South Africa Signs Multilateral SADC Agreement on Assistance in Tax Matters
During the Southern African Development Community (SADC) Summit of Heads of State and Governments, held on 17 to 18 August 2013 in Lilongwe (Malawi), South Africa signed a Multilateral Southern African Development Community Agreement on Assistance
See MoreThe United Kingdom and South Africa set to work together to tackle offshore tax avoidance
The Ministry of Finance of South Africa issued a media statement on 12 October 2013, stating that United Kingdom and South Africa have agreed to work together to tackle offshore tax avoidance including through pressing for better international
See MoreTreaty between Senegal and South Africa signed
Senegal and South Africa signed a tax treaty, in Senegal. No further details of the treaty are currently available. South Africa has signed two other agreements with Senegal – a memorandum of understanding on agriculture, and a co-operation
See MoreExchange of information agreement between Monaco and South Africa signed
Monaco and South Africa signed an exchange of information agreement, on 23 September 2013, relating to tax matters. The agreement is part of an effort to combat tax evasion and money laundering. At the same time as signing the agreement the two
See MoreExchange of Information Agreement between Barbados and South Africa signed
On 17 September 2013 Barbados and South Africa signed an exchange of information agreement relating to tax matters, in Bridgetown. This agreement is aimed at combating tax evasion and money
See MoreTurkey-Cameroon DTA negotiations conclude
The tax authority of Turkey has announced that the government has concluded the first-round of negotiations with Cameroon for the conclusion of a double taxation agreement on October 2, 2013. The negotiations were held between 23rd and 27th
See MoreKenya-Nigeria:Signed tax treaty
Kenya and Nigeria has signed a tax treaty on September 6, 2013. No further details are currently
See MoreChanges in e-Filing Tax Payments in South Africa
E-filing on debt pull transactions will be eliminated from September 4. The SARS disclosed that the procedure will take place over one month after an alert message will appear on e-filing, where a debt pulls transactions is no longer available.
See MoreIsrael – Government Approves Budget 2013-2014
The Budget for the fiscal year 2013-2014 has been accepted by the Israeli government initiating important changes to both individual and corporate tax regulations. The laws regarding tax rates will take effect as of January 1, 2014, and the
See MoreNigeria: Treatment of recharges paid to local subsidiaries
The Tribunal of Nigeria’s Tax Appeal has issued decisions on August 26, 2013 regarding two non-resident taxpayers. The issue was if in Nigeria their taxable turnover could be determined by cutting amounts that they give payment to Nigerian
See MoreNigeria: Tax implications guidance of adopting IFRS
The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime. In 2010, The Nigerian
See MoreKenya: VAT Act 2013 now effective
The VAT Act 2013 became effective on 2 September 2013. The value added tax (VAT) is to be charged at a standard rate of 16%. A number of exemptions have been included in the VAT legislation including exemptions for medicine and vaccines, wheat,
See MoreKenya: The Revenue Authority adduces “force of attraction” rule
Kenya’s tax treaties generally follow the provisions of the OECD Model Tax Convention. However despite the expectation under the OECD Model that only profits acquire or accumulate from Kenya and attributable to the permanent establishment should
See MoreIncome and capital tax treaty between Saudi Arabia and Luxembourg
The income and capital tax treaty between Saudi Arabia and Luxembourg was signed on 7 May 2013. The text of the treaty has become available now. The treaty will now undergo with some ratification procedures. The new treaty is expecting to become
See MoreNigeria: Installment payments against lump-sum tax payment
Nigeria’s tax authority has published in a local newspaper a request to taxpayers to submit their tax return for 2013 on August 12, 2013 and it focused on the rules for companies to file returns and fix obligations of their income tax, and the
See MoreSouth Africa: Tax consequences of debt reduction transactions
South Africa’s Taxation Laws Amendment Act, 2012, includes provisions that revise the tax treatment of debt reduction transactions entered into on or after 1 January 2013. Since the objective of the new tax reduction rules is to make it easier
See MoreSaudi Arabia – Procedures to claim reduced withholding tax rates under tax treaties
The tax authority of Saudi Arabia has issued guidance- Circular No. 5068/16/1434 about the procedure of claiming reduced withholding tax rates under double tax treaty conventions of Saudi Arabia. According to the guidance an entity of Saudi Arabia
See MoreSouth Africa: Private ruling on capital gains tax in South Africa
A ruling has been issued that may help taxpayers to determine the tax position in a situation where a loan has been cancelled. On 13 August 2013, the South African Revenue Service (SARS) issued a binding private ruling dealing with the question as
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