Nigeria: Country-by-country reporting update
A Multilateral Competent Authority Agreement (MCAA) has been signed by Nigeria for executing the exchange of country-by-country (CbC) reports. This reports will include summary of income earned and tax paid, and the number of employees positioned by
See MoreTurkey: R&D reform package declared
The Prime Minister of Turkey has announced an R&D Reform Package on 14th January 2016 to increase the share of R&D activities in the Turkish economy from 1% to 3%. Moreover, the objectives of the Package are to increase R&D investments,
See MoreOman: The State Council approves corporate tax rate increase from 12% to 15%
The State Council of Oman approved the proposed changes to the Income Tax Law, Foreign Capital Investment and Insurance Companies Laws for immediate implementation by Royal Decree, on 12 January 2016. The Chairman of the Economic Committee said
See MoreLiberia: IMF report comments on economic and fiscal position
On 8 January 2016 the IMF published a staff report in connection with the extended credit facility arrangement with Liberia. The IMF reports that poverty and food insecurity remain higher than before the Ebola crisis and that the commodity price
See MoreIMF Managing Director addresses policy priorities of CEMAC
The Managing Director of the IMF addressed policy issues in a speech to the Central African Economic and Monetary Community (CEMAC) published on 8 January 2016. The speech covered economic issues facing the Central African region including the slump
See MoreDTA between Venezuela and Saudi Arabia ratified
An Income Tax Treaty (2015) between Venezuela and Saudi Arabia has been ratified by the National Assembly of Venezuela by approving a law on 30th December
See MoreTurkey: Entry into force of electronic notification postponed
General Communiqué No. 467 (the Communiqué) on Tax Procedure Law was published in the Official Gazette on December 29, 2015. This amends General Communiqué No. 456 on Tax Procedure Law. In accordance with the provisions of the Communiqué the
See MoreNigeria: Budget for the year 2016
The budget measures for 2016 were delivered to the National Assembly on 22nd December 2015. The government proposes to reduce reliance on oil revenues (which are expected to amount to NGN 820 billion) in 2016. Non-oil revenues, comprising company
See MoreSouth Africa: SARS announces to implement country-by-country reporting requirement
In line with the OECD base erosion and profit shifting (BEPS) initiative (action 13), effective 1 January 2016, South Africa Revenue Service (SARS) has announced that it will implement country-by country (CbC) reporting. The CbC report is the third
See MoreIMF: Working Paper looks at fiscal policy and institutions in Africa
The IMF has published a Working Paper entitled Exiting from fragility in sub-Saharan Africa: The role of fiscal policies and fiscal institutions. This Working Paper looks at the role of fiscal policies and institutions in building resilience in
See MoreOman: Lower house approves multiple changes to income tax law
On 23 December 2015, the lower house of the Council of Oman has approved a number of changes to Income Tax Law 2010, proposed by the Oman Government, for immediate implementation. The Government of Oman has not yet officially published
See MoreGhana: New Income Tax Act from January 2016
Ghana's new Income Tax Act (No. 896 of 2015) will come into force on January 1, 2016. It is intended to improve tax compliance and administration and broaden the country's income tax base by rationalizing tax breaks. A number of significant changes
See MoreEgypt: Clarification guideline with respect to corporate taxation
The Egyptian Tax Authority published Guideline No. 28 for 2015 on 12 November 2015. The Guideline clarifies certain issues with respect to changes introduced by Decree Law No. 96 for 2015 which amended Income Tax Law No. 91 for 2005. The most
See MoreSouth Africa: SARS issues revised guide on the determination of medical tax credits
The South African Revenue Service (SARS) has issued a revised Guide on the Determination of Medical Scheme Fees Tax Credits and Additional Medical Expenses Tax Credits. This guide provides general guidelines regarding the medical scheme fees tax
See MoreDTA between South Africa and UAE signed
A tax treaty between South Africa and United Arab Emirates has been signed on 23rd November 2015 in
See MoreNigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreSaudi Arabia-publishing of new Companies Law
The Ministry of Commerce and Industrial declared on 9 November 2015 that the new Companies Law (NCL) will come into force after 150 days of its publication in the Saudi Official Gazette. According to the new law only one shareholder will be able to
See MoreGhana and United Kingdom sign MoU regarding automatic exchange of information
Ghana and the United Kingdom signed a memorandum of understanding (MoU) on automatic exchange of information on 6 August 2015. Further details will be reported when they are
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