Kuwait ratifies tax treaty with Iraq
Kuwait ratified the income and capital tax treaty with Iraq on 18 September 2024. The agreement aims to eliminate double taxation, curb tax evasion, and strengthen economic ties between the two nations. Article 1 of the agreement specifies that
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Malawi to introduce VAT e-billing system in 2024
Malawi will implement a mandatory VAT e-invoicing system under its 2024/25 budget policy to combat VAT fraud and evasion, as announced by the Minister of Finance on 23 February 2024. The new system will replace existing electronic fiscal devices
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Turkey, Hong Kong sign income tax treaty
Turkey's Revenue Administration announced that Turkey and Hong Kong have signed an income tax treaty on 24 September 2024. The agreement was signed by Bekir Bayrakdar, Director, Revenue Administration, on behalf of Turkey and Christopher Hui,
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Singapore, Kenya sign income tax treaty
Singapore’s government announced signing a new income tax treaty (DTA) with Kenya on 24 September 2024. This new DTA replaces the previous agreement signed on 12 June 2018 which never entered into force. The agreement establishes a 10%
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Japan, UAE initiates negotiations for CEPA
Japan’s Ministry of Foreign Affairs announced that it has launched negotiations with Japan for a comprehensive economic partnership agreement (CEPA) on 18 September 2024. “I hope that concluding an ambitious, balanced, and comprehensive EPA
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Nigeria to launch e-invoicing for improved tax compliance
Nigeria’s Federal Inland Revenue Service (FIRS) announced it will introduce the FIRS e-invoicing system under the the Tax Administration and Enforcement Act 2007 on 18 September 2024. The FIRS e-invoicing system will be an online digital
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Singapore, Rwanda sign protocol to amend tax treaty
Singapore and Rwanda have signed an amending protocol to the “Government of the Republic of Singapore and the Government of the Republic of Rwanda for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on
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Nigeria reinstates cybersecurity levy with reduced rate
Nigeria’s Central Bank (CBN) announced that it is reintroducing a 0.005% levy on all electronic transactions conducted by banks and financial institutions under the “Cybercrime (Prohibition, Prevention, etc.) Act, 2015” on 17 September
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Australia, UAE end CEPA negotiations
Australia and the United Arab Emirates (UAE) have ended negotiations for a comprehensive economic partnership agreement (CEPA). Australia’s Department of Foreign Affairs and Trade made the announcement on 17 September 2024. On 13 December 2023,
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Estonia ratifies income tax treaty with Qatar
Estonia ratified a tax treaty with Qatar, the Act was published in the Official Gazette on 18 September 2024. It will take effect once the ratification instruments are exchanged and will apply from 1 January of the year after it comes into
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Oman, Philippines negotiate income tax treaty
The Philippine News Agency reported that negotiations are currently in progress for an income tax treaty between Oman and the Philippines, on 13 September 2024. The Omani government hopes to see increased mutual trade and investment promotions,
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Kenya consults proposed tax treaty with Switzerland
Kenya's National Treasury has initiated a public consultation regarding the proposed income tax treaty with Switzerland, a public notice inviting comments was published on 11 September 2024. The tax treaty is aimed to prevent double taxation with
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Egypt simplifies tax environment for businesses
The Egyptian Ministry of Finance announced a series of initiatives aimed at improving the tax environment for businesses; introducing a simplified tax regime for businesses with a turnover of up to EGP 15 million, covering small businesses, sole
See MoreKenya: Parliament approves BEPS MLI
Kenya's National Assembly approved the ratification of the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI). This follows after Kenya ratified the Multilateral Convention to
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Turkey revises special consumption tax for certain tobacco products
Turkey’s government has introduced changes to the special consumption tax (SCT) rates and fixed tax amounts for certain tobacco products through Presidential Decree No. 8958, published in the Official Gazette No. 32662 on 14 September 2024. The
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Italy approves income tax treaty with Libya
Italy’s Senate ratified the pending income tax treaty with Libya on 11 September 2024. Signed on 10 June 2009, this agreement is the first between the two nations, and aims to promote economic cooperation and avoid double taxation between the
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Argentina, Turkey tax treaty enters into force
The income tax treaty between Argentina and Turkey came into effect on 13 September 2024. The treaty applies from 1 January 2025. Signed on 1 December 2018, this treaty is the first between the two nations. Earlier, Argentina ratified the tax
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Turkey updates CbC reporting notification deadline
Turkey Revenue Administration introduced amendments to the country's transfer pricing regulations which revises the deadlines and authority responsible for overseeing transfer pricing compliance, particularly for Country-by-Country (CbC) reporting,
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