Tax First Newsletter

Providing you with informed commentary on current developments in the local tax and business arena.

Our monthly analysis and comments on new law and administrative changes assist business executives to identify developments and trends in law and Inland Revenue practice that might impact their business.

Tax First Alert

Launch of a tax incentive programme in encouraging e-filing through ITAS

The Minister of Finance, Hon. Calle Schlettwein has issued a media statement on the 31st of October 2019, regarding the launch of an incentive programme in encouraging efiling through ITAS.

Directive issued on the revised business and copyright registration fees (PD No 1 of 2019)

The Business and Intellectual Property Authority issued a directive on the 12th of November 2019, regarding the revised business and copyright registration fees.

Tax First November issue

Indirect Tax │ To Appeal or Not To Appeal?

VAT is a comprehensive self-assessment tax with Inland Revenue’s role set as the inspector rather than assessor. This compels businesses to understand the requirements of the VAT Act and to maintain diligent administration of their accounting records at all times.

The VAT Act provides the necessary rules businesses (i.e. taxpayers) must follow to ensure that VAT calculations submitted are accurate. In addition to this, the Act also provides the Commissioner of Inland Revenue with guidance he/she can use to make certain decisions. Such decisions may include a taxpayer’s application for voluntary VAT registration, the cancellation of a taxpayer’s VAT registration, the allocation of tax periods, the allowing of input tax claims, value of imports, etc.

Also in this issue:

Income Tax | Disallowance of expenditure

New Legislation Tracker

Business School Calendar

Tax Calendar - November 2019