Cyprus and Egypt sign new income tax treaty
On 8 October 2019, Cyprus and Egypt signed an updated Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion and Avoidance, incorporating the OECD model convention. The new text will
See MoreSwitzerland: Federal Council adopts dispatch on amendments to DTA with Iran
On 23 October 2019, the Swiss Federal Council adopted the dispatch on the protocol of amendment to the agreement with Iran for the avoidance of double taxation with respect to taxes on income and capital (DTA). The protocol implements the minimum
See MoreTurkey: Revenue Administration issues guideline on MAP
On 17 October 2019, the Turkish Revenue Administration has released guideline on the mutual agreement procedure (MAP) under double taxation agreement on their website as well as a table of guidance indicating the time limits for each country
See MoreAlgeria: Council of Ministers approves Finance Bill for 2020
On 13 October 2019, the Council of Ministers approved the draft Finance Bill for 2020, which has been sent to parliament for approval. This draft includes tax incentives like profit tax and VAT exemptions for start-ups corporations and for new high
See MoreSouth Africa: SARS announces re-established Large Business Center
On October 23, 2019, the Commissioner of the South African Revenue Service (SARS), Edward Kieswetter, launched the re-established Large Business Centre at its new premises in Woodmead, which aims to bring about higher levels of voluntary tax
See MoreTanzania: BRELA requires all companies to be registered under 90-day deadline
The Business Registration and Licensing Agency (BRELA) issued a public notice regarding registration purposes. The notice issued for all Tanzania companies and business names that have not yet been registered through the Online Registration System
See MoreTurkey amends interest rate for late payment of tax
On 2 October 2019, the Revenue Administration of Turkey has published Decree No. 1592 of 1 October in the official gazette amending Law No. 6183. The decree reduces monthly interest rate for late payment of tax from 2.5% to 2.0%. The Decree entered
See MoreMalawi: Parliament passes 2019-2020 Budget
On 9 September 2019, the Minister of Finance, Economic Planning and Development has published the Budget for 2019-2020 to the parliament. On 10 October 2019 Parliament has approved the K1.7 trillion 2019/20 national budget. Corporate tax
See MoreNigeria: President presents Budget proposal for 2020
On October 8, 2019, the president, Muhammadu Buhari, presented the draft budget for the year 2020. President Muhammadu Buhari arrives the green chambers of the National Assembly where the joint session of holding to receive the 2020 appropriation
See MoreZambia presents the budget for 2020
On 27 September 2019, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2020: Corporate tax
See MoreNigeria: FIRS introduces e-filing for submitting TP returns
On 27 September 2019, Federal Inland Revenue Service (FIRS) described the way of how to submit transfer pricing (TP) returns through the electronic platform, when it is active. Now, the FIRS is get ready to automate the process of filing TP
See MoreSouth Africa: SARS publishes draft IN18 on rebate and deduction of foreign taxes on income
On 12 September 2019, the South African Revenue Service (SARS) published draft Interpretation Note 18 (Issue 4) (IN18) regarding the rebate and deduction of foreign taxes on income for public comment. This interpretation note describes the scope,
See MoreEgypt: MOF issues draft budget for 2019-2020
On 21 September 2019, Egypt’s Ministry of Finance (MOF) has issued draft budget for 2019-2020 which is scheduled to be discussed during the next parliamentary session. The draft budget includes following tax incentives: The draft budget
See MoreNigeria: FIRS issues Income Tax (CRS) Regulations, 2019
Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Common Reporting Standard (CRS)) Regulations, 2019. The effective date of the regulations is 1 July 2019. This follows Nigeria's signing of the Multilateral Convention on
See MoreSouth Africa: SARS publishes comprehensive guide to dividends tax
The South African Revenue Service (SARS) published a comprehensive guide to dividends tax on 12 September 2019. The objective of this guide is to help users in gaining a more in-depth understanding of dividends tax. This guide is not an ‘official
See MoreSaudi Arabia: GAZT requests for TP documentation
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia have requested the taxpayers to submit specific transfer pricing (TP) documentation (master file and local file) in relation to the fiscal year ending 31 December
See MoreEcuador: NA Approves Mutual Assistance Agreement on Tax matters
On 7 August 2019, Ecuador's National Assembly approved the bill for the ratification of the OECD-Council of Europe Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 protocol. Its objective is to facilitate
See MoreIsrael publishes transfer pricing form for 2019
The tax administration of Israel updated transfer pricing declaration Form-1385, which is a declaration by entities regarding their intercompany transactions with related parties. The tax administration of Israel recently announced that the use
See More