IMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See MoreKenya presents budget for 2016-17
The Cabinet Secretary presented the budget for 2016-17 to the National Assembly on 8 June 2016. Some of the proposed measures as regards direct taxation are given below: Corporate taxation: Corporate tax rate decrease from 30% to 20% for developers
See MoreTanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
See MoreIMF working paper looks at policy adjustments required in MENA and CCA countries
On 8 June 2016 the IMF published a Middle East and Central Asia departmental paper on “Learning to Live with Cheaper Oil: Policy Adjustment in Oil Exporting Countries of the Middle East and Central Asia”. The paper looks at policy challenges in
See MoreDTA between Somalia and Turkey signed
An Income Tax Treaty between Somalia and Turkey has signed on 3rd June 2016 in
See MoreDTA between UAE and Uruguay ratified
The Income and capital Tax Treaty (2014) between United Arab Emirates and Uruguay has been ratified by Uruguay according to the Law No. 19.393 on 20th May
See MoreCzech Republic and Tunisia: Social Security Agreement signed and approved
The Social Security Agreement between Czech Republic and Tunisia has been approved by upper chamber of parliament (senate) of Czech Republic on 6th April 2016, which was signed in Prague on 20th November
See MoreSouth Africa: SARS introduced certain changes to the Income Tax Return for Companies (ITR14)
The South African Revenue Service (SARS) introduced certain changes to the Income Tax Return for Companies (ITR14) on 18 April 2016. Changes include the expansion of information required in relation to transfer pricing transactions. ITR14 increasing
See MoreOECD: Joint Statement on Illicit Financial Flows from Africa
A joint statement was released on 19 April 2016 by the OECD secretary general and the Chair of the High Level Panel on Illicit Financial Flows from Africa. Illicit financial flows include money laundering, tax evasion and international bribery and
See MorePlatform for Collaboration on Tax set up by OECD, IMF, UN and World Bank
On 19 April 2016 the OECD, IMF, World Bank and UN announced the creation of a Platform for Collaboration on Tax. The Platform will intensify cooperation between these bodies as well as hosting regular consultations on the design and implementation
See MoreSouth Africa: SARS publishes draft regulations concerning CbC reporting standard for MNEs
The South African Revenue Service (SARS) on 11 April 2016 published draft regulations concerning a country-by-country (CbC) reporting standard for multinational enterprises. South African MNEs with annual group consolidated turnover exceeding ZAR
See MoreTurkey: Annual weighted average interest rate for cash capital increase deduction announced
The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest
See MoreTreaty between Botswana and Czech Republic negotiated
The second round of negotiations for a tax treaty between Botswana and the Czech Republic is arranged to take place in Prague from 18th to 21st April
See MoreOECD: Revenue Statistics in Africa
The first edition of the OECD publication Revenue Statistics in Africa presents statistics relating to eight countries that represent around a quarter of Africa’s GDP. The countries studied in this edition are Cameroon, Ivory Coast, Mauritius,
See MoreDTA between Morocco and Slovenia signed
An Income Tax Treaty (2016) between Morocco and Slovenia was signed on 5th April 2016 in
See MoreTurkey: Draft communiqué on transfer pricing documentation, country-by-country reporting
The revenue administration of Turkey has issued a draft communiqué on 16th March 2016 that would introduce new transfer pricing documentation rules that generally follow the base erosion and profit shifting (BEPS) Action 13 recommendations and
See MoreOECD: Meeting of Task Force on Tax and Development
The OECD’s Task Force on Tax and Development met on 1 March 2016 to discuss the inclusive framework for implementing the OECD’s recommendations on base erosion and profit shifting (BEPS) on a global basis, including the initiatives to support
See MoreSouth Africa: Finance Minister proposes to increase capital gain tax rate in Budget 2016-2017
The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from 18.6% to 22.4%. The rate will be
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