Nigeria: Tax Appeal Tribunal makes a decision on a transfer pricing case
On 19 February 2020, the Tax Appeal Tribunal made a decision regarding a transfer pricing case, entitled “Prime Plastichem Nigeria Limited v Federal Inland Revenue Service (FIRS), in favour of the FIRS on all the issues raised for determination
See MoreNigeria: FIRS issues a public notice regarding tax payment deadlines
On 21 February 2020, the Federal Inland Revenue Service (FIRS) issued a public notice, which states the deadlines for tax payment under the Finance Act 2019. According to the notice, the FIRS notified the general public, companies, and taxpayers
See MoreTurkey: Revenue Administration issues decree on transfer pricing documentation
On 25 February 2020, the Turkish Revenue Administration has published Presidential Decree No. 2151 in the official gazette, which amends transfer pricing documentation rules. The decree aims to set out OECD’s Base Erosion and Profit Shifting
See MoreGhana: Parliament approves Budget for 2020
The parliament of Ghana approved the Acts for the implementation of the 2020 Budget and published on 30 December 2019. The Act introduces tax holidays (exemptions) for the income of a manufacturer or assembler in respect of the manufacture or
See MoreQatar introduces directives on MAP
On 11 February 2020, Qatar's General Tax Authority (GTA) has published following six directives on the application of the mutual agreement procedure (MAP) under double taxation avoidance agreements in relation to the implementation of base erosion
See MoreTurkey: Tax administration publishes Draft General Communiqué on DST
On 5 February 2020, the Turkish tax administration has published the Draft General Communiqué on the Implementation of the Digital Services Tax (DST) on its website. The Turkish Parliament enacted Law No. 7194 on 5 December 2019 regarding DST at a
See MoreSaudi Arabia deposits MLI ratification instrument
On 23 January 2020, Saudi Arabia has deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to Prevent Base Erosion and Profit Shifting, which was signed on 18 September 2018. Saudi
See MoreSouth Africa: President signs five revenue related Bills into Law
On 21 January 2020, the National Assembly released a Media Statement, which provides that on 13 January 2020, President, Cyril Ramaphosa, signed into law five different revenue related bills. These bills, which have now been promulgated include the
See MoreZambia: Parliament enacts Tax Amendment Act 2020
On 27 December 2019, Zambian Parliament has enacted the Tax Amendment Act 2020 regarding the decree of the National Budget 2020. Income tax amendment is included in Act No. 15 of 2019 which is effective from 1 January 2020. The amendments regarding
See MoreNigeria: 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 More