UAE launches public consultation on pillar 2 GloBe rules
The UAE Ministry of Finance (MoF) announced that it had launched a public consultation regarding the enforcement of the Pillar 2 Global Minimum Tax (GloBE) Rules. The objective of this consultation is to gather the views of stakeholders with respect
See MoreUN: Conference of African Ministers Discusses Domestic Resource Mobilisation
The fifty-sixth session of the UN Economic Commission for Africa (UNECA) Conference of African Ministers of Finance, Planning and Economic Development was held from 28 February to 5 March 2024 in Zimbabwe. The theme of the conference was on
See MoreNigeria: FIRS launches self-registration feature on its e-platform
On 11 March 2024, the Federal Inland Revenue Service (FIRS) of Nigeria released a public notice on X (formerly Twitter) about the launch of a self-registration feature on TaxPro-Max, its tax administration solution electronic platform. With the
See MoreNamibia announces new tax measures in budget 2024/25
On 28 February 2024, Namibia presented the 2024-2025 budget, which includes several significant tax measures. These are as follows: The tax rate for non-mining companies will be lowered to 31%, effective 1 January 2024. The rate will be reduced
See MoreUAE: Dubai announces 20% corporate tax on foreign banks
On 7 March 2024, Dubai, one of the seven states of the UAE, announced that it approved Law No. (1) of 2024, in which foreign banks will have to pay an annual corporate tax of 20%. The provisions of this new law, issued by the government of Dubai,
See MoreUAE: FTA issues guidance on taxation of partnerships
On 4 March 2024, the UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Taxation of Partnerships - CTGPTN1. The purpose of the guide and who should read it are summarized as follows: This guide is designed to provide general
See MoreIsrael: Finance committee approves additional tax on financial institutions
On 4 March 2024, the Finance Committee of Israel’s parliament (Knesset) passed a measure to impose a 6% tax on financial institutions holding assets equivalent to at least 5% of the total assets held by Israeli banks. This additional tax will be
See MoreNamibia announces 2024/25 budget with new tax measures
On 28 February 2024, Namibia delivered the 2024/25 Budget. The key tax provisions in the budget statement include: Individual income tax The 2024/25 Budget increases the threshold for the individual income tax from NAD 50,000 to NAD 100,000,
See MoreKenya: KRA notifies taxpayers of tax amnesty program
On 27 February 2024, the Kenya Revenue Authority (KRA) published a release notifying taxpayers of its tax amnesty program offering over Kshs 200 billion in waiver of penalties and interest. Additionally, the KRA released new Tax Amnesty FAQs. The
See MoreUAE: FTA specifies corporate tax registration deadlines
On 27 February 2024, the UAE Federal Tax Authority (FTA) announced that it issued the FTA Decision No. 3 of 2024, in which it outlined the timeframes for Taxable Persons subject to Corporate Tax to apply to register with the FTA and avoid being in
See MoreUAE to impose AED 10,000 penalty for delaying corporate tax registration
On 27 February 2024, the UAE Ministry of Finance announced the issuance of Cabinet Decision No. 10 of 2024, amending the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023 on the administrative penalties for
See MoreSouth Africa: Finance Minister presents the Budget for 2024
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
See MoreNigeria: FIRS shifts e-platform for transfer pricing and CbC reporting notifications
Nigeria’s Federal Inland Revenue Service (FIRS), in a notice to taxpayers and the general public, announced the transitioning of the electronic platform for filing transfer pricing returns and country-by-country (CbC) reporting notifications from
See MoreEgypt raises materiality threshold for master file and local file for 2024
On 15 February 2024, Egypt published the Ministerial Decree No. 52 of 2024 in the Official Gazette, providing updated transfer pricing documentation requirements for Egyptian taxpayers. This decree came into effect on 22 February 2024. In this
See MoreUN: Committee Discusses Terms of Reference for Framework Convention on Tax
On 20 February 2024 the first meeting took place of the Ad Hoc Committee to draft terms of reference for a UN Framework Convention on International Tax Cooperation. The Committee was established by UN Resolution 78/230 of 22 December 2023. It aims
See MoreSaudi Arabia: ZATCA provides tax guidance on software payments
On 4 February 2024, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced guidelines regarding the taxation of 29 types of software payments. These payments result from transactions between non-residents and residents of Saudi Arabia
See MoreSaudi Arabia publishes tax regulations for regional headquarters
On 4 February 2024, Saudi Arabia’s Saudi Zakat, Tax, and Customs Authority (ZATCA) released the Regional Headquarters Tax Rules. This guide provides the rules and requirements for the Regional Headquarters (Regional Headquarters) Program announced
See MoreTurkey extends VAT deadline for taxpayers liable for deductions
On 10 February 2024, Turkey’s Revenue Administration published the Tax Procedure Law Circular No. 164 of 10 February 2024. This circular extends the VAT return and payment deadline for taxpayers responsible for VAT deduction. Previously, taxpayers
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