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Middle East & Africa
Transfer Pricing
Resolution Law Firm
Foreign companies are also known as non-resident entities, they can earn incomes in Nigeria through two ways, which shall be briefly discussed below.
PwC Nigeria
On 24 August 2020, the Central Bank of Nigeria issued a notice directing authorised dealers against issuing Form Ms for imports, where payments are not made directly to the ultimate supplier.
Andersen Tax LP
Following the drop in global crude oil prices and the economic shutdown caused by the COVID-19 pandemic, economies across the globe have been significantly impacted, ...
The Finance Act which came into force on 13th January 2020, introduced the concept of "significant economic presence" ("SEP") as a new basis for the taxation of digital and online...
Andersen Tax LP
With the growing digitalization of businesses, it is becoming increasingly evident that the existing international rules that allocate taxing rights among countries are largely ineffective.
Sefton Fross
On 19 February 2020, the Nigerian Tax Appeal Tribunal (the "Tribunal"), sitting in Lagos delivered its first ever judgement on a transfer pricing (TP) dispute under Nigeria's Income Tax...
Andersen Tax LP
On 19 February 2020, the Tax Appeal Tribunal ("TAT" or "the Tribunal"), Lagos, Nigeria ruled on its first Transfer Pricing (TP) case. The parties involved in the case were...
Andersen Tax LP
From an economic perspective, the COVID-19 global economic crisis has been viewed by many as the worst since World War II.
Andersen Tax LP
The much awaited maiden Transfer Pricing (TP) Judgment in Nigeria finally arrived with a big bang!
The Finance Act 2019 introduces several changes to Nigerian tax laws. Some key changes introduced by the Finance Act are identified below:...
LeLaw Barristers & Solicitors
The Federal Government recorded a notable achievement on January 13th 2020 when President Buhari signed the Finance Act No. 1 of 2020 into law.
PwC Nigeria
On 17 March 2020, the Federal Inland Revenue Service (FIRS) organized a stakeholder's event for the official launch of its electronic filing solution for Transfer Pricing (TP) called E-TP PLAT 2.0.
Saudi Arabia
Nexdigm Private Limited
General Authority of Zakat and Tax (GAZT) in the Kingdom of Saudi Arabia (KSA) released final Transfer Pricing Bylaws (TP Bylaws)
South Africa
Double taxation is the spectre that stalks the battlefield of transfer pricing disputes which cannot be satisfactorily resolved.
The Minister of Finance has proposed two amendments to the regulations which govern transfer pricing transactions between related entities as well as to the documentation requirements as outlined in ...
Earlier this year, Glencore Investments Ltd (the head of the Australian "consolidated tax group") successfully defended an AUD92.7-million (about ZAR1.15-billion) transfer pricing tax bill in the...
The Coronavirus (COVID-19) crisis and its devastating effects on societies and economies across the globe has made 2020 a year of extra-ordinary circumstances.
In South Africa, interest is deductible under the Income Tax Act, 1962 whether or not the interest is capital in nature, provided the interest is incurred "in the production of income" and as part of a "trade".
Below, please find issue 49 of ENSafrica's tax in brief, a snapshot of the latest tax developments in South Africa.
If not considered to be carrying on a trade, could the foreign exchange gains and losses on foreign debt instruments be considered to be interest?
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