Africa tax in brief
Parliament approved a draft law on the Extraordinary Regime on Tax and Foreign Exchange Compliance, regulating the repatriation of assets held abroad that have not been declared in Angola in December 2017.
All Angolan national individuals resident in the country and companies that are resident in, or have a head office, effective management or permanent establishment in Angola, will be subject to this regime in terms of which all foreign held assets, as defined, that were not declared to the tax authorities by 31 December 2017, have to be declared and the corresponding amounts repatriated within 180 days from the publication of the law.
For this purpose, “foreign held assets” are defined to include bank deposits, certificates of incorporation, securities, and other financial instruments, such as life insurance policies linked to investment funds and capitalisation operations of "life insurance" exceeding USD100 000.
Those complying with these procedures will be exempt from the payment of any tax and from tax obligations for tax periods ending on 31 December 2017.
ETHIOPIA: Treaty with Singapore enters into force
The Ethiopia - Singapore Income Tax Treaty, 2016 entered into force on 8 December 2017 and generally applies from 1 January 2018 for Singapore and from 8 July 2018 for Ethiopia.
GHANA: African Union Import Levy Bill, 2017 and Tax Amendment Bills presented to parliament
The Minister of Finance presented the African Union Import Levy Bill, 2017 (in terms of which the African Union levy of 0.2% on eligible imports into Ghana is to be imposed) to parliament on 7 November 2017.
In order to give effect to the amendments proposed by the 2018 Budget, which was presented to parliament on 15 November 2017, various tax amendment bills were also presented on 29 and 30 November 2017. In terms of these amendment bills:
The 2018 Budget also proposed:
GHANA: Tax Amnesty Bill, 2017 passed by parliament
The Kenya - United Arab Emirates Income Tax Treaty, 2011 entered into force on 22 February 2017 and generally applies from 1 January 2018.
KENYA: M-Payment system introduced
MOZAMBIQUE: Tax amendments signed into law
MOZAMBIQUE: Transfer Pricing Regulations enter into force
The regulations apply to:
An entity is deemed to be related to another if the entity:
The regulations recognise the comparable uncontrolled price, the resale price method, the cost-plus method, the profit-split method, the transactional net margin method and any other method deemed appropriate based on the circumstances of the transaction.
ZAMBIA: Inclusive framework for implementing measures against Base Erosion and Profit Shifting joined
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