Sri Lanka, UAE finalise investment protection agreement
Sri Lanka and UAE have finalised an agreement on reciprocal promotion and protection of investments between the two countries. This announcement was made by the Ministry of Foreign Affairs, Foreign Employment and Tourism on 3 February 2024. The
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UAE: Cabinet approves income tax treaty with Qatar
The Cabinet of Ministers of the United Arab Emirates (UAE) has approved the income tax treaty with Qatar On 3 February 2025. Earlier, the Qatar News Agency, in a press release, said that Qatar and the UAE signed an income tax treaty on
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Ukraine, Egypt show interest in updating tax agreement
Ukraine’s Minister of Agrarian Policy and Food, Vitalii Koval, held a meeting with Ahmed Kuchuk, Egypt’s Minister of Finance. This announcement was made by the Ministry of Agrarian Policy and Food of Ukraine on 3 February 2025. The
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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Morocco approves pending tax treaty with Cape Verde
Morocco's House of Representatives has ratified the income tax treaty with Cape Verde on 3 February 2025. Signed on 9 May 2023, it is the first treaty between the two countries. The agreement is in line with the two countries' desire to develop
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UAE: FTA offers penalty exemption for tax record updates by 31 March 2025
The UAE Federal Tax Authority has issued a notice on 4 February 2025 encouraging taxpayers to update their records by 31 March 2025, allowing them to benefit from a penalty exemption during the grace period. The Federal Tax Authority (FTA) has
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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UAE: Cabinet approves first income tax treaty with Kuwait
UAE’s Cabinet of Ministers have approved the income tax treaty with Kuwait. The treaty was signed on 11 February 2024. It is the first income tax treaty between the two countries. The agreement seeks to prevent double taxation on
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Turkey updates withholding tax rules for financial instruments
Turkey's Revenue Administration has announced the publication of Presidential Decision No. 9487 on 31 January 2025, which extends and modifies the reduced withholding tax rates on income from deposit accounts held in Turkish lira (TRY). Under the
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Turkey extends tax restructuring and force majeure measures with new presidential decision
Turkey’s Revenue Administration has released Presidential Decision No. 9500 on 1 February 2025, extending provisions for restructuring tax debts. This measure revisits installment payment terms established under previous laws, including Law No.
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Saudi Arabia: ZATCA issues guidance on double taxation relief
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has released guidance on double taxation relief under the country’s tax treaties. The guidance outlines available methods for avoiding double taxation, including exemption and credit
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Libya, Turkey near agreement on first income tax treaty
Libya and Turkey are close to reaching an agreement on an income tax treaty. A tax treaty is a bilateral agreement between two countries aimed at addressing double taxation on both passive and active income earned by their respective citizens.
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Kuwait gazettes Pillar Two global minimum tax law for MNEs
Kuwait has adopted OECD's Pillar Two global minimum tax with the publication of Decree No. 157/2024 in the Official Gazette on 30 December 2024. The decree imposes a 15% minimum tax rate on multinational enterprise (MNE) groups that generate over
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South Africa: President promulgates Taxation Laws Amendment Act, introduces changes to environmental tax provisions
The President of South Africa has promulgated the Taxation Laws Amendment Act 42 of 2024 which includes changes to environmental tax provisions. The law was published in the Official Gazette on 24 December 2024. The various amendments
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Italy ratifies tax treaty with Libya
Italy published Law No. 2 of 16 January 2025 in its Official Gazette on 24 January 2025, ratifying the income tax treaty with Libya. This follows after Italy’s Chamber of Deputies approved the law ratifying the income tax treaty with Libya on 8
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Norway: Cabinet approves amending protocol to tax treaty with Qatar
Norway’s Cabinet (statsråd) has approved the amending protocol to the 2009 income tax treaty with Qatar on 24 January 2025. The protocol will take effect 30 days after ratification instruments are exchanged and shall apply from 1 January of
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Morocco clarifies 2025 Finance Law provisions
Morocco’s Directorate General of Taxes (DGI) has published detailed guidance on the tax provisions outlined in the 2025 Finance Law. This guidance is presented in the Finance Law Circular No. 60-24. Earlier, Morocco’s Ministry of Finance
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Czech Republic, Kenya conclude tax treaty negotiations
Officials from the Czech Republic and Kenya have announced the conclusion of negotiations for a first-ever income tax treaty between the two countries on 22 January 2025. The treaty aims to eliminate double taxation of income and prevent tax
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