles on Thursday, 17 October 2024. "Consideration must be given to
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Egypt unveils tax incentives to simplify compliance, boost economic growth
Egypt’s Minister of Finance, Ahmed Kouchouk, during a press conference, unveiled a new package of tax incentives in an attempt to simplify tax procedures and enhance economic productivity on Wednesday, 11 September 2024. The incentives include
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Jordan to sign tax treaty with KenyaÂ
Jordan’s Cabinet approved signing an income tax treaty with Kenya on 19 October 2024. This treaty, a first between the two nations, will require signing and ratification before it becomes effective. The tax treaty aims to eliminate double
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Turkey enforces increased tax penalties under amended Tax Procedure Law
Turkey's Ministry of Treasury and Finance has released General Communiqué No. 571 on 19 October 2024, officially enforcing heightened tax penalties in accordance with the amended Tax Procedure Law (TPL) as outlined in Law No. 7524. According to
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Morocco: 2025 draft finance law introduces new tax rules for joint ventures and economic groups
Morocco’s Ministry of Finance released the draft Finance Law 2025 on 19 October 2024, proposing various measures for corporate income tax, focusing on taxing joint ventures and economic interest groups. Corporate tax rules change for joint
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UAE: Tax Authority releases guide on tax residence and residency certificates
The UAE Federal Tax Authority released a new guide on tax residence and tax residency certificates, titled Tax Procedures Guide on Tax Resident and Tax Residency Certificate - TPGTR1. Federal Decree-Law No. 47 of 2022 on the Taxation of
See MoreTurkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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UAE: MoF drops economic substance reporting requirements
The Ministry of Finance (MoF) has cancelled the economic substance reporting requirements for companies with financial years concluding after 31 December 2022. This update follows Cabinet Decision No. (98) of 2024, which revises certain aspects
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Luxembourg, Oman sign first income tax treaty
Luxembourg and Oman have signed an income tax treaty on 17 October 2024. HE Sheikh Dr Abdullah bin Salem al Harthy, Oman's Ambassador to Luxembourg, signed the agreement on behalf of Oman, and HE Gilles Worth, Luxembourg's Minister of Finance,
See MoreTurkey updates transfer pricing communiqué to align with new CbC reporting deadlines
Turkey’s Ministry of Treasury and Finance released General Communiqué No. 5 on Transfer Pricing on 17 October 2014. This Communiqué amends General Communiqué No. 1 on Transfer Pricing and aligns it with new deadlines for Country-by-Country
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Egypt: House of Representatives approve income tax treaty with Oman
The Egyptian House of Representatives approved the ratification of the income tax treaty with Oman on 7 October 2024. Both countries apply the credit method for the elimination of double taxation. The agreement specifies that dividends,
See MoreTurkey withdraws Draft Omnibus Law on motor vehicle tax
On 15 October 2024, the Turkish government withdrew a draft Omnibus Law that had been submitted to the Grand National Assembly of Türkiye (GNAT) just four days earlier, on 11 October 2024. The proposed law aimed to amend the Motor Vehicles Tax
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Kuwait tightens rules on fixed asset disposal
The Kuwait Tax Authority (KTA) has announced stricter regulations regarding the disposal and destruction of fixed assets, focusing on compliance with the current Executive Rules of the Kuwait tax law. Taxpayers are now required to notify the KTA
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Kenya: KRA to leverage AI and tech to promote tax compliance
The Kenya Revenue Authority (KRA) Commissioner General (CG) HE Dr Musalia Mudavadi plans to use artificial intelligence (AI), the Internet of things (IoT), big data, and blockchain to improve tax administration, enhance transparency, and tackle tax
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Saudi Arabia introduces new real estate transaction tax regulations
Saudi Arabia has released updated regulations for its real estate transaction tax (RETT) system, published in the Official Gazette on 11 October 2024. The new rules implement a 5% tax on all real estate disposals, applying to properties without
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Algeria joins mutual assistance convention to combat tax evasion
Amel Abdellatif, Tax Commissioner of Algeria signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention), as amended by the 2010 protocol, on 10 October 2024. The Convention must first be ratified
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