Nigeria: FIRS defers implementation of simplified compliance regime for VAT for non-resident suppliers of goods
On 15 January 2024, Nigeria's Federal Inland Revenue Service (FIRS) published a public notice declaring that it deferred enacting the Guidelines on the Simplified Compliance Regime for VAT for Non-Resident Suppliers of goods to Nigeria through
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Israel to raise bank taxes to 26% in 2024 and 2025
On 15 January 2024, Israel's Ministry of Finance proposed to increase the tax rate on bank profits from 17% to 26% in both 2024 and 2025. At present, banks and other financial institutions pay a 17% VAT-equivalent tax on their total payroll and
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Kenya: KRA announces pre-filled VAT returns to taxpayers
On 16 January 2024, the Kenya Revenue Authority (KRA) released a public notice reminding all VAT-registered taxpayers that their VAT returns will be automatically filled with information available to KRA. This rule will go into effect in January
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Zambia enacts tax amendments outlined in the budget 2024
On 22 December 2023, Zambia took a significant step in reshaping its fiscal landscape by enacting various amendment acts to implement the 2024 budget tax changes. The key highlights of these tax measures include: Income Tax Adjustments:
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South Africa releases 2023 tax Acts with significant amendments
On 22 December 2023, the South African Revenue Service officially published the 2023 tax acts, marking a substantial reform in the country's fiscal landscape. The key acts include the Taxation Laws Amendment Act, 2023 (Act 17 of 2023), the Tax
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Saudi Arabia: ZATCA extends tax penalty relief measures until 30 June 2024
On 29 December 2023, Saudi Arabi’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of the "Cancellation of Fines and Exemption of Penalties initiative until 30 June 2024. ZATCA stated that the initiative's extension, which ends
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Qatar extends deadline for CbC reports submission
Qatar’s tax authority announced that it is extending the deadline for Qatar-based companies to submit their country-by-country (CbC) reports for the fiscal year 2022 and CbC notifications for the fiscal year 2023. The new deadline is 31 January
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UAE: FTA publishes guidance on tax groups
On 8 January 2024, the UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Tax Groups - CTGTGR1. This guide is designed to provide general guidance to Taxable Persons, helping them to understand the taxation of two or more
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Turkey amends valuable housing tax brackets for 2024
On 30 December 2023, Turkey announced the publication of the Real Estate Tax Law General Communiqué No. 82 in the Official Gazette. The General Communiqué outlines the amendments to the Valuable Housing Tax Brackets for 2024. This includes the
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Turkey revises individual income tax rates for 2024
On 30 December 2023, Turkey released the Income Tax General Communiqué No. 324 in the Official Gazette, which outlines the new individual income tax rates for 2024. The following tax brackets and rates apply to employment income: Up to TRY
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Egypt: Taxpayers must register their branches for VAT
On 27 December, the Egyptian Tax Authority announced in a release that all taxpayers who are required to register for VAT must also ensure that all of their branches are registered for VAT. Additionally, VAT registration certificates must be
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Turkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
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UAE: FDA issues guidance on corporate tax for natural persons
On 24 December 2023, the UAE Federal Tax Authority (FTA) issued a release about publishing a guide outlining criteria for determining natural persons subject to Corporate Tax and their compliance requirements. The law came into effect on 1 June
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UAE: FTA publishes guidance on taxation of extractive business and non-extractive natural resource business
On 12 December 2023, the UAE Federal Tax Authority (FTA) provided the Corporate Tax Guide on Taxation of Extractive Business and Non-Extractive Natural Resource Business - CTGEPX1. This guide is designed to provide general guidance on Extractive
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Algeria announces supplementary finance law for 2023
In November 2023, Algeria published the Supplementary Finance Law for 2023 in the Official Gazette. The key tax measures of the law include: A new transfer pricing declaration obligation has been introduced, requiring taxpayers to submit an
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Saudi Arabia: Government offers 30-year tax relief package to attract regional corporate headquarters
On 5 December 2023, the Ministry of Investment of Saudi Arabia (MISA), in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority (ZATCA) announced 30-year tax incentive package for the Regional Headquarters (RHQ) Program,
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Nigeria: FIRS offers waiver of penalties and interest on tax liabilities
On 3 December 2023, Nigeria's Federal Inland Revenue Service (FIRS) announced in a public notice that it is offering a full waiver of penalties and interest on all outstanding tax liabilities. The waiver only applies if all outstanding tax
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