DTA between Azerbaijan and Saudi Arabia approved by Azerbaijan
Azerbaijan and Saudi Arabia have signed a protocol for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and property. Azerbaijan ratified the treaty on 30 September
See MoreSouth Africa: Finance Minister is Looking At Tax Rises Next Year
When presenting the Medium-Term Budget Policy Statement on 22 October 2014 South Africa's Finance Minister gave a warning that, with decreasing tax collections this year, further revenue raising measures will be required in the budget for 2015. The
See MoreKenya ratifies the Double Tax Treaty with South Africa
The Income Tax Treaty between Kenya and South Africa has been ratified on the basis of Legal Notice No. 141 in the Kenyan Official Gazette on 10 October
See MoreNigeria: Tax Authority imposes interest on unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice entitled “Administration of penalty and interest rate regimes under the Companies Income Tax (CIT) Act, CAPS C21, LFN 2004” and FIRS imposes 10% and 15% penalty and interest
See MoreHong Kong and South Africa Sign Comprehensive Double Taxation Agreement (CDTA)
Hong Kong and South Africa have signed an agreement, on 17 October 2014, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. This agreement sets out clearly the allocation of taxing rights
See MoreNigeria: Notice for taxation of investment income gained by pioneer companies
The Federal Inland Revenue Services (FIRS) in Nigeria has issued a clarification notice regarding the taxation of investment income in the nature of dividends, interest, royalties, and rent earned by pioneer companies is subject to 10% withholding
See MoreNigeria: Preparing for transfer pricing audit
A transfer pricing declaration and disclosure form will be the first returns filed in compliance with Nigeria’s transfer pricing regulations if returns of taxpayers having a December 2014 accounting year-end. By filing these returns, Nigeria’s
See MoreSaudi Arabia: Electronic filing update
Monthly withholding tax return (Form Q7), will no longer be accepted at the Department of Zakat and Income Tax (“DZIT”). The return must be filed electronically and effective as early as possible. Organizations filing for monthly withholding tax
See MoreSouth Africa: SARS Reminds Employers Of ETI Refund Process
The South African Revenue Service (SARS) has reminded employers that the legislation that set up the Employment Tax Incentive from January 1 this year also includes a refund process. The Employment Tax Incentive Act and the draft amendments to this
See MoreSouth Africa and Lesotho revised Double Tax Treaty (DTA)
South Africa and Lesotho signed a double tax treaty on September 18, 2014 to replace the one that has been effective since
See MoreDouble Taxation Agreement between Qatar and Latvia
Latvia signed a Double Taxation Agreement (DTA) with Qatar on September 26, 2014. Furthermore, on 10 September 2014, the cabinet of Qatar authorized the signing of the initialed income tax treaty between Qatar and Latvia and it have initialed on 24
See MoreU.A.E-Japan Income Tax Treaty ratified
The Income Tax Treaty between Japan and United Arab Emirates has been ratified by way of Decree No. 70/2014. Further details of the treaty will be reported
See MoreSlovenia-U.A.E Income Tax Treaty ratified
The Income Tax Treaty between United Arab Emirates and the Slovenia has been ratified by the way of Decree No. 72/2014. Further details of the treaty will be reported
See MoreUAE-Hungary Income Tax Treaty ratified
According to the Decree No. 73/2014, the Income Tax Treaty between United Arab Emirates and Hungary has been ratified. The treaty has entered into force on 4 October 2014 and this will be effective from 1 January 2015. The further detail information
See MoreUAE-Benin Tax Treaty ratified
According to Decree No. 71/2014, the tax treaty between United Arab Emirates and Benin has been signed on 4 March 2013. Detail information of the treaty will be reported
See MoreNigeria: Interests on inter-company loans are tax-deductible
The Tax Appeal Tribunal held that Nigerian company prepared interest payments on its inter-company loans are tax deductible, given that the loans were got at arm’s length. In Nigeria, the taxpayer of Nigerian company was occupied in petroleum
See MoreUAE-Barbados Income Tax Treaty signed
The Income Tax Treaty between Barbados and the United Arab Emirates has been signed on 24 September 2014. Further details of the treaty will be reported
See MoreSouth Africa: SARS Issues Draft Guide On Special Trust Taxation
The South African Revenue Service (SARS) has published a draft guide on the taxation of "special trusts," which has been prepared to helps users in gaining a more in-depth understanding of their taxation, with particular reference to income and
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