Oman declares further tax relief measures
On 8 July 2020, the tax authority reportedly announced additional relief measures in response to the Covid-19 pandemic. The announcement contains a suspension of the additional tax due on late payments for the 2019 financial year until 30 September
See MoreSaudi Arabia exempts from income tax for oil and hydrocarbon production
On 26 June 2020, the Saudi Arabian government issued Royal Decree No. M/153 providing an exemption of income taxes for oil and hydrocarbon production non-Saudi companies listed in the Saudi financial market. The Decree has explained that this
See MoreSaudi Arabia: GAZT invites taxpayers to submit withholding tax returns for March and June
On 5 July 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued its decision for the taxpayers subject to withholding tax to submit their tax returns for the month of June, as well as for the month of March for the
See MoreSouth Africa: Finance Minister delivers 2020 Supplementary Budget review
On 24 June 2020, the Finance Minister presented the supplementary Budget review for the year 2020. The key points of the review are given below: To build a bridge to recovery beyond COVID-19.Revision to in-year spending plans and the division of
See MoreTanzania: Budget 2020 proposes tax relief to employees
On 11 June 2020, the Finance Minister proposed amendments in the Income Tax Act, while tabling the budget 2020/2021 in the Parliament. The Minister is proposed to increase the salary of the employee that will increase the income threshold from
See MoreQatar further extends tax returns filing deadline
On 21 June 2020, the Qatar General Tax Authority (GTA) further extended the tax returns filing deadline for FY 2019 to 30 August 2020 in response to the Covid-19 pandemic. The deadline was previously extended from 30 April 2020 to 30 June
See MoreSaudi Arabia: GAZT publishes circular on capital gain tax
On 15 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published online Circular No. 2005003 regarding income tax on capital gains from restructuring events. Through this Circular, GAZT addresses the taxation of
See MoreTanzania: Finance Minister presents Budget for 2020/21 to the Parliament
On 11 June 2020, the Finance Minister presents the Budget for 2020/21 to the National Assembly. The Minister indicated that the economic impact of the COVID-19 pandemic in Tanzania is not as severe as compared to other countries. This budget
See MoreSaudi Arabia: GAZT publishes guidance on MAP
On 9 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published MAP Guidance (Request for Mutual Agreement Procedure –Taxpayer guidance). The purpose of this document is to set out the process through which taxpayers
See MoreKenya: National Budget for FY 2020/21
On 11 June 2020, the Cabinet Secretary for the National Treasury and Planning, Mr. Ukur Yatani Kanacho delivered the 2020/21 Budget to the National Assembly. The summary of proposed tax measures are following: Income Tax Measures Raised
See MoreIsrael: New Tax Circular on burden of proof related to TP audits
On 2 June 2020, the Israeli Tax Authority (ITA) published tax circular 1/2020 addressing the situations in which a transfer pricing (TP) study that is filed by a taxpayer will be considered as meeting the Israeli TP standards in accordance with
See MoreOman introduces tax card system from 1 July 2020
On 18 May 2020, the tax authority of Oman issued Decision No. 27/2020 declaring that the tax card system will apply from 1 July 2020. The tax card system provides a specific tax identification number. The taxpayers will be required to pay an
See MoreSaudi Arabia: GAZT releases the second edition of transfer pricing guidelines
In May 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has released the second edition of Transfer Pricing Guidelines (translated version). The Guidelines includes most of the section of the first edition, which was released in
See MoreNigeria: FIRS announces to extend deadline for interest and penalty relief
On 2 June 2020, the Federal Inland Revenue Service (FIRS) issued a public notice to extend the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments.
See MoreTurkey increases withholding tax on capital gains from specific FX hedge funds
On 3 June 2020, the Turkish Revenue Administration has published Presidential Decree No. 2604 in the official gazette, through which the withholding tax on the portfolio income of the specific foreign exchange hedge (Also called FX hedge) funds has
See MoreTurkey: Parliament considers bill to ratify BEPS Multilateral Instrument (MLI)
On 2 June 2020, a draft ratification law has been submitted to the Turkish Parliament for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI). The following day,
See MoreTurkey fixes tax return deadline for taxpayers of 65 and above amid COVID-19
On 2 June 2020, the Turkish Revenue Administration has published an announcement regarding the declaration and payment obligation of taxpayers aged 65 and over who are exempted from curfew with the new normalization process. In the announcement, it
See MoreZambia: Supreme Court makes a decision on a transfer pricing case
On 20 May 2020, the Supreme Court of Zambia has made a decision on a transfer pricing case relating to arm’s length transaction. Since 2009, the Zambia Revenue Authority (ZRA) has been battling with Mopani Copper Mines and its Swiss parent
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