Saudi Arabia: ZATCA approves amendment to the TP Bylaws
On 20 March 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) approved Decision No. 8-2-23 to amend the Transfer Pricing (TP) Bylaws. The approved amendments to the TP Bylaws in Saudi Arabia will expand the scope of the provisions to
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Uganda proposes digital service tax through income tax amendment bill 2023
On 30 March 2023, the Minister of Finance, Planning and Economic Development of Uganda issued Income Tax (Amendment) Bill 2023. Under the bill, Uganda proposes a 5% digital service tax (DST) on every non-resident person deriving income from
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Zambia: Ministry of Finance and National Planning extends tax amnesty period on interest and penalties
On 31 March 2023, the Minister of Finance and National Planning, Situmbeko Musotokwane, has declared an extension to the tax amnesty program which will exempt all penalties and interest on past due taxes. This extension will last for a period of 3
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UAE: Ministry of Finance declares small business tax relief measures
On 06 April 2023, the Ministry of Finance has issued Ministerial Decision No. 73 of 2023 on Small Business Relief for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax
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Kuwait: Ministry of Finance introduces sampling basis tax inspection process
On 2 April 223, the Kuwait Ministry of Finance published Ministerial Resolution No. 24 of 2023 in the Official Gazette introducing a new tax inspection process. At present, the Ministry of Finance has subjected each tax declaration filed by a
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Turkey creates disaster reconstruction fund for natural disasters affected areas
On 21 March 2023, Turkey published Law No. 7441 in Official Gazette to create a disaster reconstruction fund for natural disasters affected areas. The fund is exempt from corporate income tax on all income received and its activities related to
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Qatar: GTA extends tax return filing deadline for the FY 2022
On 22 March 2023, the General Tax Authority (GTA) of Qatar published Circular No. 2 of 2023, extending the deadline of income tax return filing and payment for entities with financial years ending on 31 December 2022. The new deadline is 31 May
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Turkey issues law on restructuring public receivables and amendment to certain laws
On 12 March 2023, Turkey issued Law No. 7440 on restructuring public receivables and amendment to certain laws. The Law has brought about an important change by introducing a one-time additional tax for specific corporate taxpayers who have utilized
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South Africa announces ten-year extension of R&D tax incentive
On 22 February 2023, the Minister of Finance has announced the extension of the section 11D tax incentive for research and development (R&D) in South Africa for another 10 years, until 31 December 2033. This incentive allows companies to claim a
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Angola becomes a member of the global forum for transparency and exchange of information
On 8 March 2023, the Organization for Economic Co-operation and Development (OECD) announced that Angola has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). Like all other members, Angola will
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OECD: VAT Digital Toolkit for Africa
On 15 February 2023 the OECD published the VAT Digital Toolkit for Africa. In most African countries value added tax (VAT) is a major revenue source that brings in more than one quarter of total tax revenues on average. In 2020, VAT revenues in
See MoreTurkey extends tax compliance deadline for additional areas due to earthquakes
On 16 February 2023, the Turkish Revenue Administration further announced emergency tax measures for the taxpayers located in Elazig due to earthquakes. Moreover, the Revenue Administration announced the emergency tax measures on 21 Feb 2023 for the
See MoreSouth Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
See MoreTurkey sets 0% withholding tax on share buyback
On 14 February 2023, Turkey published Decision No. 6791 in the Official Gazette, which sets 0% (reduced from 15%) withholding tax rate for fully liable capital companies acquiring their own shares or partnership shares (buyback shares). The Decision
See MoreTurkey extends tax compliance deadline for certain areas due to earthquakes
On 8 February 2023, the Turkish Revenue Administration announced an emergency tax measures for certain areas due to earthquakes. Accordingly, taxpayers located in Adana, Adiyaman, Diyarbakir, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya,
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IMF Report on the Economy of Nigeria
On 6 February 2023 the IMF published a report following consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has recovered from the pandemic due to favourable oil prices and increased consumption.
See MoreQatar amends income tax law
On 2 February 2023, Qatar published Law No.11 of 2022 amending several provisions of the Income Tax Law No. 24 of 2018 in the official Gazette. The effective date of the amendments is also 2 February 2023. The amendments are generally effective from
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Israel publishes a new CbC Notification form
The Israeli Tax Authority (ITA) has recently released a new Notification Form 1585 for the disclosure of information related to Country-by-country reporting (CbCR). This includes providing details on group revenues, identifying the Ultimate Parent
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