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Africa: Summary of tax developments (October 2024)

Ethiopia, Kenya, Nigeria, South Africa, Uganda, and Zambia

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October 31, 2024

The KPMG member firm in the Netherlands has prepared a monthly report of tax-related developments in Africa.

The October 2024 report provides updates on new withholding tax regulations in Nigeria and the anticipated increase in the South African dividends tax rate under treaties with the Netherlands, Sweden, and Kuwait. Additional highlights include:

  • Ethiopia: New value added tax (VAT) rules for nonresident digital services providers
  • Kenya: High Court nullifies Income Tax (Financial Derivatives) Regulations 2023; Tax Appeal Tribunal rules on controlled transactions
  • Nigeria: New withholding tax regulations effective January 1, 2025; VAT (Modification) Order, 2024 expands VAT-exempt goods and services
  • South Africa: Anticipated increase in dividends tax rate; changes to corporate income tax return for research and development (R&D) tax incentive; Constitutional Court decision; guidance on sale and leaseback arrangements, and updated tax guides
  • Uganda: Requirement for audited financial statements for high-turnover taxpayers
  • Zambia: Announcement of the 2024-2025 budget

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