Nigeria: 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
See MoreTurkey: 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
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