Archive | August, 2018

S.Africa: Far-reaching proposed changes to the taxation of foreign trusts

By ENSafrica The South African Draft Taxation Laws Amendment Bill, 2018 (the “Draft Bill”), which was published by the Minister of Finance on 16 July 2018, introduces many of the tax proposals announced in the 2018 Budget Review earlier this year. Consistent with the general trend of combatting perceived areas of tax avoidance, among the […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

US: Update on current TP cases in the US

Litigation Court Roundup: Updates in Facebook, Eaton and Coca-Cola Tax Cases The IRS, in Facebook Inc.’s latest challenge in the U.S. Tax Court, rejected the social network’s claim that it properly valued intangibles, including Instagram technology, that the company transferred to its Irish unit in 2013. The Internal Revenue Service also denied Facebook’s statement that […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

Place of Effective Management: Indian Perspective

Mukesh Butani (BMR Legal) and Ashrita Prasad Kotha (Jindal Global Law School)/August 22, 2018 India introduced the place of effective management (POEM) in its domestic law in Finance Bill of 2015 but due to lack of preparedness it was deferred to April 1, 2017 and made applicable from assessment year 2017-2018. The statement of intent revealed that the purpose […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

BRICS – GDP and Population compared to the USA

GDP of the USA – US$ 18.57 trillion              Population – 325.7 million   GDP of Brazil – US$ 1.3 trillion                          Population – 207.7 million GDP of Russia – US$ 1.8 trillion                  […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

Zambia seeks USD22-million in tax on internet calls

Zambia seeks USD22-million in tax on internet calls Zambia expects to raise USD22-million annually in new tax on internet phone calls. The cabinet approved a 30 ngwee (0.3 kwacha; USD0.03) daily tariff charged on online phone calls. Transport and Communications Minister Brian Mushimba said that the government considered concerns raised by telecom operators. He added […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

S.Africa: SARS interpretation note 4 (issue 5): resident: definition in relation to a natural person – physical presence test

SARS publications  interpretation note 4 (issue 5): resident: definition in relation to a natural person – physical presence test section 1(1) of the Income Tax Act, 1962 (the “Act”). find a copy of this updated interpretation note here.

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TP cases related to TP online course

Australia 2015 Article 9 Chevron Australia Holdings (Pty) Ltd v CoT [2015] FCA 1092 Australia Appeal 2017 Chevron Australia v Comm of Tax [2017 FCAFC 62] Australia Roche Products Pty Ltd (NT 2005_7 & 56-65) Australia-SNF-Australia-Pty-Ltd-v-Commissioner-of-Taxation-2010-FCA-635-25-June-2010 Canada GE Capital [2010 FCA 344] CanLII – 2010 FCA 344 (CanLII) Canada GE Capital [2010 FCA 344] summary […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

S.Africa: SARS gets aggressive with tax inquiries

Note by Prof. Dr. Daniel N. Erasmus: We have experience in representing clients at these  inquiries. The SARS powers are extensive. It is very difficult to challenge the access by SARS to this type of inquiry once they present prima facie evidence that falls into the provisions of sections 51-58 of the TAA. What is important is […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

Tax updates Aug 7 in the Africa Tax Journal, incl. the latest July 2018 S.Africa PwC tax case synopsis

https://www.pwc.co.za/en/assets/pdf/synopsis/synopsis-july-2018.pdf?utm_medium=email&utm_source=sharpspring&sslid=MzIxMDA2tjA0NDEzAAA&sseid=MzQzMLM0MjGyNAIA&jobid=d183246e-9a44-4062-9d4f-929180993b19 PwC provides a great summary each month of key tax cases in South Africa. This edition deals with these important  judgments: The SARS discretion with trading stock – Tax Court, in Case No. 13626 (judgment delivered on 18 May 2018), the court was asked to consider whether the adoption of IFRS principles was a […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia

TP judgments in Africa – as at 3 August 2018

Here is a list of  the current cases: The first RSA TP case – Crookes Brothers Ltd v Commissioner for the South African Revenue Service [2018] ZAGPHC 311 (judgment delivered 8 May 2018) This is  a summary of the above case – Crookes Bros case synopsis-may-2018 The first Malawi TP case – TP MALAWI JUDICIAL REVIEW Eastern Produce (MW) […]

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Posted in Africa, Courses, FP Carousel, FP News, Nigeria, SADC, South Africa, Transfer Pricing, West Africa, Zambia