Kuwait joins the inclusive framework on BEPS
On 15 November 2023, the Organization for Economic Cooperation and Development (OECD) announced that Kuwait joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Through its membership, Kuwait has also committed to
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Turkey increases annual deferred interest rate from November 2023
On 14 November 2023, the Turkish Revenue Administration announced that the annual deferred interest rate has been increased from 24% to 36% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 7. The deferred interest
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UAE: FTA publishes corporate tax guide on foreign source of income
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Taxation of Foreign Source Income - CTGFSI1. The guide includes: Definition and examples of foreign source income
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Turkey increases late tax payment interest rate
On 14 November 2023, the Turkish Revenue Administration issued Presidential Decision No. 7782, through which the late tax payment interest rate has been increased from 2.5% to 3.5% per month. The previous rate was applicable from 21 July 2022, and
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UAE: FTA publishes corporate tax guide on accounting standards
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Accounting Standards and Interaction with Corporate Tax - CTGACS1. This guide provides general guidance on the interaction of
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South Africa: SARS issues updated guide on taxation
On 1 November 2023, the South African Revenue Service (SARS) issued an updated guide on taxation. This guide providing a high-level overview of the most significant tax legislation administered in South Africa by the Commissioner for the South
See MoreUAE: MoF declares new corporate tax decisions for free zones
On 3 November 2023, The UAE Ministry of Finance (MoF) released Cabinet Decision No. 100 of 2023, in which it outlines guidance for determining qualifying income and Ministerial Decision No. 265 of 2023 on qualifying activities and excluded
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Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation
On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25
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Kuwait set to implement corporate income tax for all entities
According to a recent report, the Kuwaiti government is planning to broaden the scope of corporate income tax to include all entities in Kuwait at a rate of 15%, except for small enterprises. Currently, the CIT is 15% for foreign companies carrying
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Nigeria: FIRS updates online portal, announces payment deadline for outstanding tax liabilities
The Federal Internal Revenue Service (FIRS) issued a notice that mentioned updates to the TaxPro-Max portal. These updates are expected to alleviate the tax payment issues faced by taxpayers. As per the notice, the payment reference number (PRN)
See MoreUAE: FTA releases transfer pricing guide
On 23 October 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Transfer Pricing Guide. This guide is designed to provide general guidance on the Transfer Pricing regime in the UAE with a view to making the
See MoreUAE: FTA publishes corporate tax guide on exempt income
On 16 October 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Exempt Income: Dividends and Participation Exemption. This guide is designed to provide general guidance to Taxable Persons,
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IMF and World Bank annual meetings 2023
The IMF/World Bank annual meetings were held from 9 to 15 October 2023. Improving Tax Capacity in Developing Countries On 15 October 2023, a fiscal forum was held on improving tax capacity in developing countries. The address by Katherine Baer
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Uganda releases public notice on implementation of DST
On 20 October 2023, the Uganda Revenue Authority (URA) released a public notice on the implementation of digital service tax (DST). Accordingly, URA informs the general public and non-resident persons providing digital services that the Income Tax
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Egypt releases explanatory instructions on transfer pricing reporting obligations
On 19 September 2023, the Egyptian Tax Authority issued Explanatory Instruction No. 78 introducing mandatory transfer pricing reporting obligations for related party transactions. Accordingly, the Tax Authority has set deadlines for submitting
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Zambia proposes the Budget for 2024
On 29 September 2023, the Minister of Finance and National Planning, the Honorable Situmbeko Musokotwane , presented the 2024 Budget Speech to the National Assembly of Zambia. Important tax measures proposed in budget include the following:
See MoreSaudi Arabia: ZATCA releases proposed amendments to the income tax law
On 25 September 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) released proposed amendments to the Income Tax Law for public consultation. The proposed amendments to the Income Tax Law primarily focus on the withholding tax applied
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Angola introduces tax relief program for voluntary settlement of outstanding tax debts
On 12 September 2023, the General Tax Administration of Angola (Administração Geral Tributária) announced a tax relief program for voluntary settlement of outstanding tax debts. Accordingly, taxpayers can benefit from partial relief from fines
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