ATAF conference on tax evasion and illicit financial flows
The African Tax Administration Forum (ATAF) is to hold its second International Conference on Tax in Africa from 21 to 23 October 2015. The conference in Lomé, Togo has the theme of “Tax Compliance and Limiting Illicit Financial Flows”.
See MoreGhana: VAT obligation for mortgage providers and operators
The government of Ghana has issued a statement regarding new VAT obligations for mortgage providers and operators in the real estate and construction sector. Under the statement, the sale of each unit of immovable property by an estate developer is
See MoreSouth Africa-Cyprus amending protocol entered into force
The amending protocol between South Africa and Cyprus regarding income and capital tax treaty entered into force on 18 September, 2015. The protocol was signed on 1 April 2015. Under amending the protocol, withholding tax on dividend payments is 5%
See MoreKenya: Budget for 2015-16
The Finance Bill for 2015-16 was passed as the Finance Act on 15 September 2015 in Kenya. The following changes were made to the main Budget measures prior to enactment: The corporate tax rate for a special economic zone enterprise, developer or
See MoreDTA between Liechtenstein and UAE signed
In accordance with a press release of 2nd October 2015, a Tax Treaty (DTA) between Liechtenstein and the United Arab Emirates has been
See MoreAFRITAC discusses prevention of tax fraud
From 28 September to 2 October 2015 the IMF’s regional Technical Assistance Centers (AFRITAC) for central and southern Africa are holding a seminar on prevention of tax fraud. The seminar held in Mauritius in collaboration with the African
See MoreEgypt- Reduced Tax Rates published in the Official Gazette
Decree Law No. 96 for 2015 amending Income Tax Law No. 91 for 2005 was published in the Official Gazette No. 24.bis for 2015 on 20 August 2015. The main changes are summarized below: 1) The standard corporate tax rate is reduced from 25% to 22.5%
See MoreBulgaria and Tunisia: Social Security Agreement signed
A Social Security Agreement between Bulgaria and Tunisia has been signed on 1st October 2015 in
See MoreNamibia-Proposed VAT and Income Tax Amendments
The Namibian Minister of Finance submitted the Value-Added Tax (VAT) Amendment Bill and the Income Tax Amendment Bill to the National Assembly on 22 September 2015. The changes to the VAT Act will become effective from the first day of the month
See MoreWTO: Trade Policy Review of Angola
The World Trade Organization (WTO) is conducting a Trade Policy Review of Angola on 22 and 24 September 2015 and the Secretariat has issued a report on the economic and trading position of Angola. The reviews are mandated by the WTO agreement and
See MoreIMF: Policies in support of sustainable development goals
A Staff Discussion Note published by the IMF on 22 September 2015 looks at policies that countries could adopt in pursuing sustainable development goals. The Note entitled From Ambition to Execution: Policies in Support of Selected Sustainable
See MoreDouble tax treaty signed between Spain and Qatar
A double tax treaty between Spain and Qatar was signed on September 10, 2015. Spanish Finance Minister Cristobal Montoro and his Qatari counterpart Ali Sharif Al Emadi signed the agreement on behalf of their respective countries. The treaty is in
See MoreDTA between Gabon and Turkey initialed
Following a successful first round of negotiations held from 1st September to 3rd September 2015, a tax treaty between Gabon and Turkey has been initialed on 3rd September
See MoreIMF: Fair Taxation in the Middle East and North Africa
The IMF published Staff Discussion Note 15/16 on 2 September 2015 dealing with the subject of fair taxation in the Middle East and North Africa (MENA). The notes look at how tax systems can contribute to meeting demands for greater fairness in the
See MoreNigeria: Safe harbour concept in the transfer pricing regulations
The transfer pricing regulations in Nigeria are formally known as the ‘Income Tax (Transfer Pricing) Regulations No 1, 2012”. These regulate contacts between connected taxable persons or controlled transactions. The objective of the
See MoreNigeria: Convention on Mutual Administrative Assistance on tax matters entered into force
As amended by the 2010 protocol, the multilateral agreement on Mutual Administrative Assistance regarding tax matters has been entered into force on 1st September 2015 in Nigeria and it generally applies from 1st January
See MoreSouth Africa: SARS publishes “Guide on Income Tax and the Individual 2014/15”
The South African Revenue Service has issued an updated version of its “Guide on Income Tax and the Individual 2014/15” on 28 August 2015. The purpose of this guide is to inform individuals who are South African residents of their income tax
See MoreGhana: Treaty with Denmark boost Denmark’s investment in Ghana
Statistics from the Ghana Investment Promotion Centre (GIPC) reveal that direct investment from Denmark to Ghana in early 2014 amounted to over US$57.6million. The Finance Committee Report of Parliament also indicated that imports from Denmark to
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