Nigeria issues new procedural rules for tax appellate tribunal
Recently, the Minister of Finance, Budget and National Planning issued new Tax Appeal Tribunal (Procedure) Rules 2021. The Rules replace the 2010 Rules and are intended to guide the practice and procedure of Tax Appeal Tribunal (“TAT“)
See MoreTurkey issues Regulations on mutual agreement procedures (MAP)
On 26 October 2021, Turkey has published Law No. 7338 on Certain Amendments on Tax Procedural Law and Certain Laws in the Official Gazette which clarifies provisions with respect to the domestic application of the mutual agreement procedure
See MoreTurkey increases the rate of remote working in TDZs and R&D and design centers
On 17 October 2021, Turkey has published Presidential Decision No. 4454 in the Official Gazette in order to allow the activities carried out in the technology development zones (TDZs) and R&D and Design Centers to be carried out outside the
See MoreNigeria: FIRS announces penalty for late filing of tax returns
The Federal Inland Revenue Service (FIRS) has recently warned that late returns on Company Income Tax (CIT) returns beyond 30 November 2021 for the 2021 tax year would attract penalty and interest. The chairman, Muhammad Nami, said the grace period
See MoreNigeria: President presents 2022 draft Budget
On 7 October 2021, the President, Muhammadu Buhari, presented 2022 draft budget to the National Assembly. The 2022 Budget, which has been themed the "Budget of Economic Growth and Sustainability", is designed to achieve the following
See MoreTurkey: Parliament members submit a new Tax Bill to the Parliament
On 1 October 2021, Turkish Parliament members have submitted a new Tax Bill to the Parliament which includes tax filing periods, tax exemptions, and incentives. The key corporate tax measures of the Bill are: In the reduced corporate tax
See MoreTurkey extends dates for reduced withholding to interest on TRY deposit accounts
On 30 September 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4561 in the Official Gazette extending the dates for reduced withholding rates on interest on deposit accounts entitled in Turkish lira (TRY). The reduced
See MoreJordan issues Executive Instructions on new TP rules for MNE groups
On 16 September 2021, the Hashemite Kingdom of Jordan has published Executive Instructions No. 3 of 2021 regarding new transfer pricing (TP) rules for MNE groups. Jordan has published Regulation No. 40 of 2021 On 7 June 2021 which introduces
See MoreEgypt explains rules and instructions for the tax treatment of capital gains
On 6 September 2021, the Egyptian Ministry of Finance has issued Decree No. 428 of 2021 clarifying rules and instructions for the tax treatment of capital gains resulting from the disposal of securities, shares, and treasury bills, as well as the
See MoreTurkey sets 0% withholding tax rate on certain Financial Instruments income
On 4 September 2021, Turkey has published Presidential Decision No. 4454 in the Official Gazette, which sets 0% (reduced from 10%) withholding tax rate on certain venture capital and real estate investment fund earnings. The reduced withholding
See MoreBotswana: General Commissioner sets TP documentation threshold
On 1 September 2021, the General Commissioner published a ruling and set a threshold for the preparation and submission of transfer pricing documentation. The ruling is effective retroactively from 1 July 2019 (2020 tax year). According to the
See MoreTurkey extends the first installment deadline on the tax amnesty and tax base
On 27 August 2021, Turkey has published Presidential Decision No. 4420 published in the Official Gazette numbered 31581, which extends the application deadline and the first installment deadline under Law No. 7326 regarding the restructuring of the
See MoreNigeria: FIRS suspends CbC report local filing for non-parent entities
In September 2013, the Organization for Economic Co-operation and Development (OECD) and G20 countries, working together on an equal footing, adopted an ambitious and comprehensive 15-point Action Plan to address BEPS. The Action Plan aims to
See MoreQatar: GTA extends deadline for filing tax returns
On 30 August 2021, the General Tax Authority (GTA) of Qatar has announced the extension of deadline for submitting tax returns for fiscal year 2020 for companies and establishments owned by Qatari citizens and GCC citizens, which are exempt from
See MoreSouth Africa: National Treasury invites comments on draft Tax Bills by 28 August
On 12 August 2021, the National Treasury and the South African Revenue Service (SARS) published a media statement the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill (TALAB) for
See MoreKenya: Revenue authority publishes a release on implication of DST
On 12 August 2021, the Kenya Revenue Authority published a release regarding the implications of the Finance Act 2021 on the Digital Service Tax (DST). June 29th 2021, marked the signing of the Finance Act 2021 by President Uhuru Kenyatta with
See MoreJordan deposits ratification instrument for the convention on mutual administrative assistance in tax matters
On 11 August 2021, Jordan has deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters. The Convention will enter into force for Jordan on 1 December 2021 and will generally apply
See MoreIsrael approves three-tiered TP documentation requirements
On 5 July 2021, the Israeli Ministry of Finance announced the approval of proposed amendment to the Transfer Pricing (TP) provisions of the Israeli Income Tax Ordinance (ITO). The amendment proposal introduces the three-tiered TP documentation
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