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Many tax teams spend the bulk of their time dealing with tax data — finding it, correcting it, reconciling it and formatting it for tax reporting and other compliance needs. But processes like these are under rising pressure as tax authorities demand more tax data, in greater detail, and ever closer to real time.

Now, advancing technologies offer tax teams opportunities take a powerful new approach to their tax data. With compliance by design, organizations can ensure their systems and data management solutions deliver tax data that’s right the first time.

On Friday, May 28, 2021 the caretaker government announced that the changes to the corporate income tax loss set-off can take effect as of January 1, 2022. It was also announced that the Job related Investment Allowance (Baangerelateerde Investeringskorting; BIK) will be withdrawn.

The extension of the relief package means, among other things, that the NOW and the TVL will also be available to businesses in the third quarter of 2021.

The aim of this newsletter is to give you an easy-to-read overview of the latest tax updates in Africa. This month’s newsletter includes the latest on transfer pricing in Africa. Transfer pricing in developing countries remains a key focus area of the UN Tax Committee and the African Tax Administration Forum has recently shed its light on the BEPS Pillar One proposals, too. 

On May 6, 2021 the Deputy Minister of Finance published a decree on the VAT position of members of supervisory boards, boards of supervisory directors as well as complaints advisory committees and review, dispute and comparable committees, which may require action to be taken.

The aim of this newsletter is to give you an easy-to-read overview of the latest tax updates in Africa. In this newsletter you can read-up on the tax treaty negotiations initiated by the Dutch Government, recent tax developments in Nigeria - including the 2021 budget and tax measures - and the latest on the minimum tax in Kenya.

The last step of the process of preparing the statutory financial statements is to file the financial statements with the Chamber of Commerce. To further optimise the digitalisation of this process, the Dutch authorities have developed the Standard Business Reporting (SBR) format (also known as XBRL format).

This judgment is not only important for the insurance of seagoing vessels, for which an exemption applies in the Netherlands, but also for the insurance of other vessels, which are subject, as starting point, to 21% insurance premium tax in the Netherlands.

The Supreme Court based its conclusion on a formal interpretation of the term ‘interest’ in the Legal Transactions Taxation Act and thus ruled differently to the Court of Appeals ‘s-Hertogenbosch, which, on January 24, 2020, had accorded an economic meaning to the term ‘interest’.