Nigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See MoreIsrael issues RTP of tax returns for FY 2019
On 30 December 2019, the tax administration of Israel issued an updated list of reportable tax positions (RTP) for financial year (FY) 2016 to FY 2018. All RTPs will apply to Israeli taxpayers with respect to their income tax returns submitted for
See MoreSaudi Arabia publishes rules for Tax Dispute Resolution Committee
On 3 January 2020, Saudi Arabia has published Royal Decree No. 26040 in the official gazette clarifying rules for Tax Dispute Resolution Committee (TDRC). The Decree explains the timelines which should be followed when appealing an assessment to
See MoreQatar publishes new regulations to amend income tax law
On 11 December 2019, Qatar published Executive regulations 39/2019 in the Official Gazette, introduced new Income Tax Law No. 24 of 2018. The new regulations are generally effective from 12 December 2019. Key features of the new regulations
See MoreOECD: Global Revenue Statistics Database
A publication issued by the OECD on 19 December 2019 explains the current scope of the Global Revenue Statistics Database. The database represents the largest public source of tax revenue data, and in 2019 with the addition of more African
See MoreAlgeria: President seals Finance Act 2020
The president of Algeria, Abdelkader Bensalah, signed the Finance Act 2020 into Law, on 11 December 2019, during a Council of Ministers he chaired. The Law includes tax incentives like profit tax and VAT exemptions for start-ups corporations and
See MoreSaudi Arabia introduces E-Service for CbC reporting
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia have introduced E-Service for country-by-country (CbC) reporting. As per the transfer pricing Bylaws, Saudi Arabian taxpayers that are members of an MNE Group with consolidated
See MoreNigeria: House of Representatives passes Finance Bill 2019
On 28 November 2019, the House of Representatives passed the Finance Bill 2019. It was passed its third reading by the National Assembly on 21 November 2019. Major proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate
See MoreOman signs MCAA on automatic exchange of financial information
On 26 November 2019, Oman signed the multilateral competent authority agreement (MCAA) for the automatic exchange of financial account information. The multilateral competent authority agreement (MCAA) provides for the exchange of information under
See MoreATAF meets to discuss revenue mobilization
On 19 to 22 November 2019 the African Tax Administration Forum (ATAF) held its the fourth International Conference on Tax in Africa. The theme of the conference was "Innovation -- Digitalization and Harnessing Technology to Improve Tax
See MoreOman signs MLI to implement tax treaty related BEPS measures
On 26 November 2019, Oman signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Oman also signed the Multilateral Convention on Mutual Administrative Assistance in Tax
See MoreKenya signs BEPS MLI on multinational group taxation
On 26 November 2019, Kenya signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The provisional list of reservations and notifications to the MLI (i.e. its MLI position)
See MoreSaudi Arabia Cabinet ratifies BEPS Multilateral Instrument (MLI)
On 15 November 2019, Saudi Arabia Cabinet has published a decree for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI), which was signed on 18 September 2018.
See MoreKenya: President approves the finance act 2019
On 7 November 2019, the Kenyan president approved a law of the parliament, the Finance Act of 2019. The act proposes significant changes to various tax laws in Kenya, including the Income Tax Act, the Capital Markets Act and the Banking Law. Key
See MoreTurkey: Parliament passes laws on tax regulation
On 21 November 2019, the Turkish Parliament approved laws on tax regulation which includes new taxes, namely digital services tax (DST), valuable house tax and accommodation tax. The law increases tax rate from 30% to 40% for people earning
See MoreNigeria: Senate passes third reading of Finance bill 2019
On 21 November 2019, the Senate passed the Finance Bill 2019, which seeks an amendment of Nigeria’s tax laws and make them more responsive to the tax policies of the Federal Government, among other things. The President stated that the amendment
See MoreNigeria: Finance Bill 2019 passes second reading in parliament
On 6 November 2019, the Finance Bill 2019 passed its second reading at the Senate. Main proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate (CIT) applies for companies with turnover between NGN25-million and
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 18 October 2019. The list is intended to assist members of the MNE groups
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