Kenya raises fringe benefit tax and non-resident loan interest rates

January 23, 2024

On 22 January 2024, the Kenya Revenue Authority released a notice related to the market interest rate for fringe benefit tax purposes and the deemed interest rate for non-resident loans for January, February, and March 2024. The market interest

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Poland announces base interest rates for related party debt for 2024

January 05, 2024

On 3 January 2024, Poland’s tax authority published a release related to a notice on the base interest rates and margins for the safe harbor simplification for loan, credit, or bond transactions between related parties in 2024.  The safe harbor

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Mexico raises WHT rate on interest paid by financial institutions for FY 2024

November 20, 2023

On 13 November 2023, Mexico published the Federal Revenue Law for 2024 in the Official Gazette. Accordingly, Mexico increased the withholding tax (WHT) rate on interest payments made by financial institutions from 0.15% to 0.50% for fiscal year (FY)

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Albania introduces new income tax framework, bringing significant changes from 2024

November 08, 2023

On 20 September 2023, Albania released Income Tax Instruction No. 26 in the Official Gazette, laying the groundwork for the enforcement of Income Tax Law No. 29/2023. The Income Tax Law No. 8438/1998 was repealed and replaced by Law No. 29/2023,

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Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation

November 08, 2023

On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25

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South Africa: SARS updates guidance on tax rates, duties and levies

September 10, 2023

On 24 August 2023, the South African Revenue Service (SARS) issued a latest guide for tax rates, duties and levies (Issue 16). The latest version of the SARS guide for tax rates, duties, levies include following: Corporate tax

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Peru shifts from LIBOR to SOFR for lower withholding tax on nonresident interest

July 11, 2023

On 29 June 2023, Peru published Supreme Decree 137-2023 in the Official Gazette for the adoption of the Secured Overnight Financing Rate (SOFR) to replace the London Interbank Offered Rate (LIBOR). The Decree came into force on 30 June 2023. This

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Finland publishes withholding tax rate for 2023

December 30, 2022

On 20 December 2022, the Finnish Tax Administration published the withholding tax rates table on dividends, investment fund profit shares and royalties from Finland to non-residents. The tax to be withheld at source, by countries of residence (of

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Sri Lanka removes concessionary tax rates and several exemptions

December 25, 2022

On 19 December 2022, the Inland Revenue Department (IRD) has published the Inland Revenue (Amendment) Act No. 45 of 2022. The IRD has also issued notices to taxpayers regarding significant tax changes. The changes are effective from 1 January

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Australia updates requirements for payments to foreign residents

September 16, 2022

On 8 September 2022, the Australian Taxation Office (ATO) published a notice in respect of obligations when making interest, dividend, or royalty payments to foreign residents. Taxpayers who have paid interest, dividends or royalties to a foreign

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Netherlands introduces conditional withholding tax

November 08, 2021

On 2 November 2021, the parliament of the Netherlands approved the conditional withholding tax (WHT) rate of 25% on dividends paid to low tax jurisdictions. The conditional withholding tax will apply from 1 January 2024 on dividend payments to

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South Africa: SARS publishes 2021 tax guide

September 08, 2021

On 30 August 2021, the South African Revenue Service (SARS) published 2021 Tax Guide or Budget 2021 Tax Guide, which provides a synopsis of the most important tax, duty and levy related information for 2021/22. The guide includes the Tax

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Ireland: Revenue publishes an eBrief on payment of interest and royalties

March 18, 2021

On 10 March 2021, the Irish Revenue issued an eBrief No. 054/21 regarding updates to Tax and Duty Manual. This manual contains payment and receipt of interest and royalties without deduction of income tax. Some key points of this manual are given

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Norway: Parliament approves budget for 2021 including 15% WHT rate

December 29, 2020

On 19 December 2020, the Norwegian parliament passed the national budget for 2021. The budget includes a proposal of 15% withholding tax on interest, royalties, and rent payments for certain physical assets paid by companies operating in Norway to

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Norway: Ministry of Finance announces budget 2021 proposing 15% WHT rate

October 12, 2020

On 7 October 2020, the Norwegian Ministry of Finance announced the national budget for 2021 proposing 15% withholding tax on interest, royalties, and rent payments for certain physical assets paid by companies operating in Norway to related

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India: Central Board of Direct Taxes (CBDT) publishes finance act 2020

April 09, 2020

On 27 March 2020, the Central Board of Direct Taxes (CBDT) published the Finance Act 2020 that includes measures announced as part of the Union Budget 2020-2021 and others. The measures of the Finance Act generally apply from 1 April 2020 (or

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Thailand: 15% withholding tax on interest payment

December 20, 2019

On 6 December 2019, Thailand has published Ministerial Regulation No. 353 in the Official Gazette regarding withholding tax (WHT) on interest payments to a resident mutual fund that required deducting 15% WHT. The WHT amount should remit to the

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Vietnam clarifies the tax implications of interest income

November 05, 2019

On 24 October 2019, the Tax Authority issued an official letter (No. 80503 / CT-TTHT) explaining the tax implications of interest income on term loans. The letter clarifies that loan interest earned in Vietnam is subject to withholding tax. The

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