Tanzania: National Assembly approves Finance Bill 2022
On 28 June 2022, the National Assembly approved Finance Bill 2022 which contains the measures of the Budget for 2022/23. The Finance Act 2022 was published on 30 June 2022 in the Tanzanian Official Gazette. This Act shall come into operation on 1
See MoreKenya: President gives assent to the finance act 2022
On 21 June 2022, Kenya’s President has given his assent to the Finance Act 2022 which was presented to the Parliament on 13 April 2022. The act contains following tax measures mostly take effect on 1 July 2022. The Bill proposed to introduce
See MoreTanzania: Finance Minister presents Budget for 2022/23 to the Parliament
On 14 June 2022, the Finance Minister presents the Budget for 2022/23 to the National Assembly. This Budget highlights presents a summary of the tax and related regulatory changes. The Budget Bill is now subject to the President’s sign to become a
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Qatar: Tax authority updates master file and local file submission deadline
On 8 June 2022, the General Tax Authority (GTA) of Qatar issued Decision No. 10 of 2022 that amends certain provisions in Decision No. 4 of 2020 to clarify that the deadline for filing the transfer pricing Master File (MF) and Local File (LF) is 60
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OECD: Tax Transparency in Africa 2022
On 14 June 2022, during the meeting of the Africa Initiative, the OECD published Tax Transparency in Africa 2022. The report looks at progress made in tax transparency and exchange of information to combat tax evasion and other illicit financial
See MoreSaudi Arabia relaunches tax relief measures from 1 June to 30 November 2022
On 1 June 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the relaunch of tax relief measures due to the Covid-19 pandemic. Under the measures, the taxpayers can be exempted from fines and financial penalties for six
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WHO: World Health Organisation looks at the effect of the tobacco industry on the environment
On 29 May 2022 the World Health Organisation (WHO) published a document entitled Tobacco: Poisoning Our Planet looking at the environmental damage caused by the tobacco industry. The report looks at the damage done to the environment throughout
See MoreSouth Africa: SARS updates interest rate tables
On 18 May 2022, the South African Revenue Service (SARS) published updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 19 May 2022, effective 1 June 2022. For ease of reference, the tables of interest
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Turkey clarifies about reduced CIT rate for manufacturing and export activities
On 14 May 2022, Turkey has published General Communiqué No. 20 in the Official Gazette, which clarifies about 1% corporate income tax (CIT) reduction for manufacturing and export activities. Turkey reduced the rate by Law No. 7351 on 22 January
See MoreSouth Africa: SARS publishes the comprehensive guide to dividends tax
On 12 May 2022, the South African Revenue Service (SARS) published the 5th issue of the Comprehensive Guide to Dividends Tax. The purpose of this guide is to assist users in gaining a more in-depth understanding of dividends tax. The foundation
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UAE: Consultation on introduction of new corporate income tax regime
On 28 April 2022, the UAE Ministry of Finance has released a consultation paper providing details of, and seeking input, on the new federal corporate income tax (CIT) system to be implemented in the UAE, effective for financial years commencing on
See MoreKenya: Transfer pricing measures in Finance Bill 2022
On 12 April 2022, the Finance Bill 2022 was presented in the National Assembly of Kenya, which provides following tax measures related to transfer pricing. The Bill aims to amend Section 18(A) of the ITA to include transactions between residents
See MoreZambia: Government implements budget tax changes for 2022
Recently, the Zambian Government has published Practice Note No. 1/2022 which provides an overview of the various 2022 tax changes implemented through the Budget 2022 Amendment Acts. The most important changes are summarized below: Corporate
See MoreKenya: Corporate tax measures in Finance Bill 2022
On 12 April 2022, the Finance Bill 2022 was presented in the National Assembly of Kenya, which provides following tax measures related to corporate taxation. Corporations donating money to non-profit organizations can deduct the donation from
See MoreOman publishes guidelines to clarify CbC reporting obligations
In March, the Tax Authority published guidance clarifying the country-by-country (CbC) reporting requirements of multinational corporations (MNEs) operating in Oman. The guide provides a general overview of the CbC reporting requirements as part of
See MoreTurkey enacts various amendments to the tax measures
On 15 April 2022, Turkey published Law No. 7394 in the Official Gazette containing various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the amendments are as follows: 25% corporate tax
See MoreSouth Africa: SARS updates interest rate tables
The South African Revenue Service (SARS) has recently released updated interest rate tables updated on 14 March 2022. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, i.e. – Table 1:
See MoreGhana introduces e-Filing requirements
The Ghana Revenue Authority (GRA) announced the requirement to file tax returns electronically beginning from 1 April 2022. The following categories of taxpayers subject to file tax returns electronically: Taxpayers registered with the Large
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