Tax updates 2021
Finance Act no. 18 of 2021
The Finance Act no. 18 of 2021 (“Act”) was certified by the Honorable Speaker on 15 September 2021.
This Act provides for the tax amnesty framework in relation to the voluntary disclosure of undisclosed taxable supplies, income, and assets by individuals and entities. In addition, provision has been made for write-off of tax arrears.
Transfer Pricing regulations under the Inland Revenue Act No. 24 of 2017
Transfer Pricing (TP) regulations under extraordinary gazette no. 2217/7 (“Regulations”), have been issued under Section 194 of the Inland Revenue Act no.24 of 2017 as amended (“IRA”), replacing the extraordinary gazette notification no.2104/04 issued previously under Inland Revenue Act no.24 of 2017. The Regulations will be effective from 1 April 2020.