Iceland, Saudi Arabia sign tax treaty
In an announcement by the Saudi Press Agency (SPA), officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The signing took place during the first day of the Zakat Tax and Customs Conference in
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Bahrain: Council of Representatives approve tax treaty with Hong Kong
Bahrain’s Council of Representatives approved the ratification of the income tax treaty with Hong Kong on 3 December 2024. Signed on 3 March 2024, the Hong Kong-Bahrain income tax treaty is the first between the two countries. This agreement
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EU proposes permanent digital trade certificates with Turkey
The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to
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Kenya introduces pre-filled VAT returns for November 2024
The Kenya Revenue Authority (KRA) has issued a public notice announcing to all VAT registered taxpayers that the VAT return will be pre-filled with tax information available to KRA starting from the November 2024 tax period. This measure is being
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Qatar: Council of Ministers approve Pillar Two global minimum tax
Qatar's Council of Ministers approved the proposed amendments to the Income Tax Law, on 4 December 2024, for the implementation of measures aligned with the Pillar Two global minimum tax framework. As part of the inclusive framework on Base
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South Africa: SARS clarifies tax allowances, deductions for renewable energy generation assets
The South African Revenue Service (SARS) has released a guide “Guideline on the on Allowances and Deductions Relating to Assets Used in Generation of Electricity from Specified Sources of Renewable Energy” on 23 November 2024. It provides
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Saudi Arabia: ZATCA announces 18th wave of e-invoicing integration
The Zakat, Tax and Customs Authority (ZATCA) has revealed the criteria for the 18th group of taxpayers who must comply with the integration phase of the e-invoicing system on 29 November 2024. The 18th wave included all taxpayers whose revenues
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Turkey reduces tax exemption on long term capital gains
The Revenue Administration of Turkey has announced the decision (Presidential Decision No. 9160) to reduce the tax exemption on capital gains from the sale of participation shares, held for at least two years, from 75% to 50%. This adjustment
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Liberia: Draft National Budget 2025 to raise withholding tax on consultancy services, introduce new VAT system
Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024. The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent
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South Africa: SARS updates interest rate tables, reduces all rates
The South African Revenue Service (SARS) has published updated interest rate tables on 22 November 2024. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely: interest charged on
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Armenia approves FTA between EAEU, Iran
Armenia’s President has signed a law for the ratification of the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) and Iran on 27 November 2024. The Armenian National
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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Turkey reduces corporate tax exemption rate on asset sales
Turkey's government issued Presidential Decision No. 9160 on 27 November 2024, reducing the exemption rate for corporate income tax on gains derived from the sale of certain assets. Presidential Decision No. 9160 came into effect on the day it
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Turkey updates revaluation rate for 2024
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
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Kuwait, South Africa income tax treaty protocol enters into force
The amending protocol to the Kuwait-South Africa Income Tax Treaty came into force on 2 October 2024. This protocol has been applied retroactively, with its provisions taking effect from 1 April 2012. The amending protocol was signed on 1 April
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India, Nigeria hold talks on income tax treaty
According to a release, officials from India and Nigeria held discussions on bilateral relations from 17 to 18 November 2024, with a focus on finalising negotiations for an income tax treaty. During this period, Prime Minister Shri Narendra Modi
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Egypt implements new VAT rules for exported services
Egypt’s tax authorities issued Instruction No. 78 of 2024, which amends the criteria for applying the 0% value-added tax (VAT) on exported services under Circulars (5) and (6) of 2019. Instruction No. 78 repeals Circulars 5 and 6 of 2019, where
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Oman ratifies tax treaty with Ireland
The Sultan of Oman issued a Royal Decree No. 60/2024 ratifying the income tax treaty with Ireland on 19 November 2024. The decree awaits its publication in the Official Gazette of Oman. Earlier, officials from Ireland and Oman signed an income
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