Kenya has been an economic success story in Africa. However, current tax regime is heavily reliant on income and consumption taxes and disproportionately impact low- and middle-income earners. Hence, there are calls for a progressive wealth tax that would shift part of the fiscal burden to the wealthiest households. Proposed models include tiered rates on […]
The issue of how to tax cloud computing services when provided by foreign big tech companies has been much disputed in recent years. On one side, tax officials argue that foreign companies that receive payments for technology-related services, like cloud computing or internet leased lines provided to Indian customers, are essentially earning royalty or fees […]
Amazon Web Services (AWS) is a cloud services provider selling cloud computing services in India. In 2023, an Indian tax office issued an order that income earned by AWS on cloud computing services provided to Indian clients amounted to royalty and fees for included service and therefore taxable. Thus, the sum of $147 million was […]
UK Chancellor Rachel Reeves faces increasing fiscal pressure amid rising borrowing costs which is challenging the budget borrowing limits. With Labour government having ruled out both, further tax increases and further spending cuts, alternative revenue sources are under scrutiny. Campaigners propose taxing the super-rich to raise funds without affecting working families, though critics warn this […]
The UK government’s recent reform of the non-domicile tax regime is resulting in a marked decline in high-end tax receipts and placing increased strain on public finances. The revised policy has triggered the departure of numerous ultra-high-net-worth individuals (UHNI) who previously contributed a disproportionate share of the UK’s tax revenue. Recent fiscal data indicates a […]
South Africa’s fiscal framework is under increasing strain due to high tax rates and a disproportionately narrow tax base. The proposed value-added tax increase and persistently high personal and corporate income taxes are prompting capital flight and the emigration of high-net-worth individuals. A limited number of taxpayers contribute the majority of government revenue, highlighting a […]
The Korean government is set to reform its inheritance tax system to alleviate the tax burden on heirs, thus aligning with the global trend. Korea is one of only four countries (US, UK, Denmark, Korea) among the 38 OECD member nations that has an estate-based tax policy imposing taxes on the total wealth of the […]
Without the doubt, Dubai is not just a strong brand, but in a league of its own. Take for instance the global real estate market where Dubai is a key player. The city’s prime residential market is experiencing robust growth, with property values rising approx. 6.8% and rents growing by a record-breaking approx. 23.5% in […]
In our earlier overview of Luxembourg’s corporate tax system, we outlined the rates applicable through 2024. With effect from tax year 2025, Luxembourg has reduced its corporate income tax (CIT) rates by one percentage point, further strengthening the country’s position as a leading European business and financial hub. The fundamentals remain unchanged: corporate residents are […]
As mentioned in our previous article on 18 July 2024, Oman is set to become the first Middle East country to launch personal income tax, originally from January 2025, however its launch has been postponed to approx. 2026 due to the need for further analysis. Oman has recently issued a new draft of PIT with […]
