Dentons EALC East African Law Chambers’ Post

Wondering how the Tanzanian Finance Act,2024 might impact your operations? Check out our overview of the amendments to existing tax laws. #Tanzania #FinanceAct

It is an honor for me because on May 17, 2024, I received the latest book published by DDTC titled "Konsep Dasar Pajak: Berdasarkan Perspektif Internasional". That book is the 24th book published by DDTC, which discusses concepts related to the definition of taxes, tax history and rebellion, law, morality, and tax learning. There are also about principles, functions, tax classification, imposition, calculation, determination, tax installments, concept of income tax, international aspects of income tax, taxation concepts for corporations and individuals as shareholders, and the concept of value-added tax. News: https://lnkd.in/gcviMk35

🧐 Did you know? The Inland Revenue Department (IRD) plays a crucial role in managing a nation's tax system. Here’s why it’s important: 1. Tax Collection: Ensures government has funds for public services. 💰 2. Compliance: Monitors and enforces tax laws to maintain fairness. 📜 3. Advisory Services: Provides guidance to taxpayers for accurate filings. 📊 4. Economic Data: Collects and analyzes tax data to inform policy decisions. 📈 The IRD helps ensure a fair and efficient tax system, supporting public infrastructure and services. Have questions about the IRD? Drop them below! 👇 #IRD #taxsystem #publicservices #inlandrevenue #taxcompliance #publicfinance #governmentservices #EconomicPolicy #mochi #RMS #possystem

There is absolutely no doubt that section 7E represents capital value tax on immovable property and not tax on any income derived from it. There is no nexus of “an amount equal to five percent of the FMV of “capital assets” [read immovable property] with the expression “income” as used in Entry 47, Part I of FFL, Fourth Schedule to the Constitution even in its widest possible scope/import. Such a tax cannot even be imposed by the Parliament (Majlis-e-Shoora) under Entry 50, Part I of the FLL read with Article 77 and 142(a) of the Constitution after the 18th Amendment. https://lnkd.in/dQbGgWJ6

See below for the draft legislation released by the Department of Finance to implement the undertaxed profits rule (UTPR), an important component of Canada's global minimum tax regime under Pillar Two.

Failing to file or filing your tax returns late will lead to penalties as provided by Section 83 of the Tax Procedures Act. It is important to note that following the Finance Act, 2023, neither the Commissioner nor the Cabinet Secretary of the National Treasury can waive penalties and interest. #TaxmattersKE #BusinessAdvisory #KenyanTax

Last week the Senate passed legislation amending Australia's interest limitation (thin capitalisation) rules. For those interested in the development of the reform and the turbulent progress of the amendments through Parliament, see attached paper I prepared for this year's Tax Institute Financial Services conference. Hopefully of value for current and future tax practitioners.

A Decision has been published by the FTA on the topic of the FTA's policy in respect of issuing clarifications and directives.  This Decision prescribes the mechanisms and conditions for issuing the FTA's private and public clarifications, guides, e-learnings, administrative exceptions, input tax apportionment decisions, and Advance Pricing Agreements. These prescribed mechanisms cover both taxpayers and the FTA - for instance, the Decision outlines circumstances when the FTA should consult the Ministry of Finance to clarify tax policies. Overall, the Decision offers further guidance to taxpayers on the processes and expectations when interacting with the FTA. #TaxPolicy #FTA #TaxUpdates #decision #TaxRegulations #Dhruva Dhruva Consultants

The TaxProf: Avi-Yonah Posts Seven Tax Papers On SSRN: Reuven S. Avi-Yonah (Michigan; Google Scholar) has posted seven tax papers on SSRN: Can Investment Treaties Defeat Pillar 2?, 114 Tax Notes Int'l 877 (May 6, 2024): This paper casts doubt on whether bilateral investment treaties offer investors a viable shield from pillar 2’s qualified domestic minimum top-up tax. In... http://dlvr.it/T9mlqZ @SoCalTaxProf #Tax #Policy #Law

Unravel the mysteries of taxation with our March 2024 newsletter! Dive into summaries of nine ARC decisions and gain insights into evolving tax laws in Mauritius. Take note of the Proclamation of the Financial Crimes Commission Act 2023. Plus, don't miss out on our lineup of dynamic tax training sessions for 2024! Stay informed, stay ahead. #Ahmed Bhurtun#TaxationUpdates#Taxation#Updates Read more: