Category Taxation In Africa

Kenya to Launch Tax Amnesty

March 30, 2017 Taxation in Kenya

Kenyan tax amnestyNAIROBI – Kenya is offering a generous tax amnesty to local taxpayers, however, those skipping out on the offer will face investigation.

On March 28th the Deputy Commissioner of the Kenya revenue Agency James Ojee announced that the tax authority would be opening a tax amnesty to allow national tax payers to come clean about their hidden offshore wealth.

Kenyan taxpayers will now be offered the opportunity to file by December 31st 2017 the correct tax returns for the year ending December 31st 2016.

Taxpayers who make use of the tax amnesty to disclose their businesses, property, income and assets overseas, will enjoy a waiver for the taxes, interests and penalties for the years up, and including, to 2016.

Those who do not make use of the tax amnesty will face an investigation to determin...

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Saudi Arabia Slashing Tax for Oil Companies

March 28, 2017 Taxation in Saudi Arabia

Oil producers taxRIYADH – Saudi Arabia is eye tax changes which are stacked to heavily benefit the IPO of the state oil producer.

The government of Saudi Arabia has now announced that it will retroactively reduce the income tax paid by oil companies operating in the country, although some experts believe that the move is intended to increase the interest in the IPO of the state oil producer Saudi Aramco.

Currently, oil producers in Saudi Arabia are charged a rate of income tax of 85 percent, which would now be reduced to a rate of 50 percent, applicable for all incomes from January 1st this year.

The rate of the tax will vary based on the amount of investment committed by each respective firm, with lower levels of investment seeing a higher rate, maxing out at the current level of 85 percent.

It is expe...

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Egypt Eyes Sharemarket Tax

March 6, 2017 Taxation in Egypt

Sharemarket tax in EgyptCAIRO – Sharemarket transactions in Egypt are set to become more expensive, as the government comes closer to implementing its long-debated stock stamp tax.

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...

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Cigarettes and Soda to be Taxed in Saudi Arabia

February 22, 2017 Taxation in Saudi Arabia

Cigarettes in Saudi ArabiaRIYADH – Saudi Arabia is taking steps to raise revenues which are not reliant on oil, with cigarettes and soft drinks set in the sights of the tax authorities.

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 ...

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Saudi Arabia Won’t Enact Remittance Tax

January 23, 2017 Taxation in Saudi Arabia

Remittance tax Saudi ArabiaRIYADH – Saudi Arabia has put an end to rumours that it will look at foreign remittance to make up its tax shortfalls.

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...

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