Turkey legislates Omnibus Law including corporate tax measures
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures: As from 18 January 2019, existing rules on reduced rates for investment
See MoreAlgeria publishes finance bill 2019
On 30 December 2018, Algeria's Finance Bill 2019 was published in Official Gazette No. 79 and this Bill came into force as of 1 January 2019. The key measures introduced by the Finance Bill are following -The bill clarifies provisions regarding
See MoreNigeria: Alerting TP compliance regulation deadline
The Federal Inland Revenue Service (FIRS) of Nigeria declared 31st December as the last date for the taxpayers for complying the pending transfer pricing obligations and also submitting the documentations which include the disclosures of all related
See MoreSaudi Arabia: General Authority of Zakat and Tax (GAZT) publishes draft transfer pricing law
On 10 December 2018, General Authority of Zakat and Tax (GAZT) released draft transfer pricing regulations (TPBy-laws) for public consultation. The regulations broadly follow international standards, including the arm’s-length principle and
See MoreQatar signs MLI to implement tax treaty regarding BEPS measures
The OECD announced on December 4, 2018, that Qatar has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS). Qatar is the 85th jurisdiction to join the treaty. This treaty
See MoreEgypt: Ministry of Finance publishes new decree 547 outlining new updated TP guidelines
On 21 October 2018, Egyptian Ministry of Finance has issued new decree 547 providing the authority for new transfer pricing guidelines to be published. The new guidelines introduced three-tiered level of transfer pricing reports for transparency to
See MoreSouth Africa: National Treasury releases final e-services VAT regulations
The National Treasury of South Africa issued the final regulations extending the definition of “electronic services” for value added tax (VAT) purposes. Under final regulations a foreign supplier will not be deemed to supply E-Services if the
See MoreNigeria: FIRS issues public notice regarding deadline set for TP documentation
The Federal Inland Revenue Service (FIRS) has previously released the Income Tax (Transfer Pricing) Regulations, 2018, which replaced the Income Tax (Transfer Pricing) Regulations, 2012. The 2018 TP Regulations, which introduced supplementary
See MoreZambia: Finance Minister presents National Budget 2019
On 28 September 2018, Zambia’s Minister of Finance, Hon. Margaret Mwanakatwe presented the 2019 National Budget to Parliament. The time period for making transfer pricing assessment may be raised for a period exceeding 6 years but not exceeding 10
See MoreQatar: MoF implements new CbC requirements through Decision No. 21 of 2018
The Ministry of Finance published a Decision No. 21 of 2018 on September 9, 2018 in the Official Gazette. This Decision implements new Country-by-Country (CbC) reporting requirement. It is effective from September 10, 2018. A CbC report contains
See MoreMultilateral Convention (MLI) signed by Saudi Arabia
Saudi Arabia signed the Multilateral Convention on 18 September 2018 to Implement Tax Treaty Related Measures to Prevent BEPS (MLI), Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) bringing the total number
See MoreNigeria: FIRS publishes a public notice regarding CbC Regulations
The Federal Inland Revenue Service (FIRS) issued a public notice on September 17, 2018. This notice provides alert that income tax country-by-country (CbC) reporting regulations S.I. no. 6, 2018 entered into force with effective from January 1, 2018
See MoreTurkey: Finance and Treasury Ministry increases interest rates for late payment tax
The Ministry of Finance and Treasury published a Decree No. 62 on September 5, 2018, in the Official Gazette. This Decree contains increase in monthly interest penalty for late payment taxes from 1.4% to 2.0%. Again then on September 6, 2018, a
See MoreEgypt reduces late payment interest, penalties and additional taxes if taxes are settled
On 15 August 2018, the Egyptian Government has issued new Law no. 174 of 2018 (the Law) that reduces late payment interest and penalties by a certain percentage based on the payment day of the taxes due. The law introduces 90% reduction on interest
See MoreNigeria: Areas where CCAs may conflict with domestic law
The Government has observed almost six years of significant efforts to align its domestic tax laws and regulations with international initiatives on modernization of its tax principles and enhancement of transparency and disclosure requirements.
See MoreGhana changes several Tax Acts
On 1 August 2018, The Parliament of Ghana published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment)
See MoreSouth Africa: SARS publishes guide on mutual agreement procedures
On 25 July 2018, South African Revenue Service (SARS) released a new guide on the mutual agreement procedure (MAP) that allows competent authorities from the governments of contracting jurisdictions to interact with the intent to resolve
See MoreOman publishes E-filing guidelines
On 24 July 2018, the Secretariat General for Taxation (SGT) of Oman published two guides on the submission of the tax return on the SGT portal. The guides contain details of preparation and submission process of return form along with step-by-step
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