Nigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreSaudi Arabia-publishing of new Companies Law
The Ministry of Commerce and Industrial declared on 9 November 2015 that the new Companies Law (NCL) will come into force after 150 days of its publication in the Saudi Official Gazette. According to the new law only one shareholder will be able to
See MoreGhana and United Kingdom sign MoU regarding automatic exchange of information
Ghana and the United Kingdom signed a memorandum of understanding (MoU) on automatic exchange of information on 6 August 2015. Further details will be reported when they are
See MoreIMF, OECD, UN and World Bank issue report on use of tax incentives by low income countries
A report on the options for low income countries to use tax incentives has been prepared for the G20 Development Working Group by the IMF, OECD, UN and World Bank. Based on practical experience the report suggests that there is room for the
See MoreHong Kong-South Africa tax treaty entered into force
The agreement between Hong Kong and South Africa for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force. The agreement was signed in October last year. It came into force on
See MoreEthiopia: IMF report comments on economic and fiscal position
Following consultations with Ethiopia under Article IV of the IMF’s articles of agreement the IMF released a staff report and other documents on 30 October 2015. Ethiopia’s recent economic performance has been strong, with economic growth of
See MoreAngola: IMF comments on economic and fiscal position
The Executive Board of the IMF concluded its consultations with Angola under Article IV of its articles of agreement on 28 October 2015 and has published a press release. Angola’s economy has been adversely affected by the low oil price and there
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreMali: IMF Report on Local Taxation
Following the conclusion of the work of a technical assistance mission on fiscal policy the IMF has compiled a report containing technical advice for the Mali authorities. The report dated July 2015 has been published on the IMF website. The report
See MoreSouth Africa: SARS issues revised tax guide for foreign workers
The South African Revenue Service (SARS) has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. The guide addressed the point that foreigners working in South Africa are only
See MoreKenya submits Memorandum of Economic and Financial Policies to the IMF
A Memorandum of Economic and Financial Policies prepared by Kenya on 31 August 2015 in connection with a request for financial support from the IMF was published on the IMF website on 22 October 2015. The Memorandum notes that the Kenyan economy
See MoreNigeria: Federal High Court reversed a decision regarding companies fixed base
The Federal High Court has reversed a decision of the Tax Appeal Tribunal in a case concerning if a corporation had a fixed base in Nigeria and concluded that the foreign corporation did not have a fixed base in Nigeria and was not responsible for
See MoreDTA between Senegal and UAE signed
A tax treaty between Senegal and United Arab Emirates has been signed on 22nd October
See MoreNamibia-Increased VAT registration threshold
In Namibia the VAT registration threshold will be increased from 1 November 2016. The threshold will increase from NA$200,000 to
See MoreIMF: Report on fairness of Tunisia’s tax system
Following the conclusion of consultations with Tunisia under Article IV of the IMF’s articles of agreement the IMF issued on 15 October 2015 a staff report and selected issues paper including an Annex on the subject of fair taxation in
See MoreATAF conference on tax evasion and illicit financial flows
The African Tax Administration Forum (ATAF) is to hold its second International Conference on Tax in Africa from 21 to 23 October 2015. The conference in Lomé, Togo has the theme of “Tax Compliance and Limiting Illicit Financial Flows”.
See MoreGhana: VAT obligation for mortgage providers and operators
The government of Ghana has issued a statement regarding new VAT obligations for mortgage providers and operators in the real estate and construction sector. Under the statement, the sale of each unit of immovable property by an estate developer is
See MoreSouth Africa-Cyprus amending protocol entered into force
The amending protocol between South Africa and Cyprus regarding income and capital tax treaty entered into force on 18 September, 2015. The protocol was signed on 1 April 2015. Under amending the protocol, withholding tax on dividend payments is 5%
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