Presidential Decree numbered 1965 was published on the Official Gazette dated 31.12.2019, which is related to the approval of the “Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information” signed in Paris on 21.04.2017 (hereinafter referred to as “Agreement”). The Agreement will enter into force following the completion of the domestic legal processes pursuant to Article 7 of the Agreement.

Read more: Presidential Decree on Automatic Exchange of Financial Account Information Published in Turkey

The federal government of Nigeria recently amended sections of the Nigerian tax laws. One amendment is the increase of VAT rate from 5% to 7.5%. Stransact Partners and Stransact Audit have published a newsletter on the wholistic implications of the amendments introduced by the gazette Finance Act 2019.

Read the entire newsletter.

The current 12 month soft landing period for digital links will end for VAT accounting periods starting on or after the 1 April 2020. Businesses that benefitted from the deferred start date for MTD (VAT periods beginning 1 October 2019) have a further six months of the soft landing period until their first VAT period beginning after 1 October 2020.

Read more: Making Tax Digital (MTD) – End of ‘Soft Landing Period’ for Digital Links

Author: Scott T. Ditman, CPA/PFS

The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act has radically changed estate planning for retirement plan benefits. Here is a summary of the key provisions of the Act, which took effect on January 1, 2020, that may impact retirement account owners and beneficiaries.

Read more: Secure Act Delivers Sweeping Retirement Reform

Over the years the UK has continued to drive towards a more competitive Corporate Tax (CT) regime. This has been achieved by various means, including lowering the headline rate to 17% from April 2020, which will be amongst the lowest rates of the G20 countries. Compare this to a rate of 28% from a decade ago, it is encouraging for foreign investors! In addition, the UK has generous tax incentives to encourage UK innovation in the form of Research & Development and Patent Box Relief. There have also been changes in the legislation designed to encourage utilising the UK as a “Holding Company” location, including some relaxations to the Substantial Shareholdings Exemption (SSE) legislation which in many cases now makes it easier for UK Holding companies to obtain CT relief when selling subsidiaries, and other investments.

Read more: Tax Challenges (and Opportunities!) for UK Corporates