In this issue: Employees' Capital Pension Schemes (ECPS) soon to be universal. Revised bill has been referred by Ministry of Finance for public consulation and…
- Group rulings on tax law.
The Ministry has provided a rationale behind changes to the sections of the Tax Ordinance Act related to issuing individual tax rulings. The amendments are to counter the abuse of tax rulings perpetrated by taxpayers operating within a group of related entities that employ aggressive tax planning strategies.
- General Ruling on the Preparation of Tax Documentation by foreign Permanent Establishments.
3 April 2018 saw the publication of a general ruling on transfer pricing dated 26 March 2018. The publication marked one of the latest steps in a series of rulings pertaining to regulations effective as of 1 January 2017.
- The Minister of Finance’s General Ruling on Updating Tax Documentation.
On 3 April 2018 the Minister of Finance published a general ruling dated 28 March 2018 on the obligation of preparing, reviewing and updating tax documentation. In particular, the ruling applies to financial transactions such as loans, credits, the issuance of bonds, guarantees, and sureties.
- Exempting lessees from the obligation of restoring the lease subject to its original condition and the issue of VAT.
On 14 March 2018, in the wake of the actions we had undertaken for our clients, we managed to obtain two favourable individual VAT rulings.