06 Sep Amendments in African taxes
Here are the following reforms of tax implemented in Africa. The tax in Africa has undergone drastic changes. It has summarised as follows:
On 27th July of 2017, Botswana and France amended the protocol in regards to the Botswana / France income tax treaty of 1999 in the city of Gaborone.
The Cameroonianfinance minister has announced on 14th June 2017 onwards there will be the availability of online refund application of VAT for large enterprises. The online refund for VAT will also apply to the medium enterprises from October 1st,2017 onwards.
The tax appellate tribunal has ruled that the bank charges related to the NOSTRO account will not be taken in the calculation of withholding tax.as the bank charges are neither interest nor an accrued income.
On 24thJuly 2017, the Ministry of Finance and Development Planning has issued a list of sectors that qualify for tax incentives. Companiesliketourism, manufacturing, energy, etc. are exempted from service tax and import duties.
The Minister of Finance has proposed the following changes in the Parliament:
- Raising the individual income tax limit and annual credit limit.
- To enhance trade and business the business licensing bill and others were present.
On 30th June 2017, a host of regulations regarding tax was published in the official gazette. The main focus was on the taxing regulations.
Interest on unpaid taxes is 19%.The Federal court of Nigeria has ruled that the Tax Appeal Tribunal has jurisdiction in the matters of tax disputes.
The Minister of Finance has drafted the financial bill and prepared the draft budget for the year 2017-2018.
The Ministry has passed various amendments on the Finance Bill passed earlier this year.
The High Court has ruled that the Tax Tribunal holds the original jurisdiction on the tax disputes.
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