In addition to the submission of a general transfer pricing disclosure form, Taxable Persons need to maintain a ‘master file’ and a ‘local file’ if their Revenue in the relev... More Details

Taxable Persons may be subject to certain transfer pricing disclosure requirements in case of entering into transactions or arrangements with Related Parties, which may allow the F... More Details

Where two parties are closely linked, their relationship may influence any transactions between them. There are rules in place to ensure that these closely linked parties (known as... More Details

It is common for costs to be incurred to entertain customers, shareholders, suppliers, or other business partners. However, this type of entertainment often contains a private elem... More Details

 Businesses regularly borrow money and take out loans for a wide variety of reasons, for example to purchase business assets, to meet costs, or increase working capital. As a ... More Details

General deductibility rulesAccounting Income is calculated by deducting a business’s expenditure from the Revenue generated in the same period. However, not all expenditure recogni... More Details

Other income and gains may also be exempt if they are derived from a Participating Interest. This applies to holdings in both Resident and Non-Resident Participations. The requirem... More Details

Dividends and other profit distributions received from foreign juridical persons are exempt from Corporate Tax if the recipient has a Participating Interest in the foreig... More Details

Several exemptions are provided for within the Corporate Tax regime.135 The purpose of these exemptions is to either:•exempt income and capital gains arising from the activity of a... More Details

For the purpose of calculating their Taxable Income, businesses who prepare their Financial Statements using the Accrual Basis of Accounting may elect to take into account gains an... More Details

It is common for assets or liabilities held by a Business to change in value for accounting purposes even where no actual transactions have taken place. For example, assets on the ... More Details

All tax laws define what is subject to tax, known as the tax base. For Corporate Tax purposes, the tax base is a Taxable Person’s Taxable Income. The Taxable income is determined a... More Details