Nigeria: VAT exemption for basic food items
According to Nigeria’s tax law, basic food items are exempt from VAT. The Federal High Court (Lagos) of Nigeria has issued a decision concluding that packaged water is a basic food item and is exempt from VAT. The decision was issued on 11th May
See MoreDTA between Hong Kong and UAE ratified by Hong Kong
The Income Tax Treaty (2014) between Hong Kong and United Arab Emirates has been ratified by Hong Kong on 3rd July
See MoreNigeria: ECOWAS common external tariff to be implemented
The Nigerian Customs Service has issued a circular on 23rd June 2015 for accepting the implementation of the Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2015-2019. Benin, Burkina Faso, Cape Verde, Gambia, Ghana,
See MoreUS Signs FATCA Agreement with UAE
The United States and the United Arab Emirates have signed their Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement, the text of which was initialed in May last year. FATCA is intended to ensure that the US obtains information on
See MoreSouth Africa: Parliament ratified Cyprus-South Africa amending protocol
The South African parliament ratified the amending protocol between Cyprus and South Africa on May 20, 2015. The treaty was signed on 1 April 2015. The protocol modifies the Cyprus - South Africa Income and Capital Tax Treaty
See MoreUganda: Budget for 2015
Uganda’s Finance Minister has presented the Budget for 2015. The Budget proposes raising the presumptive tax threshold from UGX 50 million to UGX150 million to develop tax compliance and increase tax certainty among small businesses. Thin
See MoreFinland: Exchange of information agreement with Botswana enters into force
The exchange of information agreement between Botswana and Finland entered into force on 16 May 2015. The agreement was signed on 20 February 2013 and generally applies from 16 May 2015 for criminal tax matters and from 1 January 2016 for other tax
See MoreMauritius: Signing of MOU with South Africa
South Africa and Mauritius have signed a memorandum of understanding (MOU) on 22 May 2015. Following the signature of the MOU the revised Double Taxation Agreement between the two countries is expected to become effective from 1 January 2016. To
See MoreTurkey: Unilateral APA updated
The tax administration has announced that it has concluded preparations for conclusion of a unilateral Advance Pricing Agreement (APA) between the tax administration and a taxpayer. According to the 5th paragraph of article 13 of the transfer
See MoreNigeria: System allowing electronic tax payment
The Federal Inland Revenue Service has announced an e-tax system that permits taxpayers to make electronic remittances. All taxes and levies payable to the tax administration in Nigeria can be paid by using this new
See MoreIMF Publishes Working Paper on Tax Policy in MENA Countries
A working paper issued by the International Monetary Fund (IMF) looks at taxation trends in the countries of the Middle East and North Africa in the period from 1990 to 2012, focusing on non-resource taxes. Revenues from these taxes have slightly
See MoreDTA between UAE and Romania signed
The Income Tax Treaty between United Arab Emirates and Romania has been signed on 5th May 2015. When in force and effective the new treaty will replace the Romania and United Arab Emirates Income and Capital Tax Treaty
See MoreTurkey: Personal Tax Allowances Increased
Law no. 6645 has been published in the official gazette on 23rd April 2015. The law amends the individual income tax law. Article 8 of this law raises the minimum living allowance rate approved for the third child to 10% from 5%. The basic
See MoreDTA between Oman and Portugal signed
On 27 April 2015 Oman and Portugal signed an income tax treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. No further details are currently
See MoreTurkey: Draft guidance on APA applications
The Turkish revenue administration released draft guidance in early April 2015 on advance pricing agreements (APAs). The guidance sets out the information that may be requested by the tax authorities in order to review APA applications. In
See MoreNigeria: Budget proposal 2015 passed by parliament
The parliament has passed 2015 Budget proposal on 28th April 2015. There was a proposal in Budget to raise VAT rate but the rate is still 5%. Future information on this topic will be reported
See MoreDTA between Ireland and Zambia signed
The income tax treaty between Ireland and Zambia was signed for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Lusaka on 31 March 2015. Once in force and effective, the new treaty will
See MoreGhana: IMF supports fiscal reforms
The IMF has approved a USD918 million loan in support of Ghana’s economic reform program. Ghana is described as one of Africa’s frontier emerging markets, with a trade in commodities that allowed it to weather the storms resulting from the
See More