NL-Africa Tax Desk newsletter – November 2022

Dear reader,

This month’s NL-Africa Tax Desk newsletter includes an overview of tax incentives for start-up companies in Nigeria, an update on tax law changes in Mozambique and several proposed tax law changes (i.e., on international shipping income and interest deduction) in South Africa subject to public consultation.

If you would like to know more about the matters addressed in this newsletter or have any feedback, you are welcome to contact Sebastiaan Paling (Head of the NL-Africa Tax Desk). Please visit our website for more information on the NL-Africa Tax Desk and the services we offer or to download our factsheet.

Best regards,
NL-Africa Tax Desk team
Meijburg & Co

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Table of contents

Africa 

• Transfer pricing documentation summaries by jurisdiction
• Taxation of the digitalized economy - update on global developments
• Electronic invoicing (e-invoicing) and digital reporting global updates

OECD

• New peer review reports on the exchange of information on request
• Revenue Statistics in Africa 2022

Botswana

• Amendments to income tax law exempt corporate bodies from income tax, provide increases in tax-free pension thresholds

Kenya

• Kenya signs Multilateral Competent Authority Agreement on Automatic Exchange of Country-by-Country Reports

Mozambique

• Mozambican government approved several tax law changes

Nigeria

• Appointment of VAT collection agents
• Direct collection of taxes from online gaming transactions 
• Taxation of institutions offering non-interest financial products and services in Nigeria
• Tax incentives for start-up companies

South Africa

• Draft legislation amending income tax law to align with new accounting standard for insurance contracts
• Proposed withdrawal of practice allowing deduction of interest expense against related interest income
• SARS requests comments on draft note on exemption of income taxes related to international shipping
• South Africa signs Multilateral Competent Authority Agreement on CRS Mandatory Disclosure Rules