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The aim of this newsletter is to give you an easy-to-read overview of the latest tax updates in Africa.

This is the third  Tax Update for the Shipping & Offshore sector for 2023.

On December 1, 2021 the EU public Country-by-Country Reporting (CbCR) Directive was published in the EU Official Journal and entered into force. The objective of the Directive is to create corporate transparency and to enhance public scrutiny. The Directive had to be transposed into national legislation by June 22, 2023. Differences have been detected between Member States (e.g. implementation date and safeguard clause).

On May 17, 2023 the European Commission (EC) published the first draft of the Union Customs Code - Reform (hereafter: New UCC). 

On 16 May, the European Union’s (EU) new Regulation establishing a Carbon Border Adjustment Mechanism (CBAM) was published in the Official Journal of the European Union, and will enter into force the day after publication.

The summer holiday period is fast approaching and as this will be our last FS Tax Newsletter before the summer holidays begin. We would like to update you on the developments we have been monitoring over the past few months, so that you can start the summer well-informed.

Interest on tax due and late payment interest also often play a role in the adjustment or reassessment of the profit. Sates involved maintain different national rules on interest, which can result in a considerable interest expense during the mutual agreement procedure and/or the run-up period to the conclusion of a BAPA. At the time of writing, the Netherlands charges 8% (!) interest on any tax due, which can add up to quite a hefty sum.

In light of the responses to the internet consultations, the government intends to have the measures take effect as of January 1, 2025.

The updated Guidelines include several substantive changes compared to the earlier version.

In particular, property owners, businesses faced with business successions and Box 3 investors will experience the effect of these plans.