Saudi Arabia: GAZT extends tax penalty relief measures up to 31 May 2023
On 30 November 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of tax penalty relief measures in response to the COVID-19 pandemic. Accordingly, the taxpayers can be exempted from fines and financial penalties
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Ghana: Tax measures of 2023 Budget
On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The 2023 Budget is focused on resetting economy and restoring macroeconomic stability. Accordingly, the Minister outlined the following
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OECD: Revenue Statistics in Africa
On 14 November 2022 the OECD published Revenue Statistics in Africa 2022. The annual publication is produced by the OECD jointly with the African Tax Administration Forum (ATAF) and the African Union Commission (AUC). Technical assistance is given
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Turkey extends CIT exemptions from income on certain TRY deposit accounts
On 9 November 2022, the Turkish Revenue Administration published Law No. 7420 in the Official Gazette amending various tax related legislation. Accordingly, the application period for the corporate tax exemption provided to taxpayers who convert
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South Africa: Peer Review on Transparency and Exchange of Information
The second-round peer review report on South Africa’s implementation of standards on the exchange of information on request was published by the OECD’s Global Forum on 9 November 2022. The report notes that South Africa is largely compliant with
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Israel: Peer Review on Transparency and Exchange of Information
The second stage, phase one peer review report on Israel’s implementation of standards on the exchange of information on request was published by the OECD on 9 November 2022. The first review noted that although a regulatory framework was in
See MoreKenya signs multilateral competent authority agreement on exchange of CbC reports
On 9 September 2022, Kenya signed the multilateral competent authority agreement on the exchange of Country-by-Country Reports (CbC MCAA). The CbC MCAA was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in
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Turkey exempts CIT from income on certain TRY deposit accounts
On 27 October 2022, Turkey published Presidential Decision No. 6297 in Official Gazette. Accordingly, Turkey provides an exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts
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South Africa introduces draft interpretation on definition of “associated enterprises”
On 14 October 2022, the South African Revenue Service (SARS) published a draft interpretation note on the definition of "associated enterprise" for public comment. This draft note provides guidance on the interpretation and application of the
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Nigeria: President signs the startup act 2022 into law
On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income
See MoreIsrael gazettes amendments to transfer pricing regulations
On 22 September 2022, the Israeli Official Gazette published the Income Tax Regulations 2022, amending the Income Tax Ordinance, which adopted on 30 June 2022 for the introduction of the three-tiered transfer pricing documentation requirements of
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Zambia: MoF presents 2023 Budget
On 30 September 2022, the Minister of Finance (MoF) proposed the 2023 Budget to the National Assembly. The important tax measures of the budget include: Reduce the corporate income tax rate from 30% to 25% on income earned from value addition
See MoreSouth Africa: SARS publishes updated interest rate tables
On 13 September 2022, the South African Revenue Service (SARS) issued updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 22 September 2022, effective on 1 October 2022. The tables of interest rates are
See MoreSouth Africa deposits ratification instrument for MLI
On 30 September 2022, South Africa deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The MLI will come into effect for
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Oman introduces tax exemptions for sectors of economic diversification
On 8 September 2022, the Oman Tax Authority (OTA) announced some conditions and procedures for obtaining income tax exemption for companies operating in sectors contributing to economic diversification. The exemption is offered only to companies
See MoreTurkey approves effective date on CAA regarding CbC exchange arrangement with US
On 13 September 2022, the Turkish Revenue Administration issued Presidential Decision No. 6033 in the Official Gazette, through which Turkey has approved the effective date of the Competent Authority Agreement (CAA) to exchange country-by-country
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OECD: Peer Review Report on Dispute Resolution Mechanisms in the UAE
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution mechanisms more effective) by the United Arab Emirates (UAE) was published by the OECD’s Inclusive Framework on 13 September
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Bahrain
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution mechanisms more effective) by Bahrain was published by the OECD’s Inclusive Framework on 13 September 2022. The report notes
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