The African Continental Free Trade Area (AfCFTA) is one of the largest trading blocs in the world. The agreement establishing the AfCFTA has been signed by 54 out of the 55 member states of the African Union (AU), and ratified by at least 30 of them with 28 having deposited their instrument of ratification as of the date of this writing.
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South Africa President Cyril Ramaphosa outlined the country’s Economic Recovery Plan on in October 2020, during which he explained that if just 10% of South African’s imported goods (excluding oil) could be manufactured locally, the country would add 2% to its Gross Domestic Product (GDP). Further, if South Africa could supply 2% of it manufactured goods to its African peers, it would add 1.2% to its GDP. In this regard, Virusha Subban, Partner Specializing in Customs and Trade at Baker McKenzie in Johannesburg, explains how South Africa could benefit from the African Continental Free Trade Agreement.
On 14 October 2020, the UAE Federal Supreme Court passed its judgment on an appeal filed by the UAE Federal Tax Authority (FTA) in relation to the Court of Appeal’s judgment concerning the imposition of penalties resulting from a voluntary disclosure. The case was handled by a UAE local law firm on behalf one of the UAE’s largest financial institutions.
Our Middle East Tax Newsletter aims to provide you with regular updates, insights and practical guidance on the tax implications of doing business in the region.
In this issue, we provide a roundup of the current status of Value Added Tax (VAT) and the most recent tax related developments across the Gulf Cooperation Council (GCC), as well as their implications on the financial position of businesses.
Recent developments in the labour laws of the United Arab Emirates (UAE), Saudi Arabia and Bahrain have been issued to bridge the gender pay gap between men and women. The updates have been in relation to: (i) prohibiting discrimination, whether in pay or otherwise, between male and female employees who carry out the same job in the UAE, Saudi Arabia and Bahrain; (ii) introducing paternity leave in the UAE; and (iii) granting female workers in Saudi Arabia further rights in the workplace (including working in hazardous workplaces and at night).
On 14 October 2020, the UAE Federal Supreme Court passed its judgment on an appeal filed by the UAE Federal Tax Authority (FTA) in relation to the Court of Appeal’s judgment concerning the imposition of penalties resulting from a voluntary disclosure. The case was handled by a UAE local law firm on behalf one of the UAE’s largest financial institutions.
The South Africa Revenue Service has published a Notice clarifying the customs declaration process under section 64D of the Customs and Excise Act. The Notice outlines the conditions under which bonded goods must be imported into South Africa. Prenisha Govender, Associate in the Tax Practice at Baker McKenzie in Johannesburg, provides the key points.
As part of Saudi Vision 2030, a strategic framework aimed at reducing Saudi Arabia’s dependence on oil and…
The COVID-19 national lockdown has resulted in more employees having to work from home, a situation that could result in an indefinite arrangement for some. However, in terms of the Income Tax Act, employees must meet certain conditions to be able to claim a tax deduction for home office expenses. Prenisha Govender, Associate in the Tax Practice at Baker McKenzie in Johannesburg, assesses the fairness of these stipulations, considering changes due to the pandemic.