Category: Africa

Mauritius, first jurisdiction globally to legally protect crypto

The Mauritius International Financial Centre (IFC) claims to be the first jurisdiction globally to offer a regulatory landscape for the custody of digital assets. This is according to communication from the country’s integrated regulator for the non-bank financial services sector and global business, the Financial Services Commission (FSC). The FSC...

Angola’s parliament approves elimination of double taxation with Portugal, China and UAE

The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information. The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the...

End of double taxation between Angola and Portugal approved in Lisbon

The Portuguese Parliament voted in favour of a proposed government resolution approving the agreement to eliminate double taxation with Angola, the Portuguese press reported on Friday. The parliament unanimously approved an agreement between Portugal and Angola on mutual administrative assistance and co-operation in fiscal matters signed in Luanda on 18...

Worldwide: UK Tax Round Up – November 2018

General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill...

Cyprus: Entry Into Force Of The Protocol Amending The Convention On The Avoidance Of Double Taxation Between Cyprus And Mauritius

The Cyprus Tax Department has announced that the procedures for ratification of the protocol dated 23 October 2017 amending the Convention on the Avoidance of Double Taxation between Cyprus and Mauritius have been completed, and the protocol entered into force on 2 May 2018. The protocol replaces text of article...

Nigeria: Public Notice On The FIRS’ Income Tax (Transfer Pricing) Regulation 2018

The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Transfer Pricing) Regulation 2018 (‘the Regulation’). The Regulation took effect from 12th March 2018 and replaces the Income Tax (Transfer Pricing) Regulations, 2012. The Regulation sets out the legal framework for the application of the arm’s length principle to...

Zambia lost $145m through tax evasion, smuggling of ethanol in 2017 – report

ZAMBIA last year lost US$145.5 million through tax evasion by unregistered and registered low-cost spirits producers and smuggling of ethanol and beverages, a report has revealed. And Vice-President Inonge Wina has backed Zambian Breweries’ Youth Mentorship Programme aimed at curbing alcohol abuse among youth and promoting positive and responsible decision-making...

Nigeria seeks IMF’s support on tax collection

The Federal Government is seeking assistance from the International Monetary Fund (IMF) on modalities for improving tax collection, especially from the International Oil Companies (IOCs), Finance Minister Zainab Ahmed, has said. She told reporters on the sidelines of the ongoing 2018 International Monetary Fund (IMF)/World Bank Group Meetings, in Bali,...

Buhari Signs Executive Order 8 on Offshore Money Laundering

President Muhammadu Buhari on Monday in Abuja signed executive order eight, tagged Voluntary Offshore Assets Regularization Scheme (VOARS) to make money laundering and tax evasion difficult. Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement last night, said Executive Order 008, which was...

TAX MATTERS | THE TAXATION OF COMPANIES IN MACAU – WORLDWIDE OR TERRITORIAL BASIS? (CONT.)

Our previous article about the taxable basis for the taxation of companies in the Macau territory made reference to the fact that the courts in Macau, notably the Court of Second Instance (TSI) and the Tax Administration, do not seem to share the same view regarding income considered as the...

PACAC Explains Why FG Turned Spotlight on Multinationals

The Presidential Advisory Committee against Corruption (PACAC) has explained why it is shifting the war against corruption in the country from politically exposed persons to multinationals. According to the Executive Secretary of PACAC, Prof. Bolaji Owasanoye, Africa and indeed Nigeria losses more from Illicit Financial Flows (IFF) perpetrated by multinational...

A Bird’s Eye View on General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) is a regulation in European Law on data protection and privacy for all individuals within the European Union (EU). The EU General Data Protection Regulation (GDPR) superseded the UK Data Protection Act 1998 on May 25, 2018. Significant and wide-reaching in scope, the new...

FIRS Publishes Nigeria’s Revised Transfer Pricing Regulations

Federal Inland Revenue Service has published Nigeria’s revised Transfer Pricing Regulations (NTPR). The NTPR is effective for basis periods commencing after 12 March 2018 and incorporates BEPS outcomes and suggestions from The African Tax Administration Forum. The NTPR includes significant penalties for non-compliance (a) failure to file TP declaration =...

Nigeria Concludes Double Tax Treaties With Ghana, Cameroon

The Federal Government of Nigeria (FGN) concluded the negotiation of Double Taxation Agreements (the DTAs) with the Republic of Ghana and the Republic of Cameroon on 26 July 2018 and 3 August 2018, respectively. While this is a welcomed development, it is expected that efforts will now be directed towards...

Nigeria-Singapore income tax treaty to take effect Jan. 1

A bilateral double taxation agreement between Nigeria and Singapore generally is to take effect Jan. 1, 2019, although in Singapore, provisions regarding income taxes other than withholding taxes are to take effect Jan. 1, 2020. The treaty, also known as a DTA, is to affect how each country’s income tax...

Nigeria’s Tax Law obsolete, overdue for review —Oruaze Dickson

A legal practitioner cum entrepreneur, Moses Oruaze Dickson, has called for the review of the legislative framework for tax and taxation in the country, describing the existing law as obsolete for a progressive society like Nigeria. According to Dickson, who is also Managing Solicitor, Triax Solicitors, the law is long...

Who owns most of offshore companies

ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth...

Liberia signs convention on mutual tax administration

Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including...

Wealthy Kenyans With Billions Hidden in Offshore Accounts Rush to File Returns Ahead of Amnesty Deadline

As June 30th deadline to file returns with Kenya Revenue Authority (KRA) fast closes in, a section of rich Kenyans who have hidden assets overseas are rushing to return the assets to avoid paying taxes. Tax consultants told Business Daily that the wealthy lot is repatriating the cash to avoid...

West Africa Leaks: How Billions are Leaving Africa for Offshores

Multinationals, politicians, corporate moguls, and European consuls all used offshore companies and bank accounts to hide money and avoid taxes in West Africa, according to an investigation by the International Consortium of Investigative Journalists released Tuesday. Senegal is one of the poorest countries in the world, but this didn’t stop...

Ghana Parliamentary Minority raises red flag over Double Taxation Agreements with four countries

The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments...