Angola becomes a member of the global forum for transparency and exchange of information
On 8 March 2023, the Organization for Economic Co-operation and Development (OECD) announced that Angola has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). Like all other members, Angola will
See More
OECD: VAT Digital Toolkit for Africa
On 15 February 2023 the OECD published the VAT Digital Toolkit for Africa. In most African countries value added tax (VAT) is a major revenue source that brings in more than one quarter of total tax revenues on average. In 2020, VAT revenues in
See More
Turkey extends tax compliance deadline for additional areas due to earthquakes
On 16 February 2023, the Turkish Revenue Administration further announced emergency tax measures for the taxpayers located in Elazig due to earthquakes. Moreover, the Revenue Administration announced the emergency tax measures on 21 Feb 2023 for the
See More
South Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
See More
Turkey sets 0% withholding tax on share buyback
On 14 February 2023, Turkey published Decision No. 6791 in the Official Gazette, which sets 0% (reduced from 15%) withholding tax rate for fully liable capital companies acquiring their own shares or partnership shares (buyback shares). The Decision
See More
Turkey extends tax compliance deadline for certain areas due to earthquakes
On 8 February 2023, the Turkish Revenue Administration announced an emergency tax measures for certain areas due to earthquakes. Accordingly, taxpayers located in Adana, Adiyaman, Diyarbakir, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya,
See More
IMF Report on the Economy of Nigeria
On 6 February 2023 the IMF published a report following consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has recovered from the pandemic due to favourable oil prices and increased consumption.
See More
Qatar amends income tax law
On 2 February 2023, Qatar published Law No.11 of 2022 amending several provisions of the Income Tax Law No. 24 of 2018 in the official Gazette. The effective date of the amendments is also 2 February 2023. The amendments are generally effective from
See More
Israel publishes a new CbC Notification form
The Israeli Tax Authority (ITA) has recently released a new Notification Form 1585 for the disclosure of information related to Country-by-country reporting (CbCR). This includes providing details on group revenues, identifying the Ultimate Parent
See More
Turkey returns to general corporate income tax rate of 20% from 2023
In Turkey, the general corporate income tax rate of 20% is applicable from 1 January 2023. The rate was temporarily increased to 25% for 2021 and 23% for 2022. However, the tax rate is 25% for banks and financial sectors, 19% for companies doing
See More
South Africa: SARS updates interest rate tables
On 27 January 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
See More
Mozambique: Government approves proposal for corporate income tax cut
On 30 December 2022, the Law No. 20/2022 amending the corporate income tax code was published in the official gazette. Under the law, the Corporate Income Tax (IRPC) rate for agricultural, livestock, aquaculture and transport activities has been
See More
Turkey further extends CIT exemption from income on certain TRY deposit accounts
On 26 January 2023, Turkey published Presidential Decision No. 6728 in the Official Gazette extending the exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts converted from foreign
See More
Liberia signs MCAA for the exchange of CbCR
On 24 January 2023, the OECD has updated their list of signatories for the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), showing that Liberia joined the agreement on 1 June 2022. According to
See More
South Africa: SARS issues new transfer pricing guidance for intra-group loans
On 17 January 2023, the South African Revenue Service (SARS) issued Interpretation Note 127 that explains how to calculate the taxable income of certain individuals or entities involved in international transactions, specifically in regard to loans
See More
South Africa introduces reduced income tax rates
On 16 January 2023, the National Treasury of South Africa published a media statement regarding the publication of the country's 2022 tax acts in the Official Gazette. Personal Income Tax Personal income tax rebate has been amended, i.e., a
See More
Morocco enacts Finance Law 2023 for corporate tax reform
Morocco enacted Finance Law No. 50-22 for the Fiscal Year 2023 and it was published in the official Bulletin No. 7154 bis of 23 December 2022. The key tax measures are summarized as follows: Corporate tax rates The Finance Law 2023 has
See More
Israel publishes guidance on CbC reporting
The Israel Tax Authority (ITA) has released guidelines and Technical instructions for the filing of Country-by-Country (CbC) reports. Multi-National Enterprise (MNE) groups with a combined revenue of ILS 3.4 billion and above, starting from the 2022
See More