Qatar and South Africa signed Income Tax Treaty
An income and capital tax treaty between Qatar and South Africa has signed on 6 March
See MoreNigeria: IMF comments on fiscal policy
On 4 March 2015 the IMF issued a press release on the conclusion of consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has grown strongly over the past decade at an average of almost 7% per annum
See MoreSpain: Cabinet Approves The Tax Treaty With Oman
The Cabinet has approved, on 27 February 2015, the signing "ad referendum" of the Convention between the Kingdom of Spain and the Sultanate of Oman to avoid double taxation and prevention of fiscal evasion with respect to taxes on income and
See MoreTurkey- Korea (Rep.) Free Trade Agreement Signed
A new Free Trade Agreement (FTA) between Turkey and Korea (Rep.) was signed on 26th February 2015. After the FTA enters into force and becomes effective this new agreement will replace the 2012 agreement that entered into force on 1st May
See MoreSouth Africa: Proposal to ChangeTransfer Pricing Documentation and CFC Rules
The South African Finance Minister Nhlanhla Nene proposed new transfer pricing documentation and reporting rules and proposed to revise controlled foreign company (CFC) rules relating to the digital economy, in his budget speech for 2015. The
See MoreSouth Africa: Tax Proposals In Budget 2015
South Africa has increased income tax rates for the first time in 20 years. The first increase since 1995, the move is likely to be unpopular with the public and businesses suffering from persistently lacklustre growth since the 2009
See MoreSouth Africa: Tax Free Savings Accounts from 1 March 2015
South Africa's National Treasury has published the final Notice and Regulations that allow for the introduction of tax-free savings and investment accounts (TFSAs) from the start of the next tax year on March 1, 2015. The main objective is
See MoreJapan- Qatar: Income Tax Treaty Signed
The Japan - Qatar Income Tax Treaty (2015) was signed on 20 February 2015 in Tokyo. Once in force and effective, the treaty will replace the Japan - Qatar Transport Tax Treaty (2009). Further details of the treaty will be reported
See MoreNigeria: Stock exchange rules regarding related-party transactions
The Nigerian Stock Exchange has issued rules for lending transactions with related parties or interested persons to guard against the risk that interested persons could influence an issuer, its affiliates or associated companies. One provision is
See MoreSouth Africa & Barbados- The Tax Information Exchange Agreement Enters Into Force
The Tax Information Exchange Agreement (TIEA) between South Africa and Barbados has been approved by Parliament in terms of section 231(2) of the Constitution; the date of entry into force is 19 January 2015. The agreement was signed on September
See MoreNigeria: Tax-free treatment period for pioneer certificates has been reduced
The Nigerian Investment Promotion Council (NIPC) has reduced the available tax-free treatment period from 5 years to 3 years on the basis of the “Pioneer Status Incentive” program. It appears however that the NIPC is still issuing pioneer
See MoreOman – No New Taxes In 2015 Budget
In the budget for 2015, all income from the projects taxes and fees will increase by 28.5% and there was a discussion for introducing possible new taxes or increased tax rates. However neither issue was proposed in the
See MoreBahrain and Cyprus: Draft Income Tax Treaty Approved By Bahraini Cabinet
The Bahraini Cabinet approved the draft income tax treaty with Cyprus, on 19th January 2015. This will be the first income tax agreement between the two countries. It will enter into force and apply after it has been finalized, signed, and ratified
See MoreKuwait and Lithuania: Income Tax Treaty Approved
A pending income tax treaty with Lithuania was approved by Kuwait’s National Assembly on January 27, 2015. Both countries apply the credit method to eliminate double taxation. Under the treaty, dividends are taxable at a maximum rate of 5% if the
See MoreMorocco-Qatar: Income Tax Treaty Signed
On December 27, 2013, the Morocco and Qatar Income Tax Treaty was signed in Marrakesh and upon entering into force, the treaty will replace the current convention, which was signed in Agadir, Morocco, on March 17,
See MoreKazakhstan Approves Pending Income Tax Treaty with Qatar
The Kazakh Senate approved a law on ratification of the pending income tax treaty with Qatar, on January 15, 2015. This is the first income tax treaty between the two countries which was signed on January 19, 2014. Both countries apply the credit
See MoreQatar Approves Draft Income Tax Treaty with Japan
The Qatari government approved the signature for a draft income tax treaty with Japan on January 14th, 2015. This would be the first Income Tax Treaty between the two countries. However, it must be signed and ratified by both sides before entering
See MoreNigeria: Reduced withholding tax rate regarding construction activities
The withholding tax rate has reduced from 5% to 2.5% which is applicable to all aspects of building, construction, and related activities. But for survey, design, and deliveries this withholding tax rate remains 5%. This withholding tax rate effects
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