Angola: IMF report comments on fiscal policy
The International Monetary Fund (IMF) issued a report on 25 August 2015 following the conclusion of discussions with Angola under Article IV of the IMF’s articles of agreement. The IMF report notes that Angola’s economy has been hit by the
See MoreUAE: MoF declares a statement regarding VAT and Corporate tax
The Finance Ministry (MoF) of United Arab Emirates has published an official statement on 18th August 2015 regarding Value Added Tax (VAT) proposal and the possible Corporate Tax (CT) outline. The UAE has completed a treaty to implement VAT with the
See MoreSouth Africa: SARS issues guide on valuation of assets for Capital Gains Tax purposes
The South African Revenue Service (SARS) has recently published an updated guide on the valuation of assets for capital gains tax (CGT) purposes. This guide provides general guidance on valuations. The guide issued by SARSÂ does not go into the
See MoreDTA between Czech Republic and Senegal initialed
After completing a successful 3rd round of negotiations held in Prague, the Income Tax Treaty between Czech Republic and Senegal has been initialed on 13th August 2015. Further details of the treaty will be reported
See MoreGhana: Finance Minister Presented To Parliament “Income Tax Bill 2015”
The Deputy Minister for Finance submitted the Income Tax Bill 2015 to the Parliament on 30 July 2015. Government is seeking to broaden the tax base and reorganise the various income tax law provisions to simplify them and make them more
See MoreGhana: Tax Authority Formed Special Tax Compliance Taskforce
The revenue authority of Ghana has formed a special revenue collection taskforce including 40 members. The aim of taskforce is to enforce compliance with the country's tax code and to encourage actual or potential tax defaulters to honor their tax
See MoreCyprus and Iran sign Income Tax Treaty
The Republic of Cyprus and the Government of Iran signed an Income Tax Treaty on August 4, 2015 for the Avoidance of Double Taxation. The treaty will come into force after the two countries exchange ratification instruments. Under the treaty, the
See MoreItaly and Turkey: Social Security Agreement comes into effect
The Social Security Agreement between Italy and Turkey will come into force on 1st August 2015. The agreement was signed in 2012. According to new provisions in the agreement, employees allotted between Italy and Turkey may stay in their home
See MoreTurkey-United States FATCA agreement signed
The FATCA agreement (2015) between Turkey and United States has been signed on 29th July 2015. Details of the agreement will be reported
See MoreDTA between Andorra and United Arab Emirates signed
A double taxation agreement (DTA) between Andorra and the United Arab Emirates was signed on 28th July
See MoreDTA between Turkey and Senegal initialed
Following a successful second round of negotiations held from 8th July 2015 to 10th July 2015, a double taxation agreement (DTA)Â between Turkey and Senegal has been initialed in
See MoreDTA between Mexico and Turkey enters into force
The Double Tax Agreement (DTA) between Turkey and Mexico signed in 2013 will enter into force on 23rd July 2015. Mexico published the text of the agreement on 17th July 20a. The agreement aims to avoid double taxation between the two countries
See MoreWorld Bank and IMF announce further support for developing country tax administrations
The World Bank and the IMF announced on 10 July 2015 that they are launching an initiative to support developing countries in strengthening their tax administrations. Research has suggested that there is potential for lower income countries to
See MoreTurkey: Corporate income tax and VAT on electronic services by nonresident businesses
The Government is considering proposals which would permit the Turkish Revenue Administration to collect both indirect and direct taxes on the online sales and revenue-generating online activities made by nonresident businesses. The Finance
See MoreNigeria: Reverse charge does not apply where nonresident companies render services to a resident
The Tax Appeal Tribunal (TAT) in Nigeria has delivered a decision in the case “Gazprom Oil & Gas Nigeria Limited (Gazprom) Vs FIRS on 10th June 2015. This concerns the imposition of a VAT charge on services by a nonresident company (NRC) to
See MoreKenya: Finance Bill for 2015
The Finance Bill 2015 was presented to the National Assembly on 11 June 2015. The Bill contains far reaching improvements to different laws and regulations as well as introducing new tax laws. Corporate taxation The corporate tax rate for a
See MoreNegotiations for DTA between Australia and UAE
Following a recent meeting, negotiations for a double tax agreement (DTA) between Australia and the United Arab Emirates are
See MoreSocial Security Agreement between Israel and Italy ratified
By way of Law No. 98, the Social Security Agreement (2010) between Israel and Italy has been ratified on 18th June 2015 by Italy. Once in force and effective, this new agreement will replace the Social Security Agreement
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