South Africa: Finance Ministry presents Budget 2021 in Parliament
On 24 February 2021, the Finance Minister, Tito Mboweni, made 2021 budget speech in the Parliament. Most of that relief will reduce the tax burden on the lower and middle-income households. Some of the tax proposals in this budget are given
See MoreSouth Africa: SARS extends the CbC report submission deadline
On 19 February 2021, the South African Revenue service (SARS) Officially published Public Notice No. 101, which stated that the due date for submitting country-by-country (CbC) report is extended on the basis of some specified person. According to
See MoreTurkey amends R&D and technology development zone regulations
On 3 February 2021, Turkey has published Law No. 7263 in the Official Gazette on an amendment to the Law on Technology Development Zones and some other Laws. The Law is effective from the day of its publication. The main amendments of the Law are
See MoreUganda commits to implement AEOI by 2023
On 17 February 2021, OECD has announced that Uganda has committed to implement the International Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2023. Maria José Garde, Chair of the Global Forum, said
See MoreQatar: Request to extend CIT return submission deadline by 28 February 2021
Generally, corporate income tax (CIT) filing deadline for year ended 31 December 2020 will be 30 April 2021. According to the Article 30 of the executive regulations of the Income Tax Law No. 24 of 2018, the General Tax Authority (GTA) may grant an
See MoreSouth Africa: Court makes a decision regarding TP methods
On 7 January 2021, in the case of: ABC (Pty) Ltd v. Commissioner (IT 14305) ZATC 1, the South African Court upheld a transfer pricing adjustment for a taxpayer that failed to have transfer pricing documentation to support the arm’s
See MoreQatar introduces TP declaration with tax return
The General Tax Authority (GTA) of Qatar has confirmed that taxpayers filing their income tax returns via the tax authority’s Dhareeba tax portal must also file a transfer pricing (TP) declaration of related-party transactions along with their
See MoreBotswana: Finance Minister presents Budget for 2021 to the National Assembly
On 1 February 2021, Dr. Thapelo Matsheka, Botswana’s Minister of Finance and Economic Development has presented National Budget for the fiscal year 2021 to the National Assembly. The Budget contains a number of important tax measures. The key
See MoreTurkey issues Decree as to restriction on the deduction of financial expenses
On 3 February 2021, the Turkish Revenue Administration has published Presidential Decree No. 3490 in the Official Gazette introducing a restriction on the deduction of financial expenses. Restriction on the deduction of financial expenses rules was
See MoreSaudi Arabia: GAZT publishes CbC reporting XML schema version 2.0
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has informed that Country-by-Country (CbC) Reporting Schema to V2.0 is being updated. Taxpayers have to submit (CbC) report via AEOI Portal using XML Schema standardized
See MoreSouth Africa: Government Officially publishes 2020 Tax Amendment Acts
On 20 January 2021, the Treasury Department Officially published the 2020 Tax Amendment Acts. The following Amendment Acts were promulgated: Rates and Monetary Amounts and Amendment of Revenue Laws Act 22 of 2020.Taxation Laws Amendment Act 23
See MoreUganda: URA issues guidance on tax compliance
On 22 January 2021, the Uganda Revenue Authority (URA) has issued guidance on tax compliance on its website. The guidance includes following measures: Registration Process A person liable to pay tax shall apply to the Commissioner for
See MoreAlgeria: President signs Finance Act 2021
On 31 December 2020, the President signed the Finance Act for the year 2021, which includes the following measures: The Act imposes a 15% capital gains tax on the real estate and securities transactions and describes calculations and liability
See MoreSaudi Arabia: GAZT extends tax penalty relief measures up to 30 June 2021
On 21 January 2021, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines and exemption from financial penalties for taxpayers until 30 June 2021 in response to the COVID-19
See MoreSouth Africa: SARS invites public comments on ATR system
On 15 January 2021, the South African Revenue Service (SARS) made a public comment session regarding the Advance Tax Rulings System. Taxpayers, tax practitioners and professional associations are invited to submit comments on the current Advance
See MoreAlgeria: Government publishes revised TP documentation requirements
On 2 January 2021, Government Officially published a Decree of 17 November 2020, which replaces the Decree of 12 April 2012. Initial transfer pricing documentation, which is submitted with the tax return, includes: Basic documentation regarding
See MoreNigeria: President signs the Finance Bill 2020 into Law
On 31 December 2020, the President, Muhammad Buhari, signed the Finance Bill 2020 and made it into law, which introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduction of COVID-19 incentives
See MoreKenya: President signs the Tax Law Amendment Act (No. 2) of 2020
On 23 December 2020, the President of Kenya signed the Tax Law Amendment Act (No. 2) of 2020 which amends the Income Tax Act and the Value Added Tax (VAT) Act of Kenya. Critical changes include reinstating corporation tax
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