African Countries Making Headway In Tackling Tax Evasion
According to Tax Transparency in Africa 2020 report, Africa needs to better combat illicit financial flows and be more lucid in tax matters. ... - Continue reading
Category: Africa
Govt Terminates Tax Treaty With Mauritius
Double Tax Treaty with Mauritius terminated. ... - Continue reading
Angola, UAE ratify tax agreement to remove trade barriers
LUANDA, June 16 (Xinhua) — Angola and the United Arab Emirates (UAE) have ratified a Convention to Avoid Double Taxation and Tax Evasion, director of the press office of the Angolan General Tax Administration said on Tuesday. Braulio Assis said the tax agreement aims to ensure a greater flow of… – Continue reading
Nigeria: Nigerian Government Issues Amendments To Order On Voluntary Offshore Assets Regularisation Scheme (VOARS)
Nigeria issues an amendment order for the Voluntary Offshore Assets Regularisation Scheme (VOARS). ... - Continue reading
Spotlight on Mauritius tax treaty in Tiger Global ruling
Tiger Global in a difficult court case as it finds itself deprived of tax relief by the Authority of Advance Ruling (AAR). ... - Continue reading
Nigeria: FIRS Extends Deadline For Filing Information Returns Under The AEOI-CRS
The Tax Authority o Nigeria has extended the deadline for CRS and AEOI 2019 reporting. ... - Continue reading
HMRC wins tax treaty case against S. African diver
And a win for the UK tax authority - the HMRC. ... - Continue reading
Senegal tears up its double tax treaty with Mauritius
Senegal cancels double taxation agreement with Mauritius. ... - Continue reading
Expert urges Kenya to reconsider imposing tax on digital platforms
Bitange Ndemo, a former principal secretary in the ministry of ICT warns against the taxation of non-domiciled digital companies and advises the government to review its decision. ... - Continue reading
Turkey: The treaty on avoiding double taxation of income taxes and tax evasion and its additional protocol between Republic of Turkey and Republic of Cote D’ivoire has been approved by the President of Turkey
Double tax treaty between Turkey and Ivory Coast has been approved by the presidential decree numbered 2470. ... - Continue reading
Explainer: South Africa’s ‘expat tax’ – your questions answered
Clarifications on tax-related issues for South Africans living and working abroad. ... - Continue reading
Nigeria: Tax Appeal Tribunal Holds That Tax Exemptions Will Not Be Granted Unless All Conditions Precedent For Its Grant Are Fulfilled
Light on the court case dated 23rd December 2019. ... - Continue reading
Seychelles to reform tax rates after OECD report
Seychelles set to implement new tax laws in order to improve its tax system after recommendations from the OECD. ... - Continue reading
Nigeria’s Tax Appeal Tribunal decides Prime Plastichem transfer pricing case
A first transfer pricing case in Nigeria offers a glimpse of the treatment of the latter. ... - Continue reading
India: DENIAL OF TAX TREATY BENEFITS- ARE GRANDFATHERED INVESTMENTS FAIR GAME?
A recent ruling by the Authority for Advance Rulings (AAR) in the case of Bidvest has stirred the proverbial hornets' nest when it comes to the issue of treaty protection, and has reignited the debate of substance over form when it comes to availing the benefits of a tax treaty. ... - Continue reading
Worldwide: Cayman Islands Added To EU Blacklist
On February 18, 2020, EU finance ministers updated the EU Blacklist, adding four jurisdictions—the Cayman Islands, Palau, Panama and Seychelles. ... - Continue reading
India’s Authority for Advance Rulings denies tax exemption under India-Mauritius treaty
Clarifications on the India-Mauritius tax treaty. ... - Continue reading
Egypt court sentences fugitive contractor to 3 years over tax evasion
An Egyptian court for tax evasion sentenced on Saturday a fugitive Egyptian contractor to three years in jail over tax evasion charges, Egypt’s state-run MENA news agency reported. Mohamed Ali, a businessman and an actor, said in online videos last year that he fled to Spain after working with the… – Continue reading
Nigeria: How Nigeria’s Common Reporting Standard Regulations Will Affect Banks, Insurance Companies, Asset Managers, And Other Financial Institutions
Details about the Common Reporting Standard in Nigeria ... - Continue reading
Singapore, Tunisia tax treaty enters into force
Singapore and Tunisia join forces in favour of tax reform. ... - Continue reading
Nigeria: 15 Insights On Transfer Pricing In Nigeria
Clarifications on the role of transfer pricing in Nigeria ... - Continue reading
How major tech companies exploit tax laws: A focus on Ghana and Nigeria
When World Trade Organisation (WTO) officials designed the territorial taxing rights back in the 1920s, not many people imagined that a century later; these guidelines would still underpin the international tax system. Today, highly digitalised companies such as Facebook and Google are able to operate internationally from their tax havens,… – Continue reading
Nigeria: FIRS Issues Information Circular On The Claim Of Tax Treaty Benefits In Nigeria
The FIRS has issued a public notice on the claim of treaty benefits in Nigeria. ... - Continue reading
Kenya signs landmark agreement to strengthen its tax treaties
The ongoing national efforts to strengthen the country’s bilateral tax treaties have received a boost with the signing of a multilateral convention to end tax avoidance in France. ... - Continue reading
African authorities strive to reduce tax leakages
African tax bodies will mark the 10th anniversary of their umbrella organization, the African Tax Administration Forum (ATAF), in their efforts to reduce tax leakages. A total of 38 African countries are members of the ATAF, making the organization Africa’s largest body that collectively deals with global tax issues affecting… – Continue reading
BEPS MLI to enter to force for Mauritius
Mauritius on October 18 deposited its instrument of ratification or acceptance of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ... - Continue reading
Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective
In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading
Nigeria: FIRS To Deploy E-Filing Platform For Transfer Pricing Related Returns
In 2017, the Federal Inland Revenue Service (FIRS) announced the introduction of six (6) new electronic services. ... - Continue reading
Nigeria: Key Considerations On Employment And Remuneration Of Expatriates In Nigeria
The natural resources and the economic opportunities in Nigeria continue to attract foreign direct investments (FDI) by investors across the world. ... - Continue reading
Imminent Changes To US Immigration Program
There has been a lot of recent media attention surrounding the EB-5 Investment Visa Program, and for good reason. South African residents are not able to emigrate for exchange control purposes (sometimes referred to as a financial emigration) unless they have a lawful right of abode in the country to… – Continue reading
East Africa bloc mulls regional tax treaty framework to boost integration
NAIROBI, Oct. 1 (Xinhua) — The East Africa Community (EAC) bloc plans to develop a regional tax treaty framework to boost regional integration, an official said on Tuesday. Doris Akol, commissioner general, Uganda Revenue Authority told Xinhua in Nairobi that once the treaty is in place the trading bloc will… – Continue reading
Africa needs disruptive tax policy to tax digital businesses
Panelists of the 7th Pan African Conference on tax and Illicit financial flows, stress that Africa needs disruptive tax policies that respond to the positively disruptive digital businesses such as uber. ... - Continue reading
Uganda: Don’t Make Up Losses To Avoid Tax
Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading
Nigeria: The FIRS Has Published Regulations On Common Reporting Standard
The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations). This follows Nigeria's signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August 2017. ... - Continue reading
South Africa: Offshore Trusts: The Basic Considerations And Recent Amendments.
The world of offshore trusts is now more dynamic than ever. ... - Continue reading
Nigeria: Regulatory Authorities’ Approvals And The Application Of Arm’s Length Principle In Nigeria: The Need For Coherence
One of the key objectives of the Income Tax (Transfer Pricing) Regulations, 2018 (NTPR) as captured in regulation 2(e) is to provide taxable persons with certainty of transfer pricing treatment in Nigeria. ... - Continue reading
Nigeria: OECD Declares Mauritius Partial Tax Exemption Regime As Not Harmful
On 19 July 2019, the Organisation for Economic Cooperation and Development (OECD) released its report on harmful tax practices across various jurisdictions. ... - Continue reading
Mauritius: Mauritius Regulatory Update
This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius. ... - Continue reading
Namibia joins international taxation initiative
This was revealed by the Organisation for Economic Cooperation and Development (OECD) last Friday in an announcement made on its website. ... - Continue reading
FIC denies ignoring SME Bank looting
THE director of the Financial Intelligence Centre, Leonie Dunn, says the centre did not turn a blind eye to the disappearance of around N$350 million from the now-defunct SME Bank. ... - Continue reading
CIAT database reflects progress made by 15 countries implementing BEPS recommendations
CIAT’s BEPS Monitoring Database has been updated to reflect advancements made by Angola, Argentina, Bermuda, Brazil, Chile, Colombia, Costa Rica, Honduras, India, Jamaica, Mexico, Panama, Paraguay, Spain, and Uruguay. ... - Continue reading
Mauritius leaks latest reminder of how much we lose to tax havens
Mauritius leaks latest reminder of how much we lose to tax havensA report by Canadians for Tax Fairness Bay Street and Tax Havens revealed how over 90% of Canada’s largest corporations have subsidiaries in tax havens. Ottawa (06 Aug. 2019) — Last month Canadians for Tax Fairness reported that, while… – Continue reading
Tanzanian freelance journalist in court over money laundering, tax evasion
DAR ES SALAAM, Aug. 5 (Xinhua) — Tanzanian freelance journalist Eric Kabendera on Monday appeared in court charged with money laundering, tax evasion and leading organized crime. The state prosecution told the Kisutu Resident Magistrate’s Court in the commercial capital Dar es Salaam that on diverse dates between January 2015… – Continue reading
South Africa: International Tax: Proposed Amendments
The latest proposed amendments will see, inter alia, some relief for taxpayers in relation to the Controlled Foreign Company ("CFC") rules and the scope of an "Affected Transaction" as defined in section 31 of the Income Tax Act 58 of 1962 ("the Act") to be extended. ... - Continue reading
Mauritius leaks: Big firms leveraging legal loopholes to save taxes can cost developing countries $100 bn every year
Proposals made by Nirmala Sitharaman at G20 Summit could alter the stasis between large corporations and tax havens. ... - Continue reading
Eswatini becomes the 132nd country to join the “Inclusive Framework on BEPS”
The OECD on July 26 announced the that southern Africa nation of Eswatini has joined the inclusive framework on BEPS. ... - Continue reading
Kenya, Botswana inks 3 pacts to shore up bilateral ties
NAIROBI, July 23 (Xinhua) — Kenya and Botswana on Tuesday signed three key agreements to help deepen bilateral ties between the two African countries. The agreements, which cover bilateral trade, air transport and ICT, were signed at the end of talks held between visiting Botswana president Mokgweetsi Masisi and his… – Continue reading
Journalists publish details of 200+ companies using offshore law firm, conclude Mauritius promotes tax avoidance
Data on more than 200 companies that engaged the Mauritius office of Conyers Dill & Pearman were published on the internet today by the International Consortium of Investigative Journalists (ICIJ) as a result of leak of confidential information. ... - Continue reading
