UAE: FTA calls for juridical persons to register for corporate tax by May
The UAE Federal Tax Authority (FTA), in a release published on Tuesday, 23 May, 2024, called for juridical persons licensed in January and February to submit their corporate tax registration applications by 31 May, 2024. The registration deadline
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Tax treaty negotiations underway between Turkey and Zimbabwe
The first round of negotiations for an income tax treaty between Turkey and Zimbabwe took place from 14 – 17 May, 2024. The negotiations were chaired by Ahmet Yildirim, Head of Revenue Administration, on behalf of Turkey, and Misheck Govha,
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Belarus and Equatorial Guinea ratifies tax treaty
Belarusian President Alexander Lukashenko signed a law on Tuesday, 21 May, 2024, ratifying the pending income and capital tax treaty with Equatorial Guinea. Signed on 9 December, 2023, this tax treaty is the first of its kind between the two
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Croatia and Egypt tax treaty goes into effect
According to an update from Croatia's Ministry of Foreign and European Affairs, the income and capital tax treaty with Egypt came into force on 16 April, 2024, and will from 1 January, 2025. The treaty covers individual income tax, corporate
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Malaysia releases synthesized text of Jordan tax treaty affected by BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesized text of the tax treaty with Jordan, regarding changes mandated by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
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UAE publishes corporate tax guide on free zone regime
The UAE Federal Tax Authority (FTA) has released a corporate tax guide for the free zone regime, stipulating that qualifying free zone persons are entitled to a 0% corporate tax rate on qualifying income and a 9% rate on other taxable
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Mexico updates criteria for temporary import of ‘sensitive goods’ under 8th rule
The Ministry of Economy in Mexico has revised its guidelines for the temporary importation of "sensitive goods" under the "8th rule". 8th rule goods include elaboration of final products listed in the PROSEC Decree; such as materials, parts,
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Turkey raises interest rates for late tax payments, deferred tax
Turkey's Revenue Administration has issued Presidential Decision No. 8484 – which came into force yesterday, 21 May, 2024 – raises the interest rate for late tax payments from 3.5% to 4.5% per month. This development follows a prior increase
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Kenya: High Court rules no extra import duties on petroleum products
The Kenyan High Court ruled that the tax authority cannot impose additional import duties on product gains from petroleum products once initial duties have been paid. Such gains should be taxed exclusively under income tax law. The case in
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Tax treaty negotiations successfully conclude between Croatia and Saudi Arabia
Representatives from Croatia and Saudi Arabia successfully concluded negotiations regarding an income tax treaty between the two nations on 15 May 2024. This agreement, a first of its kind, aims to prevent double taxation of income and
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Saudi Arabia approves tax treaty with Slovak Republic
The Saudi Cabinet gave its stamp of approval for the ratification of the income tax treaty with the Slovak Republic on 14 May, 2024. The treaty was initially signed on 13 November, 2023, marking the first of its kind between the two
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Papua New Guinea pursues treaty with UAE
In a recent update from Papua New Guinea's Ministry of International Trade and Investment, it was revealed that delegates from Papua New Guinea and the United Arab Emirates met during the Annual Investment Meeting (AIM) Congress from 7 - 9 May,
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Kenya: Finance Bill 2024 introduces economic presence and minimum top-up taxes
Kenya's National Assembly has started the consideration of the Finance Bill 2024. This announcement was made on Monday, 13 May, 2024. The National Assembly also announced an invitation to submit memoranda (comments) on the bill, which detailed
See MoreUAE clarifies VAT rules for performance of a director’s function by a natural person
The UAE Federal Tax Authority (FTA) issued VAT Public Clarification - VATP037 on 13 May, 2024, in which it provided clarification concerning changes in the treatment of the performance of a director's function by a natural person as a supply of
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Ghana mandates transfer pricing compliance in CbC reporting
Ghana has made it mandatory for Multinational Enterprises (MNEs) operating in the country, that meet specific revenue thresholds, to provide detailed information on their worldwide operations through Country-by-Country Reporting (CbCR). MNEs are
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Nigeria implements cybersecurity levy on e-transactions
The Central Bank of Nigeria (CBN) released, on 6 May, 2024, Circular PSM/DIR/PUB/LAB/017/004 of 6 May 2024, in which it directed banks, financial organisations, payment service providers, and mobile money operators in Nigeria to enforce a 0.5%
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Nigeria: Executive order offers petroleum sector tax incentives
Nigeria’s Federal Inland Revenue Service (FIRS) has released two circulars on the implementation of "Executive Order No. 40 on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024”. This order introduces gas credits
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Saudi Arabia: ZATCA introduces changes to real estate transaction tax regulations
The Zakat, Tax, and Customs Authority (ZATCA), on 3 May, 2024, unveiled significant amendments to the real estate transaction tax (RETT) regulations, marking a pivotal shift in property transaction dynamics. The Key changes include: Expanded
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