Saudi Arabia: ZATCA provides tax guidance on software payments

February 20, 2024

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

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Saudi Arabia publishes tax regulations for regional headquarters 

February 17, 2024

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

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Turkey extends VAT deadline for taxpayers liable for deductions

February 13, 2024

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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Egypt preparing draft for new income tax law

February 13, 2024

Egypt’s Minister of Finance for Tax Policy and Reforms has announced plans to draft a new iteration of the Income Tax Law. The details of the new law has been fully published, but the main proposals of the new law include: A focus on

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Botswana: Finance Minister presents tax reforms and digitalization measures in budget speech 2024

February 10, 2024

On 5 February 2024, Mr. Peggy O. Serame, Botswana's Minister of Finance and Economic Development presented the 2024 Budget Speech to the National Assembly. The budget contains a number of important tax measures. The key proposed tax measures are as

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Ghana halts 15% VAT on residential electricity usage

February 08, 2024

On 7 February 2024, the Ministry of Finance in Ghana released a press statement regarding enforcing Value-Added Tax (VAT) on electricity consumption by residential customers. According to the statement, electricity suppliers were informed of the

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IMF Report Comments on Kenya’s Economy

January 24, 2024

On 17 January 2024 the IMF issued a report following consultations with Kenya under Article IV of the IMF’s articles of agreement, the Sixth Reviews of the extended arrangements under the EFF and ECF Arrangements, and First Review Under the

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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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IMF issues report following Article IV Consultation with Ghana

January 21, 2024

On 19 January 2024 the IMF issued a report following consultations with Ghana under Article IV of the IMF’s articles of agreement and the first review of Ghana’s Extended Credit Facility arrangement. The report notes that Ghana’s performance

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IMF Issues Report under Extended Credit Facility Arrangement for Mozambique

January 21, 2024

On 8 January 2024 the IMF issued a report after completing the Third Review under the Extended Credit Facility (ECF) Arrangement with Mozambique. The ECF arrangement aims to support structural reforms to promote Mozambique’s economic recovery and

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Mozambique removes VAT exemption on sugar, soaps, and cooking oils

January 19, 2024

On 17 January 2024, the Mozambique Tax Authority released a public notice affirming the discontinuation of the VAT exemption previously applied to sugar, soaps, and cooking oils. The VAT exemption applies to their raw materials, intermediary

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Nigeria: FIRS defers implementation of simplified compliance regime for VAT for non-resident suppliers of goods

January 18, 2024

On 15 January 2024, Nigeria's Federal Inland Revenue Service (FIRS) published a public notice declaring that it deferred enacting the Guidelines on the Simplified Compliance Regime for VAT for Non-Resident Suppliers of goods to Nigeria through

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Israel to raise bank taxes to 26% in 2024 and 2025

January 18, 2024

On 15 January 2024, Israel's Ministry of Finance proposed to increase the tax rate on bank profits from 17% to 26% in both 2024 and 2025. At present, banks and other financial institutions pay a 17% VAT-equivalent tax on their total payroll and

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Kenya: KRA announces pre-filled VAT returns to taxpayers

January 18, 2024

On 16 January 2024, the Kenya Revenue Authority (KRA) released a public notice reminding all VAT-registered taxpayers that their VAT returns will be automatically filled with information available to KRA. This rule will go into effect in January

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Zambia enacts tax amendments outlined in the budget 2024

January 15, 2024

On 22 December 2023, Zambia took a significant step in reshaping its fiscal landscape by enacting various amendment acts to implement the 2024 budget tax changes. The key highlights of these tax measures include: Income Tax Adjustments:

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South Africa releases 2023 tax Acts with significant amendments

January 15, 2024

On 22 December 2023, the South African Revenue Service officially published the 2023 tax acts, marking a substantial reform in the country's fiscal landscape. The key acts include the Taxation Laws Amendment Act, 2023 (Act 17 of 2023), the Tax

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Saudi Arabia: ZATCA extends tax penalty relief measures until 30 June 2024

January 11, 2024

On 29 December 2023, Saudi Arabi’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of the "Cancellation of Fines and Exemption of Penalties initiative until 30 June 2024. ZATCA stated that the initiative's extension, which ends

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Qatar extends deadline for CbC reports submission

January 10, 2024

Qatar’s tax authority announced that it is extending the deadline for Qatar-based companies to submit their country-by-country (CbC) reports for the fiscal year 2022 and CbC notifications for the fiscal year 2023. The new deadline is 31 January

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