South Africa: SARS updates guidance on capital gains tax for individual and legal entities
On 1 July 2021, the South African Revenue Service (SARS) published latest ABC of Capital Gains Tax for Individuals (Issue 12) and ABC of Capital Gains Tax for Companies (Issue 10). Guide of capital gains tax for individuals This guide
See MoreKenya enacts Finance Act 2021
On 1 July 2021, Kenya published the Finance Act 2021 in the official gazette. The act was signed into law by the president on 29 June 2021. The act was presented to Parliament by the Kenyan Treasury Cabinet Secretary on 4 May 2021. The act
See MoreNigeria: FIRS extends the deadline of submitting CIT return
On 1 July 2021, the Federal Inland Revenue Service (FIRS) announced that the deadline of submitting corporate income tax return, which was due in June is to be extended until 31 July 2021. This announcement was made public in a notice on Wednesday
See MoreTurkey amends the decision on government aid in investments
On 28 June 2021, Turkey has published Presidential Decision No. 4191 in the Official Gazette. With Presidential Decision No. 4191, Amendments have been made in the Decision No. 2012/3305 on State Aids in Investments. Important changes were made in
See MoreSouth Africa: SARS publishes list of jurisdiction with effective CbC report exchange agreements
The South African Revenue Service (SARS) published a latest list of jurisdictions. These listed jurisdictions have CbC report exchange agreements with South Africa from 22 June 2021. The lists are intended to assist members of MNE Groups tax
See MoreMorocco publishes guidance on mutual agreement procedure
The Ministry of Finance (MoF) of Morocco has published guidance on the mutual agreement procedure (MAP), which provides a dispute resolution procedure to resolve tax treaty related disputes. MAP is designed to relieve double taxation, typically
See MoreQatar extends master and local file submission deadline to 30 September 2021
On 17 June 2021, the General Tax Authority (GTA) of Qatar published Decision No. 8 of 2021 extending the deadline for submission of the Master file and Local file from 30 June 2021 to 30 September 2021 for the 2020 fiscal year. Furthermore,
See MoreTanzania: National Assembly publishes Finance Bill 2021
On 12 June 2021, the National Assembly published the Finance Bill 2021, which contains the measures of Budget for 2021/22. This Act shall come into operation on 1 July 2021. The Bill proposed the following things: The definition of the term
See MoreBotswana deposits ratification instrument for the convention on mutual administrative assistance in tax matters
On 15 June 2021, Botswana has deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters. The Convention will enter into force for Botswana on 1 October 2021 and will generally apply
See MoreKenya: KRA issues public notice regarding updated resident CIT return
On 1 June 2021, Kenya Revenue Authority has published a public notice providing information on updated resident corporation tax return. The Tax Laws (Amendment) Act, 2020 amended the rate of Corporation Tax for resident persons from 30% to 25%
See MoreUAE publishes guidance on mutual agreement procedure
The Ministry of Finance (MoF) of the United Arab Emirates (UAE) has published guidance on the mutual agreement procedure (MAP), which provides a dispute resolution procedure to resolve tax treaty related disputes. MAP is designed to relieve
See MoreJordan introduces transfer pricing rules for MNE groups
On 7 June 2021, the Hashemite Kingdom of Jordan has published Regulation No. 40 of 2021 in the Official Gazette. The Regulation has introduced transfer pricing rules for multinational entity (MNE) groups with effect from 7 July 2021. The Regulation
See MoreTurkey ensures effective date of MCAA of CRS and CbC Reports
On 31 May 2021, Turkey has published Decision No. 4025, and Decision No. 4026, which set the effective date of the Multilateral Competent Authority Agreement (MCAA) of Common Reporting Standard (CRS) and Country-by-Country (CbC)
See MoreOECD: Tax Transparency in Africa 2021
On 26 May 2021 the OECD published Tax Transparency in Africa 2021. The 2021 edition indicates that there has been progress in African countries on development of capacities in tax transparency and exchange of information (EOI); and progress in
See MoreNigeria: FIRS issues a notice to suspend CbC reporting obligations for MNE branches
The Federal Inland Revenue service (FIRS) issued a public notice to suspend Regulation 4 of the “Income Tax (CbC Regulations) Regulations, 2018”. This public notice notifies branches and subsidiaries of Multinational Enterprises (MNEs)
See MoreSouth Africa: SARS issues an update regarding foreign dividend taxation
On 17 May 2021, the South African Revenue Service (SARS) issued an update Interpretation Note 93 (Issue 3) on the taxation of foreign dividends. This Note provides guidance on the interpretation and application of various provisions of the Act
See MoreOECD case study on combating international tax avoidance in Senegal
On 21 May 2021 the OECD published a Tax and Development Case Study entitled “Fighting International Tax Avoidance and Evasion to Finance the Emergence of Senegal”. Senegal aims to be an emerging economy by 2035, and a ten-year development
See MoreQatar releases FAQs on TP documentation requirements
Qatar’s General Tax Authority (GTA) has issued frequently asked questions (FAQs) regarding Transfer Pricing Declaration, Master File, and Local File on the Dhareeba tax portal. The FAQs provide clarification on several tax issues relating to
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