Ghana: Report Recommends Changes to Tobacco Taxation
On 26 January 2022 the Vision for Alternative Development (VALD), a Ghanaian NGO, released a Study Report on Economics of Tobacco in Ghana. The report recommended the re-introduction of a specific tax in addition to the ad-valorem tax system and
See MoreTurkey reduces the CIT rate by 1% for manufacturing and export activities
On 22 January 2022, Turkey has published Law No. 7351 in the Official Gazette reducing the corporate income tax (CIT) rate by 1% for manufacturing and export activities. The law was entered into force on the same date of its publication. The 1%
See MoreSouth Africa: SARS updates interest rate tables
On 18 January 2022, the South African Revenue Service (SARS) published updated interest tables. The South African Reserve Bank changed the “repo rate” on 27 January 2022. For ease of reference, the tables of interest rates are given below in
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UAE introduces 9% corporate tax rate
On 31 January 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) announced the introduction of a Corporate tax (CT) in the UAE that will be effective for financial years starting on or after 1 June 2023. The new regime, which is
See MoreUAE: FTA extends re-determination of administrative penalties
On 24 January 2022, the Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace period to benefit from the re-determination of administrative penalties on violating tax laws until
See MoreNigeria: FIRS withdraws suspension of CbC reporting obligations for non-parent entities
On 4 January 2022, the Federal Inland Revenue Service (FIRS) issued a new Public Notice to announce that the withdrawal of its Public Notice of 6 May 2021 which suspended local filing obligations contained in Regulation 4 of the Income Tax (CbC
See MoreJordan: Â ISTD publishes transfer pricing documentation forms
On 2 January 2022, the Jordan Income and Sales Tax Department (ISTD) has published new transfer pricing documentation forms (Arabic) in line with Regulation No. 40 of 7 June 2021. ISTD has published forms for Local File, Master File,
See MoreAlgeria: Ministry of Finance publishes Finance Law for the year 2022
On 30 December 2021, the Finance Ministry Officially published the 2022 Finance Law. Some of the measures of this Act are given below: Corporate income tax With some conditions, a reduced 10% corporate tax rate is provided for qualifying
See MoreNigeria: President signs Finance Bill 2021 into Law
On 31 December 2021, the President, Muhammadu Buhari, signed the Finance Bill 2021 into Law at an event at the state house. The Act introduces various changes to 12 different laws in Nigeria. On 21 December 2021, Senate passed this Finance Bill
See MoreSaudi Arabia: ZATCA releases the third edition of transfer pricing guidelines
In November 2021, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) released the third edition of Transfer Pricing Guidelines in English. The first edition and second edition were released in March 2019 and May 2020 respectively. These
See MoreTurkey sets 0% withholding tax rate on certain TRY deposit accounts
On 31 December 2021, Turkey has published Presidential Decision No. 5046 in Official Gazette. Accordingly, Turkey has set 0% withholding tax will be applicable on income from certain TRY deposit accounts and participation accounts. As of 28
See MoreTurkey reduces withholding tax rates on corporate dividends distributions
On 22 December 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4936 in the Official Gazette reducing the withholding tax rate on corporate dividends distributions from 15% to 10%. The Decision entered into force on the
See MoreSouth Africa: National Treasury invites public consultation on tax policy documents
On 15 December 2021, the National Treasury published a Media Statement of three discussion documents on tax policy for public comment. The National Treasury and the Department of Mineral Resources and Energy invited comments from interested
See MoreOECD: Revenue Statistics in Africa 2021
On 15 December 2021 the OECD published Revenue Statistics in Africa 2021, covering 30 African countries that account for 75% of Africa’s GDP. The publication is a joint initiative of the African Tax Administration Forum (ATAF), the African Union
See MoreSouth Africa: SARS opens a public consultation for an APA program
On 10 December 2021, the South African Revenue Service (SARS) made an announcement for inviting public comments for a model and draft legislation regarding Advance Pricing Agreement (APA) system until the end of January 2022. The draft model is
See MoreNigeria: President submits Finance Bill 2022 to Senate
On 7 December 2021, the President, Muhammadu Buhari, transmitted the Finance Bill 2021 through a letter to the Senate for consideration. In the letter, the President explained that the Finance Bill seeks to support the implementation of the 2022
See MoreZambia proposes transfer pricing changes
On 29 October 2021, the Zambian government has presented the budget for 2022 to the Parliament. The budget proposes a number of significant changes in corporate taxation including amendments to transfer pricing regulations. The budget introduces
See MoreUS and Turkey sign CAA regarding CbC exchange arrangement
On 24 November 2021, US and Turkey have signed a Competent Authority Agreement (CAA) to exchange country-by-country (CbC) reports. A CbC report is intended to be first exchanged with respect to Fiscal Years of MNE Groups commencing on or after 1
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