IBFD country updates

Country Surveys – these require an IBFD subscription

Botswana by Jude Amos(Reviewed up to 14 June 2019)Corporate TaxationGeneral anti-avoidance rules amended.Transfer pricing rules introduced.Thin capitalization rule replaced by rule based on a percentage of EBITDA.Amendment to Transfer Duty Act proposed.

Cabo Verde by Leendert Verschoor, Catarina Nunes, Dúnia Moniz Delgado(Reviewed up to 1 April 2019)Corporate TaxationCorporate income tax rate reduced from 25{780f53c297e2c008074d23b865a0ce0b35a4f08852d8e1e49466a5a902c4e44e} to 22{780f53c297e2c008074d23b865a0ce0b35a4f08852d8e1e49466a5a902c4e44e}.Provisions on financial sector incentives amended.Special regime introduced for specified maritime activities.Certain exemptions from customs duty extended.

Congo (Rep.) by Cynthia Adoua(Reviewed up to 1 March 2019) Corporate TaxationWithholding tax on specified commissions increased from 5{780f53c297e2c008074d23b865a0ce0b35a4f08852d8e1e49466a5a902c4e44e} to 10{780f53c297e2c008074d23b865a0ce0b35a4f08852d8e1e49466a5a902c4e44e}.Strict conditions introduced in respect of incentive agreements.Tax returns to be filed using prescribed model.Minimum tax provisions revised.Provisions on taxable persons for VAT purposes revised.Various miscellaneous non-codified taxes introduced.Individual TaxationLump-sum taxation regime revised.Tax returns to be filed using prescribed model.

Equatorial Guinea by Vanessa Arruda Ferreira(Reviewed up to 1 May 2019)Corporate TaxationLocal participation requirements relaxed.Tax on ownership of motor vehicles, etc.

Eswatini (formerly Swaziland) by Obiageli Chiedu(Reviewed up to 1 May 2019)Business and InvestmentAgreement establishing the African Continental Free Trade Area ratified by Eswatini

Lesotho by Tebello Thabane, Paul Khanare(Reviewed up to 1 May 2019)Corporate TaxationVAT reduced rates and zero-rated supplies list revised.Individual TaxationPersonal credit increased.Business and InvestmentCultivation and export of medical cannabis legalizedLicensing requirements and fees established for medical cannabis

Liberia by Theophilus Dekonty Joseph(Reviewed up to 30 April 2019)Corporate TaxationGoods and services tax on specified travel services reduced.Concessionaires not to pay annual surface rent on encumbered land.Social security contribution rates increased.Amnesty announced in respect of real estate taxes.Amnesty announced in respect of customs duties.Individual TaxationSocial security contribution rates increased.

Mozambique by Malaika Ribeiro(Reviewed up to 1 April 2019)Individual TaxationSelf-assessment deadlines revised.

Zimbabwe by Joyce Chigome, Kennedy Munyandi(Reviewed up to 30 April 2019) Corporate TaxationAmendments to deemed source provisions.Changes to the incentives for mining companies.Update on advance rulings.Update of the general anti-avoidance provisions.Update of the transfer pricing provisions.Imposition of the intermediated money transfer tax.Individual TaxationAmendments to the income tax rates.Amendments to the source rules.Business and InvestmentAgreement establishing the African Continental Free Trade Area ratified.

Country Analyses

Nigeria by Osita Aguolu(Reviewed up to 1 April 2019)Corporate TaxationCompletely new chapter.Individual TaxationCompletely new chapter.