Compliance News
Cameroon 2024 Tax Year Amendments Update
As of now, there have been no further developments regarding the suspension of the payroll amendments announced in the 2024 Finance Law. Therefore, the regulations outlined in the 2023 General Tax Code remain in effect. We are closely monitoring any ...
Zimbabwe: Statutory Instrument 22 of 2024
The provisions of Statutory Instrument 22 of 2024 states: Section 41 of the National Social Security Authority (Accident Prevention and Workers’ Compensation Scheme) Notice, 1990, published in Statutory Instrument 68 of 1990, is amended by the repeal ...
Lesotho: New Tax rates for 2024/2025 effective 01 April 2024
The Minister of Finance published the Income Tax (AMA) Regulations No.25 of 2024. The Regulation includes the following amendments: The tax credit Increased from M 10 824.00 (M902.00 per month) to M 11 040.00(M 920 per month). Increase in the minimum ...
Kenya - Affordable Housing Levy Contributions Tax Relief Update
The Affordable Housing Act, 2024 (AHA), published and gazetted on 19 March 2024, contains consequential amendments as specified in section 60 of the Act and in the Third Schedule to the Act. According to section 60 of the AHA, the Acts specified in ...
Zimbabwe: NSSA issues notice to pensioners, employer and suppliers
The Zimbabwe National Social Security Authority is in the process of changings its systems to allow for the new currency (announced by Governor of the Reserve Bank of Zimbabwe on 5 April 2024). The following must be noted: The April pension pay date ...
Zimbabwe: Public Notice 31 of 2024 - March returns due by 10 April 2024
The Zimbabwe Revenue Authority (ZIMRA) wishes to remind all taxpayers that Royalties, Intermediate Money Transfer Tax (IMTT), Pay As You Earn (PAYE), Levies and Withholding Tax payments for March 2024 are due on 10th April 2024. In line with the ...
Zimbabwe switches to gold-backed ZiG currency
Zimbabwe has introduced a new currency, the ZiG, as announced by the new Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu in the 2024 Monetary Policy Statement. One of the most notable features of the ZiG is its backing by gold, a move ...
Zimbabwe - POBS insurable earnings: Quarter 2 of 2024
The National Social Security Authority would like to advise all employers & stakeholders of changes to the Self -Adjusting Framework for determining the monthly POBS maximum insurable earnings per employee. In terms of SI 64 of 2022 gazetted on 01 ...
South Africa - Increase in OID Earnings Threshold Effective 1 March 2024
The Minister of Employment and Labour published Government Gazette 50386 (Notice 2390 of 2024) on 27 March 2024, increasing the OID earnings threshold as follows: from R568 959 per annum (limit for 2023/2024), to R597 328 per annum effective 1 March ...
KENYA - THE AFFORDABLE HOUSING ACT, 2024, EFFECTIVE MARCH 2024
On Tuesday, 19th March 2024, Kenya’s President signed into law The Affordable Housing Act, 2024, which amends the legislation which originally implemented the Affordable Housing Levy in 2023 in the Finance Act, 2023. The Act requires employees to ...
Lesotho Budget Speech 2024
On February 21, 2024, the Budget Speech for the fiscal year 2024/2025 was presented by the Minister of Finance and Development Planning of Lesotho. During the budget speech, the following proposals affecting payroll were announced: Modifications to ...
South Africa - Employer Annual Reconciliation Declaration (EMP501) Submission Dates
According to the South African Revenue Service (SARS) website, the Employer Annual Reconciliation Declaration period opens on 1 April 2024, and closes on 31 May 2024 (see below). Please note that there has been no official notification published to ...
Ghana YTD calculation in December and upon termination
To circumvent two tax tables in one tax year, customers were advised in the previous tax year to untick the "Do a YTD calculation in Dec and for terminations" statutory field on the Basic Company Information screen. For employee records to account ...
Zimbabwe: Temporary withdrawal of the new PAYE form
ZIMRA has published public notice 16, dated 24 February 2024, states: Zimbabwe Revenue Authority (ZIMRA) would like to advise all taxpayers and the public that the new PAYE Return that was scheduled for use with effect from the January 2024 PAYE ...
South Africa - Increase in the BCEA Earnings Threshold Effective 1 April 2024
The Minister of Employment and Labour published Government Gazette 50524 increasing the BCEA earnings threshold from R241 110.59 per annum to R254 371.67 per annum effective 1 April 2024. Therefore, effective 1 April 2024, employees earning more than ...
Malawi - Budget Speech proposes changes to PAYE Tables for 2024/2025 - Effective 1st April 2024
In Malawi, The Minister of Finance and Economic Affairs recently announced proposed PAYE changes for the 2024/2025 tax year. The proposed changes include an increase to the zero Pay As You Earn (PAYE) bracket from K100,000 to MK150,000. Accordingly, ...
Namibia - Budget Speech 2024 - Proposed change to income Tax threshold
The Minister of Finance and Public Enterprises, Honourable Ipumbu Shiimi, tabled the 2024/2025 National Budget during National Assembly on 28 February 2024. The Budget aimed to provide tax relief for taxpayers while still broadening the tax base with ...
Egypt: Income Tax Amendments 2024
The Egyptian Government has given its approval to amendments modifying specific provisions within Tax Law No. 91 of 2005. Key amendments within the law include: 1. Increasing the zero-rated bracket from EGP 30,000 to EGP 40,000. Below is the updated ...
Kenya - Social Health Insurance Fund regulations delayed until 1st July 2024
In Kenya, the Social Health Insurance Fund (SHIF) regulations have been delayed until 1st July 2024. This means that the contribution will not take affect until July. The SHIF will effectively replace the current National Health Insurance Fund (NHIF) ...
Update - South Arica Budget Speech 2024
SARS published an Income Tax Notice revising the rate per kilometre and the cost scale table for 2024/2025. The rate per kilometre in respect of motor vehicles is fixed at R4.84: Prescribed rate per kilometre for reimbursive travel allowance For ...
Togo - The Universal Health Insurance employee contribution deemed an allowable deduction
The establishment of Universal Health Insurance in the Togolese Republic, as per Law No. 2021-022 of October 2021, ensures access to healthcare for all residents. Effective January 1, 2024, Decree No. 2023-096/PR sets the rates and methods for ...
South Africa - Budget Speech 2024
Did Minister Godongwana opt for borrowing, taxing, or cutting spending? Today, February 21, 2024, Finance Minister Enoch Godongwana delivered the annual Budget Speech. He faced intense scrutiny as he aimed to reconcile spending priorities with the ...
South Africa: OID Return of Earnings (ROE) Submission for 2023/2024
The Compensation Fund published Government Gazette No. 50109 on 12 February 2024, informing employers of the following: The submission period for the 2023/2024 ROE will be from 1 April 2024 to 30 June 2024. Employers must submit the ROE using the ...
Zimbabwe: Bonus-tax free threshold revision
Zimbabwe Revenue Authority (ZIMRA) has issued public notice 09 of 2024, dated 24 January 2024, stating that the bonus tax-free threshold for ZWL bonuses increased to ZWL 7,500,000 with effect from 1 November 2023 to 31 December 2023, and that the new ...
Angola: Manual Model 2 annual declaration discontinued
On February 8th, the General Tax Administration announced that taxpayers in Group A of Labor Income Tax and entities responsible for withholding taxes from taxpayers in Group B and C are no longer required to submit Model 2 Tax Declarations regarding ...
Kenya - Court of Appeal lifts order blocking the implementation of the Social Health Insurance Fund (SHIF)
The Court of Appeal has lifted an order blocking the implementation of the Social Health Insurance Fund (SHIF) paving the way for the government to roll out the new Universal Health Care (UHC) laws (Social Health Insurance Act, 2023, Primary Health ...
Zimbabwe: Submission of new PAYE returns with effect from January 2024
The Zimbabwe Revenue Authority (ZIMRA) has issued a public notice on 6 February 2024, that advises all taxpayers and the public that a new PAYE Return has been introduced with effect from 1 January 2024. The new PAYE return which replaces the Form ...
Republic of Benin - Finance Law 2024
The Loi N° 2023-01 du 20 décembre 2023 portant loi de finances pour la gestion 2024 has been promulgated, where Article 123 of the General Tax Code has been revised by supplementing a 4th paragraph to strengthen the formalization of domestic jobs. ...
South Africa - Increase in the National Minimum Wage Rates
The Minister of Employment and Labour published Government Gazette 50073 on 2 February 2024, amending Schedules 1 and 2 of the National Minimum Wage Act (NMWA), which will result in an increase in the minimum wage rates effective 1 March 2024: ...
Nigeria: Extension of Deadline for filing employer annual tax returns (Lagos State)
The statutory deadline for filing the annual employer tax return is 31 January 2024 however, the Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing employers' annual tax returns to 7 February 2024. The extension is a ...
DRC - Finance Law 2024
The Finance Law N°23/056 of 10 December 2023 for 2024 tax year has been promulgated by the President Felix-Antoine Tshisekedi Tshilombo. This present law is effective as of 1 January 2024. Please note the following changes for payroll: Modification ...
Kenya - Court of Appeal Halts Affordable Housing Levy Deductions
Kenya's Court of Appeal has taken a significant step by putting a halt to the deductions related to the Affordable Housing Levy. This decision comes in response to ongoing legal cases that have been filed against the programme. In their ruling, a ...
Togo - Finance Law 2024 Tax Code Amendments Effective 1 January 2024
The Togolese parliament adopted the 2024 Finance Law on 22 December 2023. This legislation makes an amendment to Article 74 of the General Tax Code, impacting payroll in Togo for the 2024 tax year. The key change is: Article 74 only repeals the ...
Guinea Conakry - Increase in CNSS Minimum Wage Limit Effective 1 June 2022
The National Social Security Fund (CNSS) is responsible for managing the General Social Security system established by the Social Security Code. The Social Security contributions are calculated based on a minimum and maximum contribution base. The ...
Botswana - Income Tax Amendment Act 2024
The Income Tax (Amendment) Act, 2024 was Gazetted and is effective 15 January 2024. This Amendment Act increases the tax-exempt portion of specific lumpsums payable to an employee (according to sections 32(7), 32(10), 32(11), 32(12), 32(14) and the ...
Kenya – Fringe Benefit Tax, Deemed Interest Rate and Low Interest Benefit 2024
On the 22nd of January 2024, the Commissioner for Domestic Taxes announced the following via Public Notice. Kindly be advised on the Fringe Benefit & Deemed Interest Rate for the months of January, February, and March 2024. Please also take note of ...
South Africa: Budget Speech 2024
Usually, the Budget Speech is presented on the last Wednesday of February each year. However, if the Budget Speech date is too close to the 1st of March, it leaves very little time for system providers to implement the amendments that are effective ...
Chad: Finance Law 2024
Loi 031 du 29 December 2023 Portant loi de Finances pour l'exercice 2024, Article 21 to 23 amends the provisions of article 837 to 839 of the CGI as of 1 January 2024. Fonds d'Intervention Rurale (FIR), which is known as the Rural Intervention Fund ...
Burkina Faso: New Patriotic Support Fund Tax
On Friday, 5 January 2024, the Council (under the Ministry of Economy, Finance and Foresight) adopted a decree (Decret No 2024-0027/PRES-TRANS/PM/MEPFMFPTPS) establishing a compulsory withholding tax on the remuneration of public officials and ...
Ghana: SSNIT Maximum and Minimum Insurable Earnings for 2024
The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Authority (NPRA) has increased the maximum insurable earnings for 2024 from GHS 42,000.00 to GHS 52,000.00 The upward adjustment is in accordance ...
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