The pending income tax treaty between Somalia and Turkey was signed on 3 June 2016. The treaty is the first of its kind between the two countries, and the first ever for Somalia with any country.
Taxes Covered
The treaty covers the incomes tax and corporate taxes of both countries.
Withholding Tax Rates
- Dividends - 5% if the beneficial owner is company directly holding at least 10% of the paying company's capital; otherwise 15%
- Interest - 10%
- Royalties - 10%
Capital Gains
The follow…