Kenya: Finance Bill 2024 introduces economic presence and minimum top-up taxes
Kenya's National Assembly has started the consideration of the Finance Bill 2024. This announcement was made on Monday, 13 May, 2024. The National Assembly also announced an invitation to submit memoranda (comments) on the bill, which detailed
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UAE clarifies VAT rules for performance of a director’s function by a natural person
The UAE Federal Tax Authority (FTA) issued VAT Public Clarification - VATP037 on 13 May, 2024, in which it provided clarification concerning changes in the treatment of the performance of a director's function by a natural person as a supply of
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Ghana mandates transfer pricing compliance in CbC reportingÂ
Ghana has made it mandatory for Multinational Enterprises (MNEs) operating in the country, that meet specific revenue thresholds, to provide detailed information on their worldwide operations through Country-by-Country Reporting (CbCR). MNEs are
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Nigeria implements cybersecurity levy on e-transactions
The Central Bank of Nigeria (CBN) released, on 6 May, 2024, Circular PSM/DIR/PUB/LAB/017/004 of 6 May 2024, in which it directed banks, financial organisations, payment service providers, and mobile money operators in Nigeria to enforce a 0.5%
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Nigeria: Executive order offers petroleum sector tax incentivesÂ
Nigeria’s Federal Inland Revenue Service (FIRS) has released two circulars on the implementation of "Executive Order No. 40 on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024”. This order introduces gas credits
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Saudi Arabia: ZATCA introduces changes to real estate transaction tax regulations
The Zakat, Tax, and Customs Authority (ZATCA), on 3 May, 2024, unveiled significant amendments to the real estate transaction tax (RETT) regulations, marking a pivotal shift in property transaction dynamics. The Key changes include: Expanded
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Algeria eases criteria for reinvestment of tax savings
The Algerian government has eased restrictions for reinvesting tax savings under the Algerian investment incentives regime. The government expects that this will attract more foreign investment in Algeria. Determining the reinvestment
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UAE: FTA issues corporate tax guide for investment funds and investment managers
The UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Investment Funds and Investment Managers - CTGIFM1 on Monday, 6 May, 2024, in order to provide general guidance to help persons understand the UAE Corporate Tax treatment for
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UAE: FTA issues guide on registration of natural persons for corporate tax
The UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Registration of Natural Persons - CTGRNP1 on Monday, 6 May, 2024. It is designed to provide general guidance on the registration of natural persons in the UAE for Corporate Tax
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South Africa: SARS clarifies tax exemptions for national ships
The South African Revenue Service (SARS) issued Interpretation of Note 131 on 29 April, 2024, which addresses the exemption of income associated with South African ships utilised in international shipping. This aims to support the growth of a
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Turkey and Zambia initiate talks on income tax treaty for mutual investment stability
The Revenue Administration of Turkey has stated that delegates from Turkey and Zambia convened for the inaugural round of negotiations for an income tax treaty from 23 - 25 April, 2024. If the entire agreement is signed and comes into force, it will
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Turkey: 1% VAT rate excludes food and beverage service providers
Turkey's Revenue Administration published a release on Saturday, 27 April, 2024, concerning the Value Added Tax (VAT) rates applicable to food and beverage services. The release “Amendments to the Value Added Tax General Application Communiqué
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Kenya seeks public comments on proposed income tax treaty with Belarus
On 8 April 2024, the National Treasury of Kenya published a public notice seeking comments on a proposed agreement for income tax between Kenya and Belarus from the public. The national treasury of Kenya organised the process on behalf of the
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Turkey extends force majeure for areas hit by 2023 earthquake
The Turkish Revenue Administration announced on 26 April 2024 that it had extended the state of force majeure for regions affected by the 6 February 2023 earthquakes. Initially set from 6 February 2023 to 31 July 2023, the state of force majeure
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Nigeria introduces tax incentives for new oil and gas companies
On 28 February 2024, the Nigerian government published the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024 in the Official Gazette. The announcement outlines various new incentives for the oil and gas sector, which
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Turkey grants short extension for 2023 tax return submissionsÂ
Turkey's Revenue Administration has announced an extension for submitting the corporate tax returns for the 2023 accounting period. Accordingly, with Tax Procedure Law Circular No. 167, the standard deadline – originally set for 30 April, 2024
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Algeria extends deadline for 2023 tax returns and transfer pricing documentation
On 21 April 2024, the Directorate General of Taxes in Algeria announced via a communiqué an extension for the deadline to submit annual tax returns (G4 and G11) and the annual personal income declaration (G1) for the fiscal year 2023. As per the
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Saudi Arabia: ZATCA releases guidelines for new RHQ program
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has published guidelines detailing the new Regional Headquarters (RHQ) Program in the country. As per previous reports, the RHQ program offers tax advantages such as a 0% corporate income tax rate
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