Nigeria: Tax amnesty regarding tax liability
The Federal Inland Revenue Service (FIRS) has issued guidance introducing a waiver of penalties and interest on some unpaid tax for the periods between 2013 and 2015. Taxpayers who are eligible for the penalty and interest waiver must declare the
See MoreTurkey: R&D reform Package increases
Some amendments regarding the current research and development (R&D) incentives were introduced on the basis of Turkish Law no. 6676. Companies those carry out R&D activities in Turkey may benefit from the R&D incentives and aids for
See MoreEgypt: Parliament approves draft law on tax disputes resolution
The parliament approved a draft law on tax disputes resolution on 30 August 2016. The purpose of the law is to streamline the settlement of pending tax cases. The law covers ongoing tax disputes related to all types of taxes, including individual
See MoreMauritius: Budget for 2016-2017 with respect to tax management
The Minister of Finance delivered the Budget speech for 2016-17 to the parliament on 29 July 2016. The most important measures with respect to tax management are summarized below. –The Mauritius Revenue Authority (MRA) Act will be amended so that
See MoreTurkey: Draft General Communiqué on Corporate Tax Law issued
The Revenue Administration of Turkey has issued a draft General Communiqué No. 11 on 6th September 2016 regarding Corporate Tax Law (Law No. 5520) on its website. The draft was published in Official Gazette No. 29796 on 9th August 2016. It results
See MoreTurkey: Amendment in transfer pricing legislation
The Law No. 6728 on the amendment of certain laws for the improvement of the investment landscape has been published in the Official Gazette on 9 August 2016. This law amended certain transfer pricing provisions. Some of the provisions are given
See MoreSouth Africa: SARS published Transfer Pricing documentation proposal for public comments
The South African tax authorities published for public comments a Draft Notice on additional Transfer Pricing record-keeping requirements. Where a person has entered into a potentially affected transaction, the aggregate of the transaction for the
See MoreMauritius: Publishes Budget for 2016-2017
The budget for 2016 - 2017 was provided on 29 July 2016 to the National Assembly by the Minister of Finance and Economic Development. The main proposals of the Budget on income taxes are summarized below: -Tax holidays for companies holding licences
See MoreSocial Security Agreement between Bulgaria and Montenegro ratified
The Social Security Agreement (2016) between Bulgaria and Montenegro has been ratified by Bulgaria on 26th July 2016, by way of Decree No. 259 that was published in Official Gazette No. 61 of 5 August 2016. Once in force and effective, the new
See MoreSouth Africa: National Treasury released explanatory memoranda on proposed changes to tax laws
The National Treasury released the Explanatory Memorandum and the Memorandum on Objects (the Memoranda) on the proposed amendments contained in the draft Taxation Laws Amendment Bill (TLAB) 2016 and the Tax Administration Laws Amendment Bill
See MoreTurkey: Draft General Communiqué on CIT Law issued
The Revenue Administration has submitted a draft General Communiqué No. 10 on 30th June 2016 regarding Corporate Tax Law (Law No. 5520) to the Prime Minister for publication in the Official Gazette. This draft addresses the changes of General
See MoreTurkey: Guidelines on CIT incentive for capital increase
The Turkish Revenue Administration has published guidelines regarding corporate income tax (CIT) incentive on 30th June 2016 for capital increase. According to that incentive, capital companies may able to deduct 50% of the interest calculated over
See MoreNamibia-increase of withholding tax rate of non-resident directors’ fees
In Namibia, the withholding tax rate applicable to directors’ fees paid to non-residents has become 25% with effect from 21 June 2016. Non-resident directors are no more obliged to include the directors. Fees in their income tax returns since the
See MoreNigeria: Withholding tax rate for construction-related payments
The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the
See MoreTanzania issues Finance Bill, 2016
Tanzania’s Finance Bill 2016 was made publicly available on 13th June 2016. This follows presentation of the 2016/17 budget by the Finance Ministry on 8th June 2016. This covers the Finance Bill, 2016 which contains numerous proposed changes in
See MoreIMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See MoreKenya presents budget for 2016-17
The Cabinet Secretary presented the budget for 2016-17 to the National Assembly on 8 June 2016. Some of the proposed measures as regards direct taxation are given below: Corporate taxation: Corporate tax rate decrease from 30% to 20% for developers
See MoreTanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
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