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This article focuses on the following Amendments on Income Tax Regulation in EthiopiaAllowable deductions under capital lease agreementDepreciation calculation on partially used buildingsLoss carry-forwardForeign currency lossInflation adjustment applications
In line with its Vision ‘’To increase domestic revenue through enhancement of voluntary tax compliance" and its Mission Statement ‘’We make it easy to pay tax and make lives better’’the Tanzania Revenue Authority (TRA) has embarked on a number of measures to promote voluntary tax compliance...
Ethiopia’s Gross Domestic Product (GDP) was estimated at USD 67.3 billion in 2019/2020. Despite the country being one of the low-income countries, with a per capita income of USD 1080 (2019/2020) (PDC, 2021). it is the fastest growing economy in the region. Ethiopia’s economy experienced a strong...
The Ethiopia Budget runs from July 8th of the current year to July 7th of the following year (Hamle1 - Sene 30). The Gregorian calendar equivalent to the fiscal period 2014 (E.C) is the period from July 8th, 2021 to July 7th , 2022.The Government of Ethiopia (GOE) prepares it budget using...
This insight highlights the new updates that Tanzania Revenue Authority (TRA) recently introduced to the e-filing system as well as the 2021/2022 Finance Act, amendment of section 84 of the Income Tax Act, 2004.
This year has been a year unlike any other, with the global COVID-19 pandemic bringing enormous personal, professional and societal disruption. It has proven to be a major catalyst for change, driving us to think and work differently, and brought with it a raft of unforeseen challenges...
The Finance Act, 2020 introduced Minimum Tax at the rate of 1% of Gross Turnover. Effectively, the tax is to apply as an alternative to installment taxes for companies with losses or very low profits. Section 12D of the Income Tax Act and the Commissioner’s Guidelines on Minimum Tax (revised in...