Turkey: Draft General Communiqué on CIT Law issued

12 July, 2016

The Revenue Administration has submitted a draft General Communiqué No. 10 on 30th June 2016 regarding Corporate Tax Law (Law No. 5520) to the Prime Minister for publication in the Official Gazette. This draft addresses the changes of General

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Turkey: Guidelines on CIT incentive for capital increase

06 July, 2016

The Turkish Revenue Administration has published guidelines regarding corporate income tax (CIT) incentive on 30th June 2016 for capital increase. According to that incentive, capital companies may able to deduct 50% of the interest calculated over

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Namibia-increase of withholding tax rate of non-resident directors’ fees

04 July, 2016

In Namibia, the withholding tax rate applicable to directors’ fees paid to non-residents has become 25% with effect from 21 June 2016. Non-resident directors are no more obliged to include the directors. Fees in their income tax returns since the

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Nigeria: Withholding tax rate for construction-related payments

28 June, 2016

The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the

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Tanzania issues Finance Bill, 2016

16 June, 2016

Tanzania’s Finance Bill 2016 was made publicly available on 13th June 2016. This follows presentation of the 2016/17 budget by the Finance Ministry on 8th June 2016. This covers the Finance Bill, 2016 which contains numerous proposed changes in

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IMF publishes working paper on aid and fiscal policy

10 June, 2016

On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated

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Kenya presents budget for 2016-17

10 June, 2016

The Cabinet Secretary presented the budget for 2016-17 to the National Assembly on 8 June 2016. Some of the proposed measures as regards direct taxation are given below: Corporate taxation: Corporate tax rate decrease from 30% to 20% for developers

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Tanzania: Budget 2016/17 regarding direct taxation

10 June, 2016

The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to

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IMF working paper looks at policy adjustments required in MENA and CCA countries

09 June, 2016

On 8 June 2016 the IMF published a Middle East and Central Asia departmental paper on “Learning to Live with Cheaper Oil: Policy Adjustment in Oil Exporting Countries of the Middle East and Central Asia”. The paper looks at policy challenges in

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DTA between Somalia and Turkey signed

06 June, 2016

An Income Tax Treaty between Somalia and Turkey has signed on 3rd June 2016 in

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DTA between UAE and Uruguay ratified

27 May, 2016

The Income and capital Tax Treaty (2014) between United Arab Emirates and Uruguay has been ratified by Uruguay according to the Law No. 19.393 on 20th May

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Czech Republic and Tunisia: Social Security Agreement signed and approved

27 May, 2016

The Social Security Agreement between Czech Republic and Tunisia has been approved by upper chamber of parliament (senate) of Czech Republic on 6th April 2016, which was signed in Prague on 20th November

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South Africa: SARS introduced certain changes to the Income Tax Return for Companies (ITR14)

03 May, 2016

The South African Revenue Service (SARS) introduced certain changes to the Income Tax Return for Companies (ITR14) on 18 April 2016. Changes include the expansion of information required in relation to transfer pricing transactions. ITR14 increasing

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OECD: Joint Statement on Illicit Financial Flows from Africa

20 April, 2016

A joint statement was released on 19 April 2016 by the OECD secretary general and the Chair of the High Level Panel on Illicit Financial Flows from Africa. Illicit financial flows include money laundering, tax evasion and international bribery and

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Platform for Collaboration on Tax set up by OECD, IMF, UN and World Bank

20 April, 2016

On 19 April 2016 the OECD, IMF, World Bank and UN announced the creation of a Platform for Collaboration on Tax. The Platform will intensify cooperation between these bodies as well as hosting regular consultations on the design and implementation

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South Africa: SARS publishes draft regulations concerning CbC reporting standard for MNEs

17 April, 2016

The South African Revenue Service (SARS) on 11 April 2016 published draft regulations concerning a country-by-country (CbC) reporting standard for multinational enterprises. South African MNEs with annual group consolidated turnover exceeding ZAR

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Turkey: Annual weighted average interest rate for cash capital increase deduction announced

12 April, 2016

The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest

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Treaty between Botswana and Czech Republic negotiated

08 April, 2016

The second round of negotiations for a tax treaty between Botswana and the Czech Republic is arranged to take place in Prague from 18th to 21st April

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