Archive | September, 2015

S.Africa: Urgent interdict to prevent SARS collecting R1bn on pay-now-argue-later principle successful

In terms of the “pay now, argue later” principle, the South African Revenue Service (SARS) is entitled to collect amounts owing by a taxpayer in terms of an assessment. In terms of section 164 of the Tax Administration Act, 2011, a taxpayer may request SARS to suspend the payment of tax. If SARS does not […]

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Posted in Africa, South Africa0 Comments

Tanzania: New VAT Act

Tanzania: New VAT Act The new Tanzanian Value Added Tax Act (“the new Act”), which received Presidential assent on December 11, 2014, came into effect on July 1, 2015. The new Act, which is aimed at broadening the tax base, adopting international best practice and simplifying VAT administration and management, repeals and replaces the Value […]

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Angola Publishes New Investment Law

Introduction A new private investment law, No. 14/15, was published on August 11, 2015 in Angola. The new law, which revokes the former law, No. 20/11 of May 20, came into force on the same day of its publication and introduces a new private investment regime in Angola. It aims to make the procedure for […]

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Online TAX SUMMIT

CLICK THIS LINK TO ACCESS OUR BROADCAST CHANNEL TODAY>>> https://www.taxconnections.com/broadcast  Tuesday, 22 September 2015 (GMT 15:00)  (08:00AM PDT-Los Angeles) (10:00AM CDT-Chicago) (11:00AM EDT-New York) (16:00PM BST-London) (17:00PM CEST–Paris) (18:00PM IDT-Tel Aviv) (23:00PM HKT–Hong Kong) (00:00AM JST–Tokyo) and Tuesday, 22 September (01:00AM AEST–Sydney) STARTING 8:00AM PDT (California Time): Corporate Multinational Tax Departments Today- The Tax Provision […]

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S.Africa: Aggressive SARS Audits

PLEASE NOTE- There are extensive rights that are available to you at the commencement of an audit. They are contained in the Tax Administration Act (TAA), the Constitution and the Promotion of Administrative Justice Act. These issues with an update will be discussed at the 4 hour TAA Update seminar conducted by Dr Daniel N. […]

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Transfer Pricing: In effect hits Coca Cola

NEW YORK — Coca-Cola was notified by the IRS that it owes $3.3 billion more in federal taxes, as well as interest, for 2007 to 2009, the company said Friday. The Atlanta-based company said in a regulatory filing that it believes the assessments from the Internal Revenue Service are without merit and plans to pursue […]

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Nigeria: The New Changes At The FIRS And What Taxpayers Should Expect

With the recent appointment of Mr Babatunde Fowler as the acting Executive Chairman of the Federal Inland Revenue Service (FIRS), his primary mandate is to significantly increase Nigeria’s tax revenue collection which is currently one of the lowest in the world in terms of tax to GDP ratio. In addition, the FIRS leadership is expected to introduce reforms […]

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Posted in Africa, Nigeria, West Africa0 Comments