For the past few years the OECD has been working towards reaching a consensus-based longterm solution to the tax challenges arising from the digitalisation of the economy with 139 countries collaborating through what is called the G20 Inclusive Framework.
From a practical perspective, ignorance, recklessness, carelessness and deliberate tax evasion as well as weak tax administration are among the factors contribute to non-compliance of tax obligations.
The changes are primarily centred on the constitution of the Tax Appeals Tribunal and the requisite qualifications and procedure for appointment of the Chairperson and members of the Tax Appeals Tribunal. These proposed changes are summarized below.
Our brief guide with regards to the payment of Turnover Tax, Minimum Tax and Installment Tax to aid in your tax planning decisions in the year ahead.