Egypt: Customs Tariffs on Luxury Goods
Egypt has issued a presidential decree raising customs tariffs on imports of luxury goods. Under the decree a 40% tariff will be applied to imports of goods including sunglasses, watches, video games, shrimps, fireworks and boats. Two new customs
See MoreUnited Arab Emirates: Abu Dhabi issues a decree establishing a financial free zone
The free zone is expected to be set up along the same lines as the financial free zone in Dubai and will help Abu Dhabi to compete as a financial centre with Dubai and other jurisdictions in the region such as Qatar and Saudi Arabia. The free zone
See MoreSouth Africa: Tax measures included in 2013 budget
Certain tax proposals presented on 27 February 2013 in South Africa’s annual budget are summarized below: There were no tax increases but there was a substantial increase in fuel levies of 23 cents from April 2013. There was no specific mention of
See MoreDouble taxation convention between the United Kingdom and Ethiopia entered into force
The Comprehensive Double Taxation Convention between the UK and Ethiopia entered into force as of 21 February 2013. The treaty was signed on 9 June 2011. The convention generally follows the OECD Model Tax Convention. According to the provisions of
See MoreNamibia: Budget for 2013-14
The Minister of Finance of Namibia presented its Budget for 2013-14 to the National Assembly on 26 February 2013. Details of the Budget, which unless otherwise indicated will apply from 1 March 2013. In the Budget 2013-14 it has been proposed for
See MoreTax treaty signed between Germany and Oman
A double taxation treaty between Germany and Oman was signed in Muscat on 15 August 2012. This follows the conclusion of a bilateral investment promotion and protection treaty which was signed in 2010. The double taxation treaty generally follows
See MoreChina and Ethiopia income tax treaty enters into force
The income tax treaty between China and Ethiopia, which was signed on 14 May 2009, entered into force on 25 December 2012. The treaty generally follows the OECD Model Convention. According to the treaty the maximum withholding tax rates on dividends
See MoreNigeria introduced new TP regulations
Nigeria has announced new Transfer Pricing Regulations on October 22, 2012. This will be applicable retroactively to August 2, 2012. The TP Regulations provide that all transactions between connected parties should be at arm’s length. Taxpayers
See MoreIncome and Capital Tax Treaty between Saudi Arabia and Ukraine
To build tax cooperation, Saudi Arabia and Ukraine signed an Income and Capital Tax Treaty on 2 September 2011 which enters into force on 1 December 2012. The treaty will be effective from 1 January 2013. According to the treaty the default tax
See MoreUganda: Budget for Financial Year 2012-13
The Ugandan budget for 2012-13 was presented by the Minister of Finance, Planning and Economic Development on 14 June 2012. This Budget is effective from 1 July 2012. The proposed changes are summarized below: The withholding tax on income derived
See MoreTanzania: Budget for 2012-13
The Budget for 2012-2013 is generally effective from 1 July 2012. The key points of the Budget are summarized below: Corporate taxation Introduction of a 10% withholding tax on interest income earned by non-residents from banks, as is the case
See MoreIncome Tax Treaty between Turkey and Philippines
Philippines and Turkey signed an Income Tax Treaty on March 2009, for the avoidance of double taxation. The treaty was concluded in both the Turkish and English language with each text having equal authenticity. The maximum withholding tax rate on
See MoreIncome Tax Treaty between Philippines and Turkey
The Philippines and Turkey signed an Income Tax Treaty in March 2009. Details of the treaty have become available. The treaty was concluded in both Turkish and English with each text having equal authenticity. The maximum withholding tax rate on
See MoreOman ratifies the pending Oman-Germany DTA
Oman's Sultan, Qaboos bin Said al Said ratified the pending Oman-Germany double taxation agreement (DTA) on November 25,
See MorePalestine and Turkey initial a DTA
According to media reports, Palestine and Turkey initialed a double taxation agreement (DTA) during four-day meetings that concluded on November 15,
See MoreNew DTA between Czech Republic and Gabon
According to media reports, the Czech Republic and Gabon are to commence three-day negotiations towards a double taxation agreement (DTA) starting on November 12,
See MoreSweden ratifies a DTA with Mauritius
According to media reports, Sweden ratified a double taxation agreement (DTA) with Mauritius and a Protocol with Barbados on October 24,
See MoreKenya Increasing Taxes to Cover Budget Shortfall
On 10 October 2012 it was reported that, according to Kenya’s Finance Minister, the government needs to find KES40bn of additional tax revenue or spending cuts to fill a hole in its 2012/13 Budget, which has been largely caused by the recent pay
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