Tax updates 2021

2021

Tax Update

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.

Value Added Tax (Amendment) Act No. 09 of 2021

The Value Added Tax (Amendment) Act No 09 of 2021 (“Amendment Act”) was certified by the Honorable Speaker on 13 May 2021.

Under the VAT Amendment Act, the following amendments have been made to the Value Added Tax Act No. 14 of 2002 (“VAT Act”).

Inland Revenue (Amendment) Act No. 10 of 2021

The Inland Revenue (Amendment) Act No. 10 of 2021 (“Amendment Act”) certified by the Hon. Speaker on 13 May 2021, amends the Inland Revenue Act No. 24 of 2017 (“IRA”).