Preparation of Transfer Pricing return (ITF12C2). Multi national enterprises and companies with associate transactions are required to file Transfer Pricing returns. Disclosure are also required when taxpayer has transactions with tax havens i.e. low tax jurisdiction...
What is a Non Executive Director (NED)? A non-executive director is a member of a company’s board of directors who is not part of the executive team. A non-executive director typically does not engage in the day-to-day management of the organisation but is involved in...
Rebasing of Capital allowances for Income Tax Purpose. On 31 December 2020, the Minister of Finance issued an amendment to the finance (No.2) Act 10/2020 by insertion of the following: “If, in relation to capital allowances claimed (in any year of assessment before...
Understanding withholding of Value Added Tax? Withholding of Value Added Tax was introduced with effect from 1 January 2017 and some registered operators have since being appointed as VAT Withholding Tax agents. The VAT Withholding Tax agents’ role is to withhold a...
Governed by the Transfer pricing legislation Sect 98A and 98B of the Income Tax Act was introduced on the 1st of January 2014. The law was meant to forestall transactions that do not satisfy the arm’s length principle between associates. What are Arms Length...
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