Botswana: Finance Minister presents Budget for 2021 to the National Assembly
On 1 February 2021, Dr. Thapelo Matsheka, Botswana’s Minister of Finance and Economic Development has presented National Budget for the fiscal year 2021 to the National Assembly. The Budget contains a number of important tax measures. The key
See MoreTurkey issues Decree as to restriction on the deduction of financial expenses
On 3 February 2021, the Turkish Revenue Administration has published Presidential Decree No. 3490 in the Official Gazette introducing a restriction on the deduction of financial expenses. Restriction on the deduction of financial expenses rules was
See MoreSaudi Arabia: GAZT publishes CbC reporting XML schema version 2.0
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has informed that Country-by-Country (CbC) Reporting Schema to V2.0 is being updated. Taxpayers have to submit (CbC) report via AEOI Portal using XML Schema standardized
See MoreSouth Africa: Government Officially publishes 2020 Tax Amendment Acts
On 20 January 2021, the Treasury Department Officially published the 2020 Tax Amendment Acts. The following Amendment Acts were promulgated: Rates and Monetary Amounts and Amendment of Revenue Laws Act 22 of 2020.Taxation Laws Amendment Act 23
See MoreUganda: URA issues guidance on tax compliance
On 22 January 2021, the Uganda Revenue Authority (URA) has issued guidance on tax compliance on its website. The guidance includes following measures: Registration Process A person liable to pay tax shall apply to the Commissioner for
See MoreAlgeria: President signs Finance Act 2021
On 31 December 2020, the President signed the Finance Act for the year 2021, which includes the following measures: The Act imposes a 15% capital gains tax on the real estate and securities transactions and describes calculations and liability
See MoreSaudi Arabia: GAZT extends tax penalty relief measures up to 30 June 2021
On 21 January 2021, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines and exemption from financial penalties for taxpayers until 30 June 2021 in response to the COVID-19
See MoreSouth Africa: SARS invites public comments on ATR system
On 15 January 2021, the South African Revenue Service (SARS) made a public comment session regarding the Advance Tax Rulings System. Taxpayers, tax practitioners and professional associations are invited to submit comments on the current Advance
See MoreAlgeria: Government publishes revised TP documentation requirements
On 2 January 2021, Government Officially published a Decree of 17 November 2020, which replaces the Decree of 12 April 2012. Initial transfer pricing documentation, which is submitted with the tax return, includes: Basic documentation regarding
See MoreNigeria: President signs the Finance Bill 2020 into Law
On 31 December 2020, the President, Muhammad Buhari, signed the Finance Bill 2020 and made it into law, which introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduction of COVID-19 incentives
See MoreKenya: President signs the Tax Law Amendment Act (No. 2) of 2020
On 23 December 2020, the President of Kenya signed the Tax Law Amendment Act (No. 2) of 2020 which amends the Income Tax Act and the Value Added Tax (VAT) Act of Kenya. Critical changes include reinstating corporation tax
See MoreGhana updates tax appellate processes
Ghana’s Parliament has passed the Revenue Administration Act, 2020 (Act 1029) as an amendment to the tax procedures and administration rules. Previously, taxpayers only could appeal to the High Court of a tax decision made by the
See MoreMorocco revises TP documentation penalty
On 18 December 2020, the Ministry of Finance of Morocco has published the Finance Law for 2021 in the Official Gazette, apply from 1 January 2021. Morocco's Finance Law 2021 introduced new transfer pricing (TP) documentation
See MoreOman extends CbC notification deadline
In reference to the Decision No. 79/2020 on Rules for Country-By-Country Reporting that specified designated persons (MNEs), information to be provided, retention periods, and the procedures to be followed in this regard; and after considering that
See MoreMorocco: Finance Law 2021
On 18 December 2020, Morocco's Ministry of Finance has published the Finance Law for 2021 in the Official Gazette. The measures of the Finance Law generally apply from 1 January 2021. Key measures are summarized as follows: Social
See MoreEgypt: MOF publishes form and guidelines on the tax treatment of capital gains
On 16 December 2020, the Egyptian Ministry of Finance (MOF) published a decree (No. 610 of 2020) setting out the tax treatment of capital gains from the sale or disposal of unlisted shares by non-residents. The decree also published the
See MoreTurkey extends CbC report filing deadline to 26 February 2021
On 17 December 2020, the Turkish Revenue Administration has issued Circular No. TF-2 / 2020-1 on its website, by which Turkey extends country-by-country (CbC) report filing deadline to 26 February 2021. The extension of the period for sending
See MoreMongolia: Parliament approves State Budget Law for 2021
The State Budget Bill for the fiscal year of 2021 was adopted at the State Great Khural’s plenary session of 13 November 2020 along with its appropriation bills. On 25 November 2020, the President of Mongolia, Battulga, refused 2021 State Budget
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