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
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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
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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
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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
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Turkey extends additional R&D and design deduction until 2028
On 10 January 2023, Turkey issued Presidential Decision No. 6652 in the Official Gazette on additional research and development (R&D) and design deduction. According, Turkey extends the application of additional deduction for R&D and design
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Algeria releases finance law 2023
On 29 December 2022, Algeria published the Law No. 24-22 in the official gazette implementing the 2023 finance law. The law includes the following tax measures. Increase in cash expense deductible thresholds for corporate income tax (BIS) and
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South Africa: BEPS MLI enters into force
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for South Africa on 1 January 2023. With regard to the double taxation agreements between South Africa and
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Morocco suspends CbC reporting requirement temporarily
On 16 December 2022, the Moroccan tax authority published an announcement, which temporarily suspending the requirement to file a country-by-country (CbC) report for companies that are part of multinational enterprises (MNEs) operating in Morocco
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UAE publishes new corporate tax law
On 9 December 2022, the UAE Ministry of Finance (MoF) released the Federal Decree-Law No. 47 of 2022 on business taxation to enact a new Corporate Tax Law in the UAE. The new law has been supplemented with Frequently Asked Questions (FAQs). The
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South Africa: National treasury releases statement on BEPS MLI
On 1 December 2022, the South African National Treasury publishes a media statement on Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "BEPS MLI"). The Base
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Saudi Arabia: GAZT extends tax penalty relief measures up to 31 May 2023
On 30 November 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of tax penalty relief measures in response to the COVID-19 pandemic. Accordingly, the taxpayers can be exempted from fines and financial penalties
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Ghana: Tax measures of 2023 Budget
On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The 2023 Budget is focused on resetting economy and restoring macroeconomic stability. Accordingly, the Minister outlined the following
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OECD: Revenue Statistics in Africa
On 14 November 2022 the OECD published Revenue Statistics in Africa 2022. The annual publication is produced by the OECD jointly with the African Tax Administration Forum (ATAF) and the African Union Commission (AUC). Technical assistance is given
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Turkey extends CIT exemptions from income on certain TRY deposit accounts
On 9 November 2022, the Turkish Revenue Administration published Law No. 7420 in the Official Gazette amending various tax related legislation. Accordingly, the application period for the corporate tax exemption provided to taxpayers who convert
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South Africa: Peer Review on Transparency and Exchange of Information
The second-round peer review report on South Africa’s implementation of standards on the exchange of information on request was published by the OECD’s Global Forum on 9 November 2022. The report notes that South Africa is largely compliant with
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Israel: Peer Review on Transparency and Exchange of Information
The second stage, phase one peer review report on Israel’s implementation of standards on the exchange of information on request was published by the OECD on 9 November 2022. The first review noted that although a regulatory framework was in
See MoreKenya signs multilateral competent authority agreement on exchange of CbC reports
On 9 September 2022, Kenya signed the multilateral competent authority agreement on the exchange of Country-by-Country Reports (CbC MCAA). The CbC MCAA was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in
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Turkey exempts CIT from income on certain TRY deposit accounts
On 27 October 2022, Turkey published Presidential Decision No. 6297 in Official Gazette. Accordingly, Turkey provides an exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts
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