Category Taxation In Africa
March 6, 2017 Taxation in Egypt
Over the course of this week the Cabinet of Egypt is expected to receive the proposed legislation for a new stamp tax to be applied on stock market transactions.
It is currently expected that the tax would be levied at a rate of 0.125 percent on any transaction on the stock market, rising to a rate of 0.15 percent in its second year of operation, and 0.175 percent in its second year of operations.
Based on the number and size of transactions seen on the stock market presently, the tax could raise as much as EGP 1 billion per year.
It is not expected that the tax will result in a drop in the number of value of transactions, as the stam...Read More
February 22, 2017 Taxation in Saudi Arabia
On February 20th, the Council of Ministers of Saudi Arabia granted permission to the national Ministry of Finance to set a date for the implementation of selective taxes on cigarettes and soft drinks.
The new taxes are part of an agreement made by all the national of the Gulf Cooperative Council in 2015 to begin implementing a uniform tax system across the nations.
The tax measure was approved in Saudi Arabia in late 2016.
Saudi Arabia is the first country in the GCC to have gone so far as to allow their Ministry of Finance to set a date for the implementation of the selective taxes.
The taxes in question will see a 100 percent ...Read More
January 23, 2017 Taxation in Saudi Arabia
On January 22nd a spokesperson for the ministry of Finance of Saudi Arabia confirmed that the country would not be implementing a remittance tax, despite recent rumours claiming otherwise.
Over the last several months several government officials have proposed and discussed the feasibility of implementing a tax on any remittance sent from Saudi Arabia by individuals who are not citizens of the country.
The tax was expected to be set at a rate of approximately 6 percent for individuals who have resided in Saudi Arabia for less than a year, with the rate falling each year, to be capped at 3 percent.
Saudi Arabia is often regarded as having the second highest volume of ove...Read More
January 6, 2017 Taxation in Saudi Arabia
According to new information released by the official news of Saudi Arabia, the Saudi News Agency, the government has not yet implemented its highly punitive tax on tobacco and soft drinks.
The government plans to introduce a tax of 50 percent on the sale of all soft drinks sold in the country, with a raised tax of 100 percent if the drink is considered to be an “energy drink”.
Further, the government wants to levy a tax of 100 percent on the sale of tobacco products.
The taxes were first proposed in December 2015 during a meeting of the Gulf Cooperation Council, and were signed into law by the government of Saudi Arabia in late 2016.
December 28, 2016 Taxation in Saudi Arabia
In a recent media interview the Minister of Finance of Saudi Arabia Mohammed Al-Jadaan stated that the previously proposed tax on remittance by non-residents in Saudi Arabia will be delayed.
It was recently proposed that any non-resident sending money out of Saudi Arabia will be taxed at a rate of 6 percent, if the individual has been living in Saudi Arabia for less than a year.
Any individuals who have lived in Saudi Arabia for more than a year will see a reduced tax rate, which would be capped at 2 percent for those in the country for five years or more.
The Minister added that the conditions of the tax are yet to be finalised, and it is possible that the measure could include exemptions for rem...Read More