IMF and World Bank annual meetings 2023
The IMF/World Bank annual meetings were held from 9 to 15 October 2023. Improving Tax Capacity in Developing Countries On 15 October 2023, a fiscal forum was held on improving tax capacity in developing countries. The address by Katherine Baer
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Uganda releases public notice on implementation of DST
On 20 October 2023, the Uganda Revenue Authority (URA) released a public notice on the implementation of digital service tax (DST). Accordingly, URA informs the general public and non-resident persons providing digital services that the Income Tax
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Egypt releases explanatory instructions on transfer pricing reporting obligations
On 19 September 2023, the Egyptian Tax Authority issued Explanatory Instruction No. 78 introducing mandatory transfer pricing reporting obligations for related party transactions. Accordingly, the Tax Authority has set deadlines for submitting
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Zambia proposes the Budget for 2024
On 29 September 2023, the Minister of Finance and National Planning, the Honorable Situmbeko Musokotwane , presented the 2024 Budget Speech to the National Assembly of Zambia. Important tax measures proposed in budget include the following:
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Saudi Arabia: ZATCA releases proposed amendments to the income tax law
On 25 September 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) released proposed amendments to the Income Tax Law for public consultation. The proposed amendments to the Income Tax Law primarily focus on the withholding tax applied
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Angola introduces tax relief program for voluntary settlement of outstanding tax debts
On 12 September 2023, the General Tax Administration of Angola (Administração Geral Tributária) announced a tax relief program for voluntary settlement of outstanding tax debts. Accordingly, taxpayers can benefit from partial relief from fines
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OECD: Responses to Consultation on Amount B of Pillar One
On 20 September 2023 the OECD published the responses to the consultation on Amount B of Pillar One of the two-pillar approach to taxation of the digital economy. Amount B applies to baseline marketing and distribution activities, simplifying the
See MoreUN: High-Level Dialogue on Financing for Development
On 20 September 2023 the UN held a high-level dialogue on financing for development, including a session on Promoting inclusive and effective international tax cooperation and mobilizing domestic resources. Keynote addresses were given by the
See MoreIMF Urges Lebanon to Improve Revenue Mobilisation
On 15 September 2023 the IMF issued a report following consultations with Lebanon under Article IV of the IMF’s articles of agreement. The IMF considers that the lack of action on reforms has caused problems for Lebanon’s economy. The country
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Saudi Arabia decreases withholding tax rate on technical and consulting services
On 15 September 2023, Saudi Arabia published Decision No. (25) of 8/01/1445H (26 July 2023) in the Official Gazette. The Decision came into force on the same date of its publication. One of the main changes of the Decision was decreasing the
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Kenya: KRA publishes draft transfer pricing rules 2023
On 4 September 2023, the Kenya Revenue Authority (KRA) published draft income tax (Transfer Pricing) rules 2023 for public comment. The income tax rules are designed to harmonize with the provisions of the Finance Act 2022, which introduced
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UAE: Tax authority calls to register for corporate tax
On 04 September 2023, the UAE Federal Tax Authority (FTA) renewed its invitation for Public Joint Stock Companies (PJSCs), PriVATe Shareholding Companies (PSCs), limited liabilities companies and priVATe companies resident in the UAE to register for
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UAE will not implement global minimum tax rule before 2025
On 13 September 2023, the UAE Ministry of Finance (MoF), in cooperation with the Organisation for Economic Co-operation and Development (OECD), hosted the Pillar Two Regional Forum, related to the Global Minimum Tax of Base Erosion and Profit
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Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before December 31
On 10 September 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued a statement urging all taxpayers subject to tax laws to take advantage of the “Cancellation of Fines and Exemption of Financial Penalties Initiative” that is
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South Africa: SARS updates guidance on tax rates, duties and levies
On 24 August 2023, the South African Revenue Service (SARS) issued a latest guide for tax rates, duties and levies (Issue 16). The latest version of the SARS guide for tax rates, duties, levies include following: Corporate tax
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Kenya: KRA announces tax amnesty on interest and penalties
On 1 September 2023, the Kenya Revenue Authority (KRA) released a public notice regarding a tax amnesty on interest and penalties introduced in the Finance Act 2023. The Kenya Revenue Authority (KRA) would like to notify taxpayers that the
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Morocco releases latest CbC reporting guidance
The Moroccan General Directorate of Taxation (DGI) has recently released latest Country-by-Country (CbC) reporting guidance. Morocco implemented CbC reporting obligations starting from 1 January 2021, in accordance with the Finance Law for 2020.
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Nigeria: FIRS issues notice on tax compliance of international shipping lines
On 21 August 2023, the Federal Inland Revenue Service (FIRS) of Nigeria published a public notice in relation to tax compliance of international shipping lines. The circular provides the basis of taxation of international shipping lines in
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