UAE: FTA announces implementation of advance pricing agreements in Q4 2024
The UAE Federal Tax Authority (FTA) updated Decision No. 4 of 2024 on 12 June 2024, clarifying the future implementation of an advance pricing agreements (APAs) framework in the UAE. Based on the Corporate Tax Law, a person may make an
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UAE: FTA clarifies related parties definition for government entities
The UAE’s Federal Tax Authority (FTA) published a public clarification CTP002 of 21 July 2024, which clarified the definition of "related parties" where there is common ownership and/or control through a government entity. The corporate tax in
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Kenya: High Court rules no withholding tax on service fees in Kenya-France treaty
Kenya’s High Court delivered its ruling regarding the case – Income Tax Appeal E044 of 2021 – Commissioner of Domestic Taxes v Total Kenya Limited. Total Kenya Limited (TKL) is a fully owned subsidiary of French company, Total Outre Mer (TOM).
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Turkey to implement Pillar Two rules in 2024
Turkey’s government has submitted a draft bill to the parliament in which it proposed to implement the global (Pillar Two) and domestic minimum taxes alongside amendments to various tax laws on 16 July, 2024. The bill proposes the
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Turkey: Parliament receives tax reform legislation, includes global minimum tax provisions
The Turkish parliament received tax reform legislation on 16 July, 2024. This proposal includes provisions for implementing the Pillar Two global minimum tax, in line with the GloBE rules approved by the BEPS Inclusive Framework. The global
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Uganda enacts new tax law amendments in 2024 budget
The government of Uganda has enacted a series of amendments to various laws related to taxation, including the Income Tax (Amendment) Act 2024, the Value Added Tax (Amendment) Act 2024, the Tax Procedures Code (Amendment) Act 2024, and the Stamp
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Egypt, Serbia sign FTA
Egyptian President Abdel-Fattah al-Sisi and Serbian President Aleksandar Vucic oversaw the signing of several key cooperation agreements on Saturday in Cairo, aimed at enhancing bilateral relations across multiple sectors. According to a statement
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Belgium publishes synthesised text of tax treaty with South Africa under BEPS MLI
Belgium’s Ministry of Finance has released the synthesised text of the tax treaty with South Africa providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and
See MoreATAF: Project to support improved tobacco tax strategies
A communication of 9 July 2024 from the African Tax Administration Forum (ATAF) announced that the organisation aims to support member countries in implementing robust tobacco tax strategies by means of workshops, seminars and technical
See MoreIMF: Africa Economic Summit
At the Africa Economic Summit on 11 July 2024, the Director of the IMF’s Africa Department noted that a squeeze in funding had developed as a result of the tightening of monetary conditions; the decline in official development assistance flows;
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Egypt approves tax treaty with Oman
The Egyptian Cabinet approved the ratification of the income tax treaty with Oman on 9 July 2024. Signed on 22 May 2023, the treaty specifies that dividends, royalties, and fees for technical services are liable to a maximum withholding tax rate
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Belgium publishes synthesised text of treaty with South Africa impacted by MLI
The Belgian Federal Public Service Finance published on 24 June, 2024, a synthesised text in English of the 1995 Double Taxation Agreement (DTA) between Belgium and South Africa, detailing the impact of the Multilateral agreement to Instrument Tax
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Nigeria appoints crypto firm to collect VAT on transaction fees
KuCoin, a Seychelles-based cryptocurrency trading platform, announced on its official X account, on 3 July 2024, that it will impose a 7.5% value-added tax (VAT) on transaction fees for users in Nigeria, effective 8 July, 2024. KuCoin has
See MoreNigeria publishes new withholding tax rates
Nigeria’s federal government passed a new withholding tax regime on 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. The new withholding tax regime introduces exemptions for small businesses,
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Cyprus releases 2023-2024 reference rates for Montenegro and Cameroon notional interest deduction
The Cyprus Tax Department has published the 10-year government bond yield rate of Montenegro (in Euro) and Cameroon (in Euro) as of 31 December 2022 and 31 December 2023. These rates, when increased by 5%, are utilised as reference rates for
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South Africa clarifies energy efficiency savings deduction
The South African Revenue Service (SARS) has released an updated Interpretation Note 95 (Issue 3) on the deduction for energy efficiency savings dated 4 July, 2024, providing guidance on the deduction for energy efficiency savings under section
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South Africa: SARS seeks feedback on SEZ income tax benefits guide
The South African Revenue Service (SARS) initiated a consultation on 5 July, 2024, regarding a draft guide aimed at clarifying income tax advantages available to qualifying companies in special economic zones (SEZs), as defined by Sections 12R and
See MoreSouth Africa issues revised guidance on tax exemption for small business funding entities
The South African Revenue Service (SARS) has released revised guidance on the tax exemption for small business funding entities. This guide outlines the approval process for these entities and details the partial taxation of their receipts and
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