In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both an opening...
Calculating Taxable Income is a two-step process:The Taxable Person must first determine their Accounting Income. This will be based on Financial Stat...
Where a Taxable Person’s deductible expenditure exceeds its income that is subject to Corporate Tax, it will have negative Taxable Income. This is kno...
In addition to the submission of a general transfer pricing disclosure form, Taxable Persons need to maintain a ‘master file’ and a ‘local file’...
Taxable Persons may be subject to certain transfer pricing disclosure requirements in case of entering into transactions or arrangements with Related...
Where two parties are closely linked, their relationship may influence any transactions between them. There are rules in place to ensure that these cl...
It is common for costs to be incurred to entertain customers, shareholders, suppliers, or other business partners. However, this type of entertainment...
Businesses regularly borrow money and take out loans for a wide variety of reasons, for example to purchase business assets, to meet costs, or i...
General deductibility rulesAccounting Income is calculated by deducting a business’s expenditure from the Revenue generated in the same period. Howeve...
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-Residen...
Dividends and other profit distributions received from foreign juridical persons are exempt from Corporate Tax if the recipient has a Partic...
Several exemptions are provided for within the Corporate Tax regime.135 The purpose of these exemptions is to either:•exempt income and capital gains...
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