Philippines: BIR clarifies withholding tax made by online payment platforms

January 16, 2024

On 15 January 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 8-2024 of 15 January 2023, in which it clarified the imposition of the new 1% withholding tax for payments by online platforms to

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Argentina: National congress mulls new Incentive regime for major investments

January 13, 2024

The Argentine National Congress is evaluating a draft legislation to establish a new incentive regime for major investments by sole purpose vehicles in specific sectors. The sole purpose vehicles for the new incentive regime include corporations,

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Philippines imposes withholding tax on online platform payments 

December 31, 2023

On 29 December 2023, the Philippine News Agency (PNA) published a release declaring that the Bureau of Internal Revenue (BIR) had imposed a 1% withholding tax on online merchants with earnings amounting to more than PHP 500,000 annually. BIR

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Singapore enacts Income Tax (Amendment) Act 2021

November 30, 2021

On 16 November 2021, the Income Tax (Amendment) Act 2021 came into force. The Act gives effect to 2021 Budget and non-Budget tax measures, including an extension of the enhanced loss carry-back relief scheme, enhanced deduction for donations and

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Botswana enacts budget for 2021/22

August 07, 2021

On 30 June 2021, the Minister of Finance and Economic Development published a press release announcing the implementation of the budget for 2021/22. The most important measures are: -The general withholding tax rate increased from 7.5% to 10% on

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Kenya: Tax Appeal Tribunal issues rule on a case of management fees

April 13, 2021

On 1 April 2021, the Kenyan Tax Appeals Tribunal (TAT) ruled on tax disputes between McKinsey and Company Inc. Africa Limited (McKinsey / the Appellant) and the Kenya Revenue Authority (KRA / the respondent) in relation to withholding tax (WHT) on

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US: Final Withholding Regulations on Transfer of Partnership Interest by Foreign Partner

October 15, 2020

On 7 October 2020, the IRS issued final regulations on the withholding rules for transfers of partnership interests by foreign transferors. A gain on the sale or disposition by a non-US partner of an interest in a partnership that engaged in a

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Nigeria: Tribunal issues decision in a case on dividends paid from tax exempt income

November 14, 2019

The Tax Appeal Tribunal issued a decision in a case entitled “United Capital Asset Management Ltd and United Capital Trustee Ltd v. Federal Inland Revenue Service” on the application of excess dividend tax in terms of section 19 of the

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South Africa: Dutch court ruled on exemption of withholding tax on dividend payments

September 14, 2017

On 17 August 2017, a Dutch lower court ruled that dividend payments from the Netherlands to South African corporate entities with 10% or more ownership in the company are not subject to Dutch dividend withholding tax. The case involved a 2013

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