Global Expansion Updates - October 2017

We are pleased to present the October issue of SKP Global Updates - our newsletter that covers employment, payroll, Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate tax related developments globally.

The key highlights of this issue include Nigerian Income Declaration Scheme, British Columbia budget updates 2017, key highlights of the Dubai VAT law, and reduced VAT rates in Switzerland.

Africa

Nigeria

Voluntary Assets and Income Declaration Scheme (VAIDS)

Implementation of VAIDS has commenced from 1 July 2017 and will continue through until 31 March 2018. The scheme is designed to encourage voluntary disclosure of previously undisclosed assets/income and paying for the outstanding tax liabilities. The interest and penalties shall be waived off for taxpayers participating in the scheme and making an honest declaration of previously undisclosed income and assets, and will be immune from prosecution and exempted from tax audits for the periods covered. For more information, click here.

Kenya

Income Tax treaty between India and Kenya

The Income Tax Treaty (2016) between India and Kenya entered into force from 1 January 2018 for withholding tax matters and retrospectively from1 January 2017 for other tax matters in Kenya. In India, it shall be applicable from 1 April 2018. From these dates, the new treaty generally replaces the India-Kenya Income Tax Treaty (1985).

South Africa

Proposed repeal of foreign employment income tax exemption

South Africa's National Treasury has suggested certain changes to its original proposal to repeal the foreign employment income tax exemption for resident individuals. It would prevent the exemption from being repealed in its entirety and defer the change until 1 March 2020.

Zambia

Highlights of the draft Budget 2018

The Zambian Ministry of Finance presented the draft Budget for the...