Payment of Advance Tax on Commercial Vehicles

The KRA issued Legal Notice No. 52 of 14 June 2012 on payment of Advance Tax on commercial vehicles at the rates specified in the Legal Notice

The effect of the Legal Notice is that Advance Tax shall be payable by the 20th day of the first month of the year of income.

Ghana Enters Transfer Pricing Scene

On 12^th 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.

Finance Act 2012 Finally Passed

After much delay, the Kenyan Parliament finally passed the Finance Act, 2012 on May, 2 2012. This long-overdue legislation passes into law several changes proposed in the Finance Bill, 2011. However, some amendments have been incorporated to the Finance Act.