Israel extends tax return submission deadline for the 2020 tax year
On 7 April 2021, the tax authority of Israel declared the extended deadline for submitting annual income tax returns in response to the Covid-19 pandemic. The declaration includes that the deadline is extended to 30 June 2021 for submitting annual
See MoreKenya: Tax Appeal Tribunal issues rule on a case of management fees
On 1 April 2021, the Kenyan Tax Appeals Tribunal (TAT) ruled on tax disputes between McKinsey and Company Inc. Africa Limited (McKinsey / the Appellant) and the Kenya Revenue Authority (KRA / the respondent) in relation to withholding tax (WHT) on
See MoreGhana enacts Budget for 2021
On 31 March 2021, Ghana’s 2021 budget statement and economic policy passed by the Parliament and having received presidential assent. There are measures allowing for waiver of tax penalties and interest on accumulated tax arrears up to 31
See MoreTurkey intends increase in CIT rate for the tax year 2021 and 2022
On 2 April 2021, the Turkish Government submitted a Draft Law to the Turkish Parliament. Through the Draft Law, Turkey intends to increase the corporate income tax (CIT) rate for the tax years 2021 and 2022. The proposed tax rate is 25% for 2021
See MoreNigeria: FIRS issues a public notice on tax installment payments
On 29 March 2021, the Federal Inland Revenue Service (FIRS) issued a public notice to the general public, taxpayers and tax practitioners to provide clarification on instalment payments in line with the provisions of the Finance Act, 2019. The
See MoreNigeria: FIRS issues a notice regarding process for making CIT payments
On 29 March 2021, the Federal Inland Revenue Service issued a notice, which clarifies application process of how to remit corporate income tax (CIT) payments in installments. The first installment must be done on or before the due date of
See MoreMorocco declares maximum interest rate 1.63% on shareholder loans
On 18 March 2021, Morocco has published Ministerial Decree 423.21 in the Official Gazette regarding the reduction of maximum interest rate for loans granted by direct shareholders from 2.23% to 1.63% for FY 2021. Interest expense on loans will
See MoreNamibia: MOF publishes the 2021/22 Budget Statement
On 17 March 2021, the Ministry of Finance has published the budget statement for 2021/22 providing the following tax reforms: There were no proposed increases or changes to the main tax brackets.Budgeted expenditure for the 2022 year will be
See MoreQatar: GTA extends tax filing deadlines for 2020
On 24 March 2021, the General Tax Authority (GTA) of Qatar published Circulars No. 1 and 2 of 2021 to extend the deadline for filing tax returns for the 2020 tax year in response to the Covid-19 pandemic. According to Circular 1 of 2021, the new
See MoreOman introduces economic stimulus plan
On 9 March 2021, the government of Oman declared an economic stimulus plan in response to the Covid-19 pandemic. The stimulus plan contains several tax incentives as follows: A 5-year income tax exemption for new businesses having main
See MoreGhana: Budget Announcements for 2021
On 12 March 2021, Mr. Osei Kyei-Mensah-Bonsu, the Finance Minister of Ghana’s Caretaker Govt., presented the 2021 Budget Statement and Economic Policy in the Parliament. Among the revenue provisions in the 2021 budget are the following tax
See MoreZambia introduces CbC Reporting requirements
On 31 December 2020, Zambia has published The Income Tax (Transfer Pricing) (Amendment) Regulations under Statutory Instrument No. 117 of 2020. The Regulations introduce country-by-country (CbC) reporting requirements, which are effective from 1
See MoreQatar introduces new TP documentation requirements
On 16 July 2020, the General Tax Authority (GTA) of Qatar has issued Decision No. 4 of 2020 and made public on 1 March 2021, which confirms the obligation to submit the transfer pricing (TP) disclosure form, master file, and local file applies to
See MoreTurkey further extends CbC report filing deadline
On 22 February 2021, the Turkish Revenue Administration has issued Circular TF-3/2021-1 by which Turkey extends Country-by-Country (CbC) report filing deadline. Previously, Turkey extends CbC report filing deadline to 26 February 2021. The new
See MoreSouth 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
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