Let's talk about Tax - June 2023
Also in this edition, the Ministry of Finance in the UAE has provided much-needed clarity on the taxation rules for Free Zone Persons following the coming into effect of the Corporate Tax in Dubai as from 01 June 2023.
Finally, we continue our discovery of the Global Minimum Tax which is now being implemented by over 135 countries and jurisdictions that have joined the two-pillar plan under the OECD global anti base erosion regime, and is slowly but surely reshaping the international fiscal landscape is being reshaped. In our 3rd article explaining the subtilties of this reform, we will unveil how several of these countries may consider to prioritise the ‘Qualified Domestic Minimum Top-up Taxes’ (QDMTTs) over the global minimum tax to remain competitive and continue to attract MNEs.
Reform of the Income Tax and Tax Holidays Available
In the Budget speech 2023-2024 for Mauritius presented on 02 of June, the Minister of Economy unveiled a major reform for the personal tax and the abolition of the solidarity levy,?hoping to make up for the shortfall in the jurisdiction's attractiveness following the introduction of this?tax in 2021. The newly introduced system will be progressive scale?(from 0 to a maximum of 20%), to help tax payers estimate their taxes based on their income/deductions for the new financial year starting this July 01,?the Mauritius Revenue Authority has launched an online tool enabling to calculate your income tax.
This tax reform is also accompanied by a simplification of the immigration framework to attract foreign talents?and a strengthening of the AML-CFT framework to further reassure international investors and reassert the fact the Mauritius is a trustworthy and credible financial centre.?If you have missed our brief on the Budget 2023-2024,?click here to access our?brief on the Budget Speech.
With the measures announced in this Budget, the Mauritius jurisdiction is hoping for renewed global interest and encourage more international investment, to this end?the numerous Tax holidays and incentives already in place remain quite appealing. You can find hereafter a?document?summarising?all these Tax Holidays available in Mauritius.
Kenya - Budget Brief?2023-2024
On the 15th of June, the long-awaited Budget, a first for the Kenya Kwanza Government, was presented to the General public by the Treasury CS, Prof. Njuguna Ndungu.
The Budget for the fiscal year 2023/2024, which begins on July 01, 2023, to June 30 2024, is expected to establish President William Ruto’s bottom-up economic model amid a tough economic situation which is more problematic with a rising cost of living and pressure to repay other maturing debts.
The next step is for the budget to be brought before the committee of the whole House. This will take place during the?week of June 19, 2023. It is?expected that?a few changes will?be made before the Finance Act is assented into law by the President.?
Click here to download our document where we are?touching on the salient features of this Kenya?Budget Bill, and for any additional information,?do not hesitate to contact us.
领英推荐
United Arab Emirates - Clarity on Taxation Rules for Free Zones Persons
In a recently issued Cabinet Decision, the UAE Ministry of Finance has provided clarity regarding the income generated by Free Zone Persons in the UAE that may qualify for a 0% tax rate.
These explanations?were?eagerly awaited by Free Zone Persons since the release of the UAE corporate tax law in December 2022 and will shed light on the types of income that would be subject to a 0% tax rate and the income that would disqualify a Free Zone Person from claiming this rate.
It is crucial for businesses to assess the impact of these tax regulations, as the UAE corporate tax is now in effect for accounting periods starting on or after June 1, 2023.
In this article, we provide you an overview of the takeaways from the released decisions.
Global Minimum Tax - Domestic Minimum Top-up Taxes?
In this 3rd article in our series covering the implementation of the Global Minimum Tax, our Tax advisory expert, Mario Hannelas , tackles the topic of how under the new rule in the Pillar 2 model rules, the ‘Qualified Domestic Minimum Top-up Taxes’ (QDMTTs) could take priority over the global minimum tax under the OECD’s global anti base erosion regime (GLoBE).
Follow & Get In Touch with us:
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Thanks for Posting.