Insight type: Legal Alert

The Cabinet Secretary for the National Treasury & Planning recently published the Common Reporting Standards Regulations (the Regulations). Common Reporting Standards (CRS) refer to reporting and due diligence international standards for the automatic exchange of financial account information prescribed by the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).

An amendment to the National Payment System Proclamation No. 718/2011 was recently published on the Negarit Gazette. The changes under Amendment Proclamation No. 1282/2022 (Amendment NPS Proclamation) were necessitated to enhance the regulatory framework for new developments, changes, and innovations in the National Payment System. It is to be recalled that Ethiopia has introduced several financial sector reforms, to amend its financial sector policies and open up its financial market to foreign investment.

The Employment (Amendment) Bill, 2022 (2022 Bill) which is sponsored by the Senator of Nandi County, Samson Cherarkey, was gazetted by a Gazette Notice dated 9 December 2022 but has not yet been tabled to the Senate.

The Property Transfer Tax Act Chapter 340 of the Laws of Zambia (the PTT Act) is an Act that provides for, among others, the levying of property transfer tax (PTT) in Zambia. On 27 December 2022, Parliament enacted the Property Transfer Tax (Amendment) Act No. 27 of 2022 (the Amendment Act), which amended the PTT Act with effect on 1 January 2023. This legal alert highlights the amendments to the PTT Act brought about by the Amendment Act.

The National Bank of Ethiopia has issued a public notice to gather public opinion on the draft Motor Insurance Own Damage Minimum Premium Rate Directive (Draft Directive) which is expected to become effective within a few months. The Draft Directive sets the minimum rate for the amount of insurance premium that companies charge customers with the objective of aligning the insurance premium proposed for the insurance with the risk to be insured. The Directive also envisages culminating unwarranted premiums, undercutting, and protecting the interest of policyholders.

The High Court delivered this judgment recently in relation to a petition brought by key representatives of the Association of Gaming Operators of Kenya (AGOK).

Continuing its trend of active enforcement of its mandate under the Kenya Data Protection Act (DPA), the Office of the Data Protection Commissioner (ODPC) recently published a significant ruling that:

The integration of national economies and markets has increased substantially in recent years, putting a strain on international tax rules that were designed more than a century ago. Weaknesses in the international tax rules created opportunities for base erosion and profit shifting thereby resulting in tax leakages for many governments. Informational asymmetry between taxpayers and tax authorities has long been considered a major contributor to opportunities for abuse of the tax system. In this regard, the global community has been making efforts to enhance tax transparency, remove bank secrecy and facilitate robust exchanges of information between tax administrations through bilateral and multilateral instruments.

The Road Development Agency (the Agency) is a statutory body that was established under the Public Roads Act No.12 of 2002 (Public Roads Act). It is tasked with planning, managing, and coordinating the road network in Zambia, as well as providing care, maintenance, and construction of public roads.

Approximately two years following its operationalisation, the Office of the Data Protection Commissioner (ODPC) has begun taking enforcement action against data controllers and data processors.