Turkey: General Communiqué No. 500 has been gazetted
The General Communiqué No. 500 has published on July 6, 2018, regarding Tax Procedure Law in the Official Gazette. It was entered into force on the similar day of its publication. According to the temporary article 31 of the Tax Procedure Law (or
See MoreNigeria: Cabinet approves MCAA on financial account information
The Cabinet has approved the Multilateral Competent Authority Agreement (MCAA) On July 4, 2018, regarding the automatic exchange of Financial Account Information. It was signed on August 17, 2017. It provides exchange of information in accordance
See MoreNigeria: FIRS Issues guidelines for CbC reporting regulations
The Federal Inland Revenue Service (FIRS) has published the guidelines of Country by Country (CbC) Reporting Regulations on July 3, 2018. These Guidelines are issued to provide guidance to the general public and in particular, Multinational
See MoreUAE signs MLI to implement tax treaty regarding BEPS measures
The UAE Ambassador to Peru, Mohammad Yousef Al Awadi, has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS). The signing took place at the 5th plenary meeting of the
See MoreNigeria: Reminder on due date for submitting CIT returns for June, 2018
For companies having an accounting year end of December 31, 2017, must submit their company income tax (CIT) return by June 30, 2018 to Federal Inland Revenue Service (FIRS). They also have to submit capital gain tax (CGT), education tax (EDT), and
See MoreKenya: Budget for 2018-19
Kenya’s Treasury Cabinet Secretary submitted the 2018-19 Budget on 14th June 2018. Government’s big four agenda of creating jobs, transforming lives and sharing prosperity and supporting the construction of at least 50,000 affordable houses by
See MoreEgypt: Government publishes amends income tax law regarding transfer pricing rules
Government has published Ministerial Decree No. 221 of 2018 amending certain provisions of the Income Tax Law Executive Regulations under Ministerial Decree No. 991 of 2005 relating to transfer pricing rules on 22nd May 2018. The definition of
See MoreNigeria: FIRS publishes Income Tax (CbC Reporting) regulations
The Federal Inland Revenue Service (FIRS) has released the Income Tax (Country-by-Country Reporting (CbCR)) Regulations on June 19, 2018. It was published in an official gazette on January 8, 2018. This CbCR Regulations give guidelines to
See MoreTanzania: Finance Minister presented 2018-19 Budget
Tanzania: Finance Minister presented 2018-19 Budget 19 June 2018 The Minister of Finance and Planning, Hon. Dr. Philip I. Mpango, presented the 2018/19 Budget on June 14, 2018 to the national assembly. Some key points of the budget are given
See MoreAngola: President approves new tax regime for natural gas
On 18 May 2018, the President approved the Decree No. 7/18 which outlined new legislation for the development of marginal fields, the creation of a regulatory body for fuel products and natural gas rights. For marginal fields, which the law defines
See MoreKenya publishes draft income tax bill for 2018
National Treasury of Kenya has published the Draft Income Tax Bill 2018 for public comment. The draft Bill is intended to replace the current Income Tax Act with some certain provisions. Some of the main points are condensed as follows: Corporate
See MoreSouth Africa: SARS issues notice on penalties for non-compliance of CbC report
On 11 May 2018, the South African Revenue Service (SARS) released a notice concerning penalties which provides taxpayer fails to submit returns (CbC report, Master File, Local file) by the deadline will be subject to a fixed penalty up to ZAR 16,000
See MoreSouth Africa: SARS publishes new interest rate table charged on tax compliance
On 7 May 2018, the South African Revenue Service has published an updated rate table for interest charged on outstanding taxes, duties, and levies, and interest rates payable in respect of refunds of tax on successful appeals and certain delayed
See MoreQatar: Qatari Amir approves a decree to ratify existing DTA with Gambia
The Amir of Qatar, Sheikh Tamim bin Hamad Al Thani, has approved a decree on May 13, 2018, for the ratification of the existing income tax treaty with Gambia for the avoidance of double taxation. This treaty was signed on November 18, 2014 and it
See MoreSaudi Arabia: Amendments of Income Tax Law regarding Investment Tax on Natural Gas
Royal Decree No. M/70 dated 28 March 2018 (11-7-1439H) has been issued based on Saudi Arabia’s Council of Ministers’ resolution No. 369 dated 27 March 2018 (10-7-1439H) regarding investments in natural gas. Under the law following changes are
See MoreSouth Africa: SARS releases a guide to understatement penalties
On 18 April 2018, South African Revenue Service (SARS) published a tax administration guide to understatement penalties under Chapter 16 of the Tax Administration Act 28 of 2011. The guide was first issued on 29 March 2018. The purpose of this guide
See MoreZambia: Government publishes new transfer pricing regulations
Zambia published the income tax (transfer pricing) (Amendment) regulations under Statutory Instrument No. 24 of 2018 in the official gazette on 6th April 2018. The 2018 regulations conduct transfer pricing transactions between related entities as
See MoreSaudi Arabia: Ministerial Resolution amends important articles of the Tax By-law
The Ministerial Resolution No. 1727 provides amendments to Articles 1, 5, 7, 8, 9 and 58 of the Tax By-law. General provisions: The amendment says that shares owned by non-Saudis for speculation purpose in capital companies listed on the KSA stock
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