Kenya
Uganda
Rwanda
In March 2012, the Director of the Large Taxpayers Department of the Federal Inland Revenue Service (“FIRS”) of Nigeria made a presentation of the proposed transfer pricing regulations (“proposed regulations”) due to be effected sometime in 2012.
On 12th September 2012, Ghanaian lawmakers adopted transfer pricing rules following the arm's-length principle and requiring the use of the “most appropriate” method to price related-party transactions.
Legislative Instrument No. 2188, effective from July 27,2012, sets forth five approved transfer pricing methods, with “other” methods permitted when the tax authority agrees that the arm's-length price cannot be determined using one of the approved methods.
Introduction
Kenya Revenue Authority (KRA) issued a public notice 12th September 2011 effecting changes in the VAT filing process. The Public Notice is a follow-up to public Notice No. 37 of 2003 which required that VAT credits filed as Refund Claims be removed from the VAT 3 Return. It also abolished Withholding VAT collection with effect from 1 July 2011. The public notice has introduced two major changes.
Introduction
The Minister for Finance, Planning and Development has finally published the Income Tax (Transfer Pricing) Regulations, 2011. These regulations are based on provisions of Section 90 and Section 164 of the Ugandan Income Tax Act and take effect from 1 July 2011.
The Ugandan Revenue Authority is joining the global trend towards laying emphasis on non-traditional revenue sources and moving towards Transfer Pricing and related party transactions. In this regard, these regulations are meant to ensure that transactions between Ugandan taxpayers and related non-resident entities are at arm’s length.
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