South Africa: SARS publishes updated interest rate tables
On 13 September 2022, the South African Revenue Service (SARS) issued updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 22 September 2022, effective on 1 October 2022. The tables of interest rates are
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South Africa deposits ratification instrument for MLI
On 30 September 2022, South Africa deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The MLI will come into effect for
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Oman introduces tax exemptions for sectors of economic diversification
On 8 September 2022, the Oman Tax Authority (OTA) announced some conditions and procedures for obtaining income tax exemption for companies operating in sectors contributing to economic diversification. The exemption is offered only to companies
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Turkey approves effective date on CAA regarding CbC exchange arrangement with US
On 13 September 2022, the Turkish Revenue Administration issued Presidential Decision No. 6033 in the Official Gazette, through which Turkey has approved the effective date of the Competent Authority Agreement (CAA) to exchange country-by-country
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OECD: Peer Review Report on Dispute Resolution Mechanisms in the UAE
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution mechanisms more effective) by the United Arab Emirates (UAE) was published by the OECD’s Inclusive Framework on 13 September
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Bahrain
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution mechanisms more effective) by Bahrain was published by the OECD’s Inclusive Framework on 13 September 2022. The report notes
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Qatar
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution mechanisms more effective) by Qatar was published by the OECD’s Inclusive Framework on 13 September 2022. The report notes
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Oman
The second stage peer review report on Oman’s implementation of the minimum standard under BEPS Action 14 (making dispute resolution mechanisms more effective) was published by the OECD’s Inclusive Framework on 13 September 2022. The report
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South Africa: National Assembly approves BEPS MLI
On 31 August 2022, the South African National Assembly (NA) approved the Multilateral Convention to Implement Tax Treaty-related measures to prevent Base Erosion and Profit Shifting (MLI). Â The MLI will generally enter into force for a particular
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Angola reduces WHT rate on services for nonresident legal entities
On 22 August 2022, Angola published Law no. 27/22 in the Official Gazette amending the Corporate Income Tax Code. Accordingly, the withholding tax (WHT) rate on services paid to non-residents has been reduced to 6.5% from 15%. The rate is effective
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UK: Talks on Free Trade Agreement with the Gulf Cooperation Council
On 22 August 2022, UK and Gulf Cooperation Council (GCC) negotiating teams met for the first round of negotiations on a free trade agreement. The talks are expected to continue for around two weeks and cover all areas of the FTA focusing on the main
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Oman: Implementation of Digital Tagging of Excisable Goods
The Oman Tax Authority has announced new timelines for the phased implementation of its Digital Tax Stamps project – an initiative designed to help regulate the import, trade and sale of excisable products, as well as to optimise the collection of
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IMF Report and Press Briefing Assess the Economy of Saudi Arabia
On 17 August 2022, the IMF published a report following consultations with Saudi Arabia under Article IV of the IMF’s articles of agreement. A press conference was also held to discuss the assessment of the Saudi economy. Saudi Arabia has been
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Ethiopia publishes investment incentives Law
On 12 July 2022, a new Investment Incentive Law No. 517/2022 was published by the Ethiopian Council of Ministers. The new Law aims to expand the scope of investment incentives and boost investment in Ethiopia. The law provides the following
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Ghana issues Mid-year fiscal policy review of 2022
Ghana issues Mid-year fiscal policy review of 2022 10 Aug 2022 On 25 July 2022, Mr. Ken Ofori-Atta, the Minister for Finance and Economic Planning of Ghana presented the 2022 Mid-year Budget Review Statement to Parliament. This is in
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Egypt reintroduces the tax dispute resolution
On 28 July 2022, the Egyptian government published Law No. 153 of 2022 in the Official Gazette. The Law has amended the previous Law 79 of 2016 and extended the provision of tax dispute settlement until 31 December 2022. The tax dispute
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Turkey increases the late tax payment interest rate
On 21 July 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5801, through which the late tax payment interest rate has been increased from 1.6% to 2.5% per month. The previous rate was applicable from 30 December 2019,
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Turkey increases annual deferred interest rate
On 21 July 2022, the Turkish Revenue Administration has announced that the annual deferred interest rate has been increased from 15% to 24% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 6. The General Communiqué
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