Insurance premium tax: guidance updated
- the standard rate has increased to 15%; and
- the transitional arrangements from 1 June 2017 are set out.
|Date||Country A||Country B||Object||Status|
|10.10.18||Kosovo||Switzerland||Income Tax Treaty||Entered into force|
|04.10.18||Colombia||United Kingdom||Income Tax Treaty||Approved by Colombian Congress|
|09.10.18||Jersey||United Kingdom||Income Tax Treaty||Approved by Jersery|
|23.10.18||Austria||United Kingdom||Income Tax Treaty||Signed|
Report from our correspondent Dr Svetlin Krastanov, Tax Manager, PwC Bulgaria
|Maximum (CNY / year)|
|Expenditures for education of children||12,000 / family|
|Continuing education||4,800 / person (diploma education) 3,600 / person (vocational qualification)|
|Medical treatment of serious diseases||60,000 / person|
|Housing loan interest||12,000 / family|
|Housing rents||9,600 – 12,200 / family|
|Raise of parents||24,000 / family|
A Turkish-African business meeting in Istanbul bore fruit Wednesday in the form of three new pacts with both private and public concerns.
Zimbabwe, Senegal, and the African Union all signed deals with parties in Turkey during the 2nd Turkey-Africa Economy and Business Forum in Turkey's economic hub.
The first agreement -- a memorandum of understanding (MoU) -- was signed by Senegal’s Mines and Geology Ministry and Turkey’s Tosyali Holding for the company to invest in iron and steel in the West African country.
Another MoU was signed between Turkey's Trade Ministry and the African Union Commission for collaboration on trade and investment.
The last trade cooperation pact was signed by the Turkish and Zimbabwean governments.
The two-day forum, which started on Wednesday in Istanbul, is bringing together 3,000 African and Turkish businesspeople.
The forum was organized by Turkey’s Foreign Economic Relations Board in coordination with Turkey’s Trade Ministry and the African Union.
Egypt has reached an agreement on a new $3 billion financing deal with the World Bank, the country’s investment and international cooperation announced yesterday.
Sahar Nasr said that she had agreed with the World Bank officials on the final arrangements for a new loan for Egypt.
Nasr’s statement neither provided details on whether the loan will be offered on one tranche nor its interest rate. However, she stressed that the funding would be secured in “the next few months.”
The Egyptian minister noted that the new funding “comes within the framework of the World Bank’s confidence in Egypt’s economic reform measures and its keenness to continue to support the implementation of the nation-wide economic and social reform programme.”
The new loan, Nasr pointed out, is expected to raise the country’s total external debt, which was reported to have registered $92.64 billion at the end of last June.
In March, Egypt announced that it had received the third and final $1 billion tranche of a World Bank $3 billion loans, which was aiming to support the government budget and the country’s economic reform programme.
Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolution and to ease a dollar shortage that has crippled import activity and hampered recovery.
In November 2015, Egypt won a three-year $12 billion International Monetary Fund (IMF) loan, which aimed at reviving the country’s struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor.
A Turkish construction company will start building Sudan's biggest airport early next year, according to the firm's chairman.
"We will lay the foundation for the Khartoum International Airport in the first quarter of 2019 and complete it in less than 36 months," Selim Bora, the chairman of construction firm Summa, told Anadolu Agency.
Bora stated that the three-phase project is worth $1.15 billion.
"First we will built a terminal with a 6 million-person [annual] capacity along with all infrastructure services, runways, and airport aprons," he said.
Bora added the airport's annual capacity will reach 9 million in the second phase and 12 million in the third phase.
The project, developed on the build-operate-transfer model, is currently in the design phase, he said.
Saying that Sudan has the largest surface area in Africa, Bora added the airport will also serve other countries in the region.
"Currently airports in Cairo and Addis Ababa are the most important and effective ones on the continent," he noted.
Investing in Africa since 2007
Bora said he hoped the air passenger traffic in those airports will shift to Khartoum International Airport, which enjoys geographical advantages.
He said Summa entered the African market in 2007 by doing several projects in Libya and then in Equatorial Guinea.
The company has continued African projects in such countries as Senegal, Rwanda, Congo, Niger, Sudan, and Benin, he added.
"Niger will host next year's African Union Summit next July, so the country needs infrastructure services and investments," Bora said.
He said the renovation of an airport and construction of a five-star hotel in Niger will be completed in July 2019.
This March Summa signed the deal with Sudan’s Finance Ministry to build the new Khartoum airport.