Kenya: Tax measures in finance act 2023
On 3 July 2023, the Kenya Revenue Authority published the Finance Act 2023, following its presidential assent on 26 June 2023. The act includes the following notable provisions related to corporate income taxation. Digital assets
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Kenya: President signs the finance bill 2023
On 26 June 2023, the Kenyan president signed the finance bill 2023. The bill was published on 28th April 2023 and tabled in Parliament for the first reading on 4 th May 2023. The Parliament passed the bill on 14 June 2023. Tax proposals under the
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Uganda: Minister of Finance presents Budget for 2023/2024 to the Parliament
On June 15, 2023, the Ugandan Minister of Finance, Planning, and Economic Development, Mr. Â Matia Kasaija, presented the budget for financial year 2023/2024 to the Parliament. On that day, Income Tax (Amendment) Bill 2023 was also passed which was
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Tanzania: Finance Minister presents Budget for 2023/24 to the Parliament
On 15 June 2023, the Finance Minister presents the Budget for 2023/24 to the Parliament providing a comprehensive overview of the tax and associated measures, as well as the suggested priorities and changes for various sectors. The main tax
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Bahrain plans to introduce corporate income tax
On 24 May 2023, the Bahraini Minister of Finance and National Economy, Mr. Shaikh Salman bin Khalifa Al-Khalifa announced in the parliament that Bahrain is planning to introduce corporate income tax in line with OECD's Pillar Two global minimum tax
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Kenya: KRA issues notice regarding the declaration of related party transactions
On 5 June 2023, the Kenya Revenue Authority (KRA) has issued a public notice regarding the declaration of related party transactions. Accordingly, taxpayers that the Income Tax - Company Return on the i-tax system has been enhanced to provide
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Nigeria: FIRS releases new guidelines on mutual agreement procedures
On 23 May 2023, the Federal Inland Revenue Service (FIRS) of Nigeria has released Information Circular No. 2023/04 which includes new Guidelines on Mutual Agreement Procedure (MAP). The purpose of the guidelines is to provide guidance on how to
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Kuwait: IMF Report Recommends Implementation of VAT and Excise Taxes
On 5 June 2023 the IMF published a report following consultations with Kuwait under Article IV of the IMF’s articles of agreement. Kuwait’s economy has begun to recover after the pandemic with economic growth estimated at 8.2% in 2022 as a
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WTO: Strengthening LDC economies
On 31 May 2023 the WTO member states discussed a number of initiatives that aim to strengthening the economic output of less developed countries. The meeting of the Sub-Committee on Least-Developed Countries (LDCs) heard from Angola, Rwanda and
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Nigeria: Tax measures in Finance Act 2023
On 28 May 2023, the immediate past President, Muhammadu Buhari signed the Finance Bill-2023 into law as Finance Act, 2023("the Act"). The act includes the following tax measures related to corporate taxation: "Digital assets" have been
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Saudi Arabia: ZATC issues a Circular on the taxation of PE in the context of DTA
On 17 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued Circular No. 2303001 regarding the taxation of Permanent Establishments (PEs) in the context of Double Taxation Agreements (DTA). The Circular serves to provide
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UAE clarifies interest deduction rules
On 23 May 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) published Decision No. 126 of 2023Â on the general rules for limiting the deduction of interest for corporate tax purposes. To determine the deductible interest from taxable
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IMF: Mining Revenues and Inclusive Development in Guinea
An IMF working paper on Mining Revenues and Inclusive Development in Guinea by A. Badel and R.F. Lyngaas was published on 29 April 2023. The working paper looked at the potential benefits from increasing the taxation of the foreign extractive
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UAE: MoF issues decision on TP documentation requirements
On 11 May 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) issued Ministerial Decision No. 97 of 2023 on the requirements for maintaining transfer pricing (TP) documentation. Federal Decree Law No (47) of 2023 on the Taxation of
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Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before May 31
On 2 May 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 ending on 31
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IMF Comments on the Economy of Mozambique
On 6 May 2023 the IMF issued a press release following discussions with Mozambique in relation to the second review of the program under the extended credit facility (ECF) arrangement. The report notes that Mozambique’s economic recovery has
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Kenya: Transfer pricing tax measures in Finance Bill 2023
On 28 April 2023, the Cabinet Secretary of the Kenya Ministry of Finance submitted the Finance Bill 2023 (the Bill) to Parliament, which provides the following tax measures related to transfer pricing. The bill proposes to prohibit taxpayers from
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IMF: Economic Growth in Sub-Saharan Africa Vulnerable to Geopolitical Tensions
An IMF country focus published on 1 May 2023 noted that if geopolitical tensions continue to escalate, sub-Saharan Africa could experience an economic decline of up to 4% of real GDP after ten years. This estimate is based on a scenario where the
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