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.
The treaty covers the incomes tax and corporate taxes of both countries.
The following capital gains derived by a resident of one Contracting State may be taxed by the other State:
Gains from the alienation of other property by a resident of a Contracting State may only be taxed by that State.
Both countries apply the credit method for the elimination of double taxation
The treaty will enter into force once the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force.