Zambia: MOF presents the budget for 2021 to the National Assembly
On 25 September 2020, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2021: Corporate tax
See MoreEgypt issues Law on taxation of capital gains and dividends distribution
On 30 September 2020, the Egyptian Government has published Law No. 199 in the official gazette. The Law contains amendments to the income tax law around capital gains and dividends distribution and certain articles of the stamp tax law with effect
See MoreNigeria: President presents National Budget for 2021
On 8 October 2020, the President, Muhammadu Buhari, presented the National Budget for the year 2021 to a joint session of the National Assembly consisting of the Senate and the House of Representatives. The 2021 Budget is titled 'Economic Recovery
See MoreIsrael extends annual tax return deadline
On 30 September 2020, the Israeli Tax Authority (ITA) has declared an extension of the deadline for submitting annual tax returns. The release indicates that the deadline is extended to 31 October 2020 for the submission of returns through online
See MoreEgypt cancels exemptions for interest, capital gains on treasury bills, bonds
On 5 September 2020, the Egyptian Ministry of Finance has issued Law No. 182 of 2020 abolishing the exemption on the proceeds of treasury bills and bonds or capital gains resulting from dealing in these bills and bonds from tax on income. The
See MoreTurkey ratifies MCAA for the exchange of CbCR
On 1 October 2020, Turkish has published Decision No. 3038 for the ratification of the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country reports (CbCR). The Decision was published in the Official
See MoreOman introduces CbC Reporting requirements
On 27 September 2020, Oman published Ministerial Decision No. 79/2020 in the Official Gazette announcing the introduction of Country-by-Country (CbC) reporting and notification requirements for multinational entity groups (MNE groups) headquartered
See MoreOman: Sultan amends Income Tax Law
On 14 September 2020, Mr. Haitham Bin Tarik, the Sultan of Oman issued Royal Decree No. 118/2020, which amended certain provisions of the Income Tax Law (ITL). The major changes are following: For tax years starting on or after 1 January 2020,
See MoreTurkey publishes transfer pricing General Communiqué No. 4
On 1 September 2020, the Turkish Revenue Administration has published transfer pricing General Communiqué No. 4 on disguised profit distribution in the Official Gazette No. 31231. The Communiqué explains information regarding new transfer pricing
See MoreAlgeria: Government provides policy measures amid COVID-19 pandemic
Due to COVID-19 pandemic, the Government is tackling by an oriented policy and a number of measures dedicated particularly to small business and small and medium enterprises (SMEs). The measures are given below: Postponement of the annual tax
See MoreEgypt: Parliament approves BEPS multilateral instrument (MLI)
On 18 August 2020, the Egyptian House of Representatives (Parliament of Egypt) has approved several presidential decrees on international agreements. Among the agreements, the Parliament has approved the Multilateral Convention to Implement Tax
See MoreEgypt issues law on penalty waiver and tax dispute settlement process
On 16 August 2020, the Government of Egypt has issued Law No. 173 of 2020 by waiving the consideration for the delay, additional tax, interest, and similar non-criminal financial sanctions, and to renew the application of Law No. 79 of 2016
See MoreSaudi Arabia: GAZT extends tax initiatives up to 30 September
On 17 August 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines initiative and exemption from financial sanctions for taxpayers until 30 September 2020 in
See MoreTurkey reduces VAT rate for certain services until 31 December 2020
On 31 July 2020, the Turkish Revenue Administration has published Presidential Decree No. 2812, through which the value added tax (VAT) rate is reduced for certain services applicable from 31 July 2020 due to COVID-19 pandemic. Temporarily
See MoreSouth Africa: National Treasury publishes draft 2020 Tax Law Amendment Bills
On 31 July 2020, the National Treasury published the 2020 Draft Taxation Laws Amendment Bill, which includes a proposed change to the definition of “affected transaction” for transfer pricing purposes. The proposed amended definition would be
See MoreAmendment in transfer pricing legislation in South Africa
Section 31 of the South African Income Tax Act and its proposed changes to the transfer pricing rules have created much discussion among finance directors, tax managers and tax advisors. The changes tabled in Section 56 of the 2010 Taxation Laws
See MoreKenya publishes proposed digital service tax regulations for consultation
On 7 August 2020, the Kenya Revenue Authority has published the proposed Income Tax (Digital Service Tax) Regulations, 2020 for consultation. To ensure wide circulation and public participation as stipulated in the Constitution of Kenya
See MoreWorld Bank: Report on benefits of African Continental Free Trade Area
On 27 July 2020 the World Bank issued a report on the economic and distributional effects of the African Continental Free Trade Area (AfCFTA). The AfCFTA agreement will connect 1.3 billion people across 55 countries with a combined GDP of USD 3.4
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