Africa
Singapore’s tax treaties with Ecuador, San Marino, and Seychelles enter into force
Singapore’s Ministry of Finance on December 18 announced that tax treaties signed by Singapore and Ecuador . . .
Africa
Africa
Developing nations detail their experiences with BEPS, react to OECD work
Tax officials from 11 developing nations described the most common practices MNEs use to shift profits out of their countries, obstacles that prevent their countries from stopping these practices, and their reactions to the OECD/G-20 base erosion profit shifting (BEPS) project, responding to a UN request for . . .
Africa
Cameroon signs Convention on Mutual Administrative Assistance in Tax Matters
Cameroon, on June 25, signed the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 65th signatory. To enter into force, the convention must be ratified by Cameroon. Release
Americas
US IRS gives countries with “in substance” FATCA IGAs more time to sign IGAs, adds more countries to the “in substance” list
The US IRS on December 1 released an advance copy of guidance that provides that countries that have reached FATCA intergovernmental agreements (IGAs) “in substance” that do not sign an IGA by December 31 will continue to be treated as if an IGA was in effect as long as the country displays a “firm resolve” to sign an IGA as soon as possible. The new guidance . . .
Isle of Man
Isle of Man signs TIEA with Swaziland
The Isle of Man has announced that it signed a tax information exchange agreement (TIEA) with the Kingdom of Swaziland on May 16.
The TIEA was signed by Eddie Teare MHK, the Isle of Man’s Treasury Minister, in the Isle of Man, and by Senator Martin G. Dlamini, Swaziland’s Minister for Finance, in Swaziland.
The Isle of Man has signed 42 tax agreements, including 32 TIEAs.
Asia-Pacific
Hong Kong, South Africa tax treaty enters into force
A new tax treaty between Hong Kong and South Africa entered into force on October 20, Hong Kong’s Inland Revenue Department . . .
Africa
South Africa’s SARS provides guidance on tax breaks for headquarters companies
The South African Revenue Service on February 12 released draft guidance interpreting special tax incentives for headquarters companies, designed to encourage MNEs to locate operations in South Africa as a gateway to African investment. The law, effective for tax years after January 1, 2011, provides special tax breaks for qualifying. . .
Africa
Mauritius and Morocco sign tax treaty
Mauritius and Morocco signed a tax treaty on November 25, the Mauritius goverment . . .
Asia-Pacific
UAE says nations still negotiating terms of regional VAT, corporate tax under study
The UAE Ministry of Finance’s (MoF) said August 18 that while Gulf Cooperation Council (GCC) countries have agreed to simultaneously launch a value added tax (VAT), the countries have yet to settle. . .
Africa
Hong Kong gazettes orders on tax treaties with South Africa, UAE, and Japan
Hong Kong on May 15 announced that orders were gazetted to implement tax treaties signed with South Africa and the United Arab Emirates and notes exchanged with Japan regarding interpretation of the 2010 Japan/Hong Kong treaty. The tax treaty with South Africa, signed October 2014, reduce. . .
Africa
The Netherlands’ renegotiated tax treaty with Malawi includes antiabuse provisions
The Netherlands and Malawi have signed a revised tax treaty that includes antiabuse provisions preventing the benefits of the treaty from being used solely to avoid tax, The Netherlands government said on April 23. Dutch Minister for Foreign Trade and Development Cooperation Lilianne Ploumen said that the antiabuse provisions, which relate to taxes on dividends, interest and royalties . . .
Africa
G20 finance ministers endorse plan for multilateral instrument to implement BEPS
G20 finance ministers have agreed to a plan to create a multilateral instrument to implement tax treaty-related measures under OECD/G20 the base erosion and profit shifting (BEPS) plan, the ministers said in a communique following their February 9-10 meeting in Istanbul . . .
Africa
Nigeria imposes new requirements on nonresident companies that file on a deemed basis, EY reports
Nigeria’s Federal Inland Revenue Service (FRIS) has notified nonresident companies that they must include audited financial statements and tax computations of actual profits . . .
Mauritius
Mauritius negotiating tax treaty with North Sudan
The Mauritius Revenue Authority on October 13 updated its website to indicate . . .
Africa
Mauritius signs multilateral tax convention
Mauritius on June 23 signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the OECD has announced. The country is the 87th signatory to the . . .
Africa
Seychelles releases draft transfer pricing guidance
The Seychelles Revenue Commission has released draft transfer pricing guidance, Public Ruling 2015-3, on the application of arms length principle. The guidance, which . . .
Africa
Mauritius releases FATCA guidance
The Mauritius Revenue Authority on March 19 released on guidance notes for implementing FATCA. See, Guidance Notes.
Africa
OECD holds BEPS meetings with Latin American/Caribbean, Francophone nations
The OECD on March 2 reported on the outcome of regional meetings held with Latin American and Caribbean nations and with Francophone nations designed to incorporate the views of non-OECD nations into OECD base erosion and profit shifting (BEPS) project output.The OECD said that tax officials from 14 Latin America and Caribbean nations gathered at a February 26-27 meeting in Lima, Peru, along with representatives . . .
Africa
The Seychelles commits to automatically exchange tax information
The Seychelles has committed to automatically exchanging tax information, according to an August 28 joint press release issued by HM Treasury and David Gauke MP. Release
Africa
Switzerland and Ghana sign tax treaty protocol
Switzerland and Ghana, on May 22, signed a protocol amending their agreement for the avoidance of double taxation with respect to taxes on income, capital and capital gains. Press Release
Africa
UK announces plans to begin tax treaty negotiations with several nations
In a paper released November 13, the UK’s HMRC has announced that it will begin tax treaty negotiations with Nepal, Romania, Trinidad, Tobago . . .
Africa
South Africa-Mauritius tax treaty enters into force
The South African goverment has announced that a new tax treaty with Mauritius was gazetted on June 17 and thus entered into force on May 28. The treaty, signed May 17, 2013, replaces. . .
Africa
Malta and Mauritius sign double tax treaty, text available.
The governments of Malta and Mauritius on October 15 signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. See, treaty.
Africa
Singapore and Rwanda sign tax treaty, text available
Singapore and Rwanda, on August 26, signed an agreement for the avoidance of double taxation. The agreement provides for a withholding tax rate of 7.5 percent on dividends and 10 percent on interest (zero in the case of a governmental institution), royalties, and professional fees. It also provides for the exchange of information for tax purposes. The agreement will enter into force after its ratification by both countries. Release, Singapore-Rwanda treaty
Africa
Gabon signs Convention on Mutual Administrative Assistance in Tax Matters
Gabon, on July 3, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.. Gabon is the 66th nation to sign the convention. Release.
Africa
US and Algeria sign FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Algeria and the US signed a Model 1 intergovernmental . . .
Africa
South Africa publishes guide to implement FATCA
The South African Government, on December 17, released on its website a draft guide for financial institutions. The guide deals with issues arising from an intergovernmental agreement signed by South Africa and United States under FATCA. See, Guide.
Africa
Mauritius agrees to exchange financial information with India and to enhance substance of registering businesses
Mauritius Prime Minister, Dr Navin Ramgoolam and newly appointed Indian Prime Minister, Shri Narendra Modi, on May 28, announced . . .
Africa
South Africa proposal permits tax-free cross-border share-for-share deals, limits use of participation exemption-
The South Africa National Treasury announced in a June 5 media statement that the government intends to introduce draft legislation providing that issuance of shares by a South African resident company as consideration . . .
Africa
TJN Africa’s challenge to “loophole-ridden” Kenya-Mauritius tax agreement to be heard in Kenya High Court
A legal challenge to the Kenya-Mauritius Double Taxation Agreement, brought by Tax Justice Network Africa (TJN-A) in the High Court of Kenya at Nairobi, is getting closer to resolution, as a hearing date for the matter will be set on December 9. The lawsuit, filed October 3, 2014, is the first of its kind in Africa and . . .
Africa
Ethiopia
Africa
South Africa report considers how to react to OECD/G20 BEPS work
South Africa’s minister of finance on December 23 released for public comment a draft report that provides a detailed analysis of how South Africa should react to OECD/G-20 base erosion and profit shifting (BEPS) plan output . . .
Africa
Singapore and Seychelles sign double tax agreement, full text available
Government representatives of Singapore and Seychelles, on July 9, signed an Agreement for the Avoidance of Double Taxation in New York. Under the agreement, the withholding tax on dividends is reduced to 12 percent and the withholding tax on royalties is reduced to eight percent. The agreement also provides for the exchange of tax information. Agreement, Press release.
Africa
Africa
Switzerland’s TIEAs with Andorra, Greenland, San Marino, Seychelles enter into force
Tax information exchange agreements (TIEAs) between Switzerland and Andorra, Greenland, San Marino, and the Seychelles have been ratified and came into force in July and August, Switzerland’s Federal Department of Finance announced on September 9. All the . . .
Africa
Fifty-one countries sign agreement for automatic exchange of information under global standard
Tax authorities from 51 jurisdictions have signed a multilateral competent authority agreement, laying the groundwork for automatic exchange of financial account information under the OECD/G-20 Common Reporting Standard beginning 2017 . . .
Africa
US and Angola sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Angola and the US signed a Model 1 intergovernmental agreement (IGA) as . . .
Africa
