Oman introduces draft personal income tax law, proposes taxing high-income earners
The Shura Council of Oman presented a draft income tax law to the State Council on 27 June, 2024. The initial draft of the income tax law, introduced in 2022, proposes a tax on high-income earners in the Sultanate. The government has been
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Estonia approves signing draft tax treaty with Botswana
Estonia’s government has approved signing an income tax treaty with Botswana on 4 July, 2024. The tax treaty seeks to eliminate double taxation, and prevent tax evasion. If an agreement is reached, it will be a first between the two
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UAE, Georgia Comprehensive Economic Partnership Agreement enters into force
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and Georgia went into effect on 27 June, 2024. The CEPA agreement is set to deepen trade and investment ties, accelerate growth in priority industries,
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ATAF releases technical note on Pillar One Amount B rule
The African Tax Administration Forum (ATAF) has released a technical note that offers an overview of the Amount B rule of Pillar One and its potential advantages for African nations. Many ATAF members have reported that transfer pricing issues
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Kenya, EU EPA enters into force
The Economic Partnership Agreement (EPA) between Kenya and the European Union (EU) has gone into effect on 1 July, 2024. Signed on 18 December 2023, the EPA will boost bilateral trade in goods and investment flows and contribute to sustainable
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Turkey hikes petroleum consumption tax by 19.49%
Turkey’s Revenue Administration (GIB) announced, on 3 July 2024, that it raised the fixed special consumption tax (SCT) on petroleum products by 19.49%. The petroleum products, listed in Schedule I of the SCT Law that are subject to increased
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Saudi Arabia unveils criteria for 13th phase of e-Invoicing integration
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has announced its criteria for the 13th wave of integrating the country's new e-Invoicing requirement into its Fatoora system. The 13th wave includes all taxpayers whose revenues subject to VAT
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Nigeria passes new withholding tax regime
Nigeria’s federal government passed a new withholding tax regime on Tuesday, 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. These changes include reduced rates for businesses with low margins and
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Lebanon extends deadline for 2023 tax filings
Lebanon’s Ministry of Finance has extended the deadline for filing various annual tax forms and making tax payments for the fiscal year 2023. The new deadline is set for 25 July, 2024. This extension applies to sole proprietorships,
See MoreSaudi Arabia extends cancellation of fines and exemption of financial penalties initiative
The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 31 December, 2024. ZATCA stated
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Nigeria exempts taxes on imported pharmaceutical inputs
Nigeria’s President Bola Tinubu has signed an executive order that removes excise duties, VAT, and other tariffs on imported pharmaceutical inputs which include specified equipment, machinery, components, and other forms of raw materials used in
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Saudi Arabia extends cancellation of fines and exemption of financial penalties initiative
The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 31 December, 2024. ZATCA stated
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Angola extends transfer pricing submission deadline
The Angolan General Tax Administration, on 27 June 2024, announced that it is extending the deadline for the submission of the transfer pricing information. The deadline has been extended from 30 June, 2024, to 31 July, 2024. The announcement
See MoreSaudi Arabia, Slovak Republic: Tax treaty comes into effect
The Saudi Arabia - Slovak Republic Income Tax Treaty (2023) will become effective starting 1 August, 2024, with provisions generally applying from 1 January, 2025, concerning withholding and other taxes. The treaty was initially signed on 13
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Kazakhstan approves tax treaty with Oman
In a move set to boost international economic relations, Kazakh Prime Minister Oljas Bektenov signed Decree No. 404, empowering Finance Minister Madi Takiev to finalise an income and capital tax treaty with Oman. Earlier, Kazakhstan's government
See MoreUAE: Companies licensed in March-April must register for corporate tax by June 2024
The UAE Federal Tax Authority (FTA) issued a release on 23 June, 2024, reminding juridical persons licensed in March and April to register for corporate tax by 30 June, 2024. Previously, the FTA, in a release on 23 May 2024, called for juridical
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Algeria joins BEPS MLI
The OECD, in an announcement, confirmed that Algeria signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention) on 27 June, 2024. Algeria has become the 103rd
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Kenya withdraws controversial Finance Bill 2024 amid deadly protests
The Kenyan President William Ruto has announced yesterday, 26 June 2024, that he would not sign the Finance Bill 2024 into law and plans to withdraw the legislation. This decision followed after Kenyans protested against the controversial
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