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A A & K CONSULTING SERVICES A A & K CONSULTING SERVICES LIMITED LIMITED COMPLIANCE ADVISORY PAYROLL MANAGEMENT Corporat e Employee Agency Obligati ons General Advisory Tax Planning OUR SERVICES TAX HEALTH CHECK

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Page 1: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

A A & K CONSULTING SERVICES A A & K CONSULTING SERVICES LIMITEDLIMITED

COMPLIANCE ADVISORY PAYROLL MANAGEMENT

Corporate

Employee

Agency Obligations

General Advisory

Tax Planning

OUR SERVICES

TAX HEALTH CHECK

Page 2: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

CONTEMPORARY TAX CONTEMPORARY TAX ISSUESISSUES

In 2010 two major tax policy initiatives In 2010 two major tax policy initiatives were introduced:were introduced:

Integration of Revenue Agencies

Tax Policy Initiatives in 2011 Budget

Page 3: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

INTEGRATION OF REVENUE INTEGRATION OF REVENUE AGENCIESAGENCIES

Ghana Revenue Authority (GRA) Act 2009 [Act 791] merged:

Internal Revenue Service (IRS) Act 592,

VAT Service Act 546 and

Customs Excise & Preventive Service (CEPS) [PNDC Law 330]

Page 4: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

PRE MERGERPRE MERGER

MINISTRY OF FINANCE & ECONOMIC PLANNING

[MOFEP]

IRS COMMISSIONER

CEPS COMMISSIONER

VAT SERVICE COMMISSIONER

BOARD OF DIRECTORS

Page 5: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

POST MERGERPOST MERGERMINISTRY OF FINANCE &

ECONOMIC PLANNING

[MOFEP]

DOMESTIC DIVISION COMMISSIONER

CUSTOMS DIVISION COMMISSIONER

GENERAL SERVICES COMMISSIONER

GHANA REVENUE AUTHORITY COMMISSIONER-GENERAL

[GRA]

BOARD OF DIRECTORS

Page 6: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

EFFECT OF INTEGRATIONEFFECT OF INTEGRATIONAll powers of pre-integration Commissioners are now vested in the Commissioner-General e.g.

Final Authority for Interpretation

Practice Notes

Private Rulings

Page 7: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

COMMENTARY ON TAX POLICY INITIATIVES COMMENTARY ON TAX POLICY INITIATIVES IN THE 2011 BUDGET STATEMENTIN THE 2011 BUDGET STATEMENT

SUMMARY OF MAJOR TAX INITIATIVES

Domestic tax initiatives include:

Increases in tax rates and thresholds for withholding taxes and VAT

Removal of Tax Holidays

Extension of National Fiscal Stabilization Levy

Revision of personal tax rates

Extension of coverage of Communications Service Tax

Review of Exemptions and Zero-rated items under the VAT Act

Review of Excise Duty Rates

Page 8: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

COMMENTARY ON TAX POLICY INITIATIVES COMMENTARY ON TAX POLICY INITIATIVES IN THE 2011 BUDGET STATEMENTIN THE 2011 BUDGET STATEMENT

International tax initiatives include:

Increases in Duty rates

Review of operations of Bonded warehouses

Import tax on rice and poultry products

Page 9: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

REVIEW OF WITHHOLDING TAX REGIMEREVIEW OF WITHHOLDING TAX REGIME

Introduction

Withholding taxes on payments by residents to:

Non-residents for the supply of services

Residents for supply of goods and services

Other withholding taxes (Section 86 of Act 592)

Page 10: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

PAYMENTS TO NON-RESIDENTS FOR PAYMENTS TO NON-RESIDENTS FOR SERVICES SUPPLIED TO GHANASERVICES SUPPLIED TO GHANA

• Current Position Section 3 of Act 592 imposes a final withholding tax on the

following payments

Service Tax Rate (%)

Dividend 8

Interest 8

Royalty 10

Endorsement Fees 15

Rent 10

Management & Technical Service Fees 15 No changes have been proposed in the 2011 fiscal

policy statement Increase in withholding tax on Foreign Supplies of

Services

Page 11: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

PAYMENTS TO RESIDENTS FOR SUPPLY PAYMENTS TO RESIDENTS FOR SUPPLY OF GOODS AND SERVICES BY OF GOODS AND SERVICES BY

RESIDENTSRESIDENTS• Current Position A withholding tax of 5% applies where the

contract sum exceeds GH¢50.00

• Proposed amendmentThe threshold raised from GH¢50.00 to GH¢500.00

• ImplicationThe 5% withholding tax under Section 84 (2) of

the Internal Revenue Act 2000 [Act 592] shall apply where the contract sum for the supply of goods and services exceed GH¢500.00

Page 12: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

TAX HOLIDAYSTAX HOLIDAYS• Real Estate Developers – for sale or letting

– 5 year Holidays abolished except for • Developers in partnership with Ministry of Works and

Housing to provide affordable housing

– Issues• Fate of those enjoying holiday uncertain

• Hotels and Hospitality Industry – GIPC Regulations, 2005 [LI 1817] providing exemptions for

the industry repealed– Desirable LI 1817 provisions to be incorporated in Act 592

and managed by GRA– Amendment is not clear

• APEX Bank– Tax Holiday extended to 2014

Page 13: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

NATIONAL STABILIZATION LEVY NATIONAL STABILIZATION LEVY [NSL][NSL]

Introduction NSL imposed on 2009 and 2010 profit

before tax The tax rate of 5% of profit before tax The levy is not tax deductible

Proposed AmendmentThe imposition of the levy is to be extended by

one year

Page 14: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

GIFT TAXGIFT TAX

• The Internal Revenue Act 2000 imposes a gift tax at the rate of 5% on taxable gifts exceeding Gh¢50.00

Proposed AmendmentThe rate of tax imposed on taxable gifts is to be increased to 15%.

Page 15: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

MINING ROYALTIESMINING ROYALTIES

Introduction

Mineral royalties are paid by mining companies at the rate of 3% to 6%

The royalty is paid quarterly

Proposed Amendments

Mineral royalties to be accounted for on monthly basis by the 15th of the following month

Page 16: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

CHANGES IN INDIVIDUAL TAX CHANGES IN INDIVIDUAL TAX RATES AND RELIEFSRATES AND RELIEFS

Proposed Amendment

Increase in tax free Chargeable Income from GH¢1,008.00 to GH¢1,104.00

Increases in amount granted as reliefs to individuals proposed

Chargeable Income above GH¢20,280.00 (2010 GH¢16,200.00) to be taxed at 25%

Page 17: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

2 Types of VAT Schemes(i) VAT Invoice Scheme (VIS)• Retailers with a minimum turnover of GH

¢10,000.00 (ii) VAT Flat Rate Scheme (VFRS)• Retailers under GH¢10,000.00 currently

operate under VFRS.• The tax rate is 3% on selling price• No input tax credit is available for them.

OBJECTIVES

INITIATIVES UNDER INDIRECT TAXES

Page 18: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

PROPOSED AMENDMENT

Existing Proposed

Threshold - GH¢10,000 Threshold - GH¢90,000

Retailers with minimum of GH¢10,000 need to register

Retailers with minimum of GH¢90,000 need to register

VAT taxpayers under GH¢90,000 to come under new scheme of combined VAT and Income Tax Assessment

Page 19: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

Introduction• Introduced in 2008 - passage of the

Communications Service Tax Act, 2008 (Act 754).• The tax applied to Class1 Telecom Operators• Class 1 License Telecom Operator authorized to

provide public communication service - National Communications regulations,2003 (LI 1719).

• Public communications service - service made available to the general public for a fee or charge without discrimination (LI 1719)

COMMUNICATIONS SERVICE TAX (CST)

Page 20: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• Private communications service is a service established by an individual, a body corporate or other legal entity to satisfy its own communications needs.

• LI 1719 defines communication service to include the following:

Telecommunications services Broadcasting services Cable services Satellite services Value added services Aeronautical services Maritime services

• Communications services may be provided as public or private services

COMMUNICATIONS SERVICE TAX (CST) cont’d

Page 21: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• CST coverage to extend to all companies and persons within the communication industry.

• 2011 budget statement does not clearly state whether the extension of the tax base of CST will include companies with their own private radio communications or other communications services.

• Details in relevant legislation to be passed.

PROPOSED AMENDMENT

Page 22: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• Locally produced items currently zero-rated Pharmaceutical Products Paper for the publishing industry Agricultural input like cutlasses

• Producers and wholesalers currently entitled to refund of input taxes incurred in the production.

RECLASSIFICATION OF DOMESTIC ZERO-RATED SUPPLIES

Page 23: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• Reclassification as exempt items under Act 546

• Companies producing items no more entitled to refunds of input taxes incurred in the course of production.

• All input taxes incurred to be incorporated into cost build up.

RECLASSIFICATION OF ZERO-RATED SUPPLIES

Proposed Amendment

Page 24: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• Manufacturers permitted to defer payment of import VAT on imported raw materials.

• Practice is allowed to various manufacturers based AGI recommendations.

• Practice improved cash flow of the manufacturing companies.

DEFERRED PAYMENT OF VALUE ADDED TAX

Page 25: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• ‘Reliefing’ manufacturers of import VAT/NHIL on imported raw materials to be abolished.

• No legislation is required.

• Cash flow implications for affected companies must be factored into current year budget.

DEFERRED PAYMENT OF VALUE ADDED TAX

Proposed Amendment

Page 26: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

Bonded Warehousing

• Imported goods or locally manufactured goods may be stored under Customs control in a Government or private bonded warehouse.

• Deferral of payment of duty and taxes until the goods are needed for home consumption or for export.

• Bonded warehousing is allowed for both finished products and raw materials for manufacturing.

• The goods may be re-entered for warehousing after two years.

INTERNATIONAL TAX INITIATIVES

Page 27: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• Bonded warehousing facility to be restricted only to raw materials for manufacturing.

• Importers of finished goods will not be allowed to warehouse them for up to two years

• The proposed amendment is likely to define the maximum period that importers will be allowed to warehouse finished goods

INTERNATIONAL TAX INITIATIVES

Proposed Amendment

Page 28: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

IMPORT DUTY ON RICE AND POULTRY PRODUCTS

Existing Proposed

Milled Rice – 20% Milled Rice – 35%

Poultry Products – 20% Poultry Products – 35%

• The revised rates will apply in Ghana upon ratification by ECOWAS.

Page 29: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

Exemptions from payment of import duty

• Energy saving lamps, LED lamps and

• Raw materials for local companies producing energy saving bulbs

• New taxes imposed

• An environment tax on plastic packaging materials and products

OTHER TAX INITIATIVES

Page 30: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

DOUBLE TAXATION AGREEMENT DOUBLE TAXATION AGREEMENT BETWEEN THE REPUBLIC OF GHANA BETWEEN THE REPUBLIC OF GHANA

AND THE FRENCH REPUBLICAND THE FRENCH REPUBLICINTRODUCTIONWhat is Double Taxation?

Double Taxation has been defined as the imposition of comparable taxes in two or more states on the same taxpayer in respect of the same subject matter.

Negative Effects of Double TaxationIt results in multiplicity of taxesIt inhibits the free flow of investment and trade activities

Purpose of Double Taxation AgreementsDue to the negative effects of Double Taxation, nations have deemed it expedient to enter into Double Taxation Treaties toward attainment of the following:

Page 31: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

• Removal of Tax Barriers to Trade and Investment• Resolution of Tax Disputes• Removal of uncertainties about a country’s Tax regime• Promotion of Investment through the granting of Tax

Incentives• Reduction/Elimination of Tax Avoidance Schemes through

the provision of a framework of co-operation between Tax Authorities

LEGAL AUTHORITY FOR GHANA TO ENTER INTO DOUBLE TAXATION ARRANGEMENTS

• Provided for in Section 111 of the Internal Revenue Act 2000 (Act 592)

• Under Section 111 (1) of Act 592, the DTA prevail over the provisions of the Act

Page 32: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

PROCESS OF RATIFICATIONPROCESS OF RATIFICATION• Each contracting state has to ratify the convention and give notice

to the other through diplomatic channels before the entry into force

• In Ghana the ratification is done by Parliament in accordance with Article 75 (2) of the 1992 Constitution of the Republic of Ghana

ENTRY INTO FORCE• Normally, the convention is entered into force on the day the latter of the notification is received

• The provisions of the Convention normally have effect on the commencement of the fiscal year next following that in which the Convention was entered into force

BASIS FOR TAXING EACH REVENUE ITEMSource of Revenue – e.g. Directors Fees. Employment etc

Residence of tax payer – e.g. Business Profit, Air and Shipping Transport

Sharing – e.g. Dividends, Interest, Royalties etc. shared between Treaty Partners

Page 33: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

PERSONAL SCOPEPERSONAL SCOPE

• It indicates that the convention is applicable to persons who are residents of one or both of the contracting states

Page 34: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

CONDITION PRECEDENT OR PROOF TO BE CONDITION PRECEDENT OR PROOF TO BE FURNISHED BY A RESIDENT OF THE OTHER FURNISHED BY A RESIDENT OF THE OTHER

CONTRACTING STATE SECTION 111 (4) OF ACT CONTRACTING STATE SECTION 111 (4) OF ACT 592592

To benefit from a reduction in the Ghanaian Rate of Tax or exemption from Ghanaian tax, a Resident of the other contracting state is required to provide the proof below to the Commissioner-General of the Ghana Revenue Authority.- That no individual(s) resident outside the contracting state

owns 50% or more of the underlying ownership of that person’s business.

The essence of the proof is to prevent ‘Treaty Shopping’ that is a situation where a resident of a non-contracting state tries to enjoy the benefits of a Double Taxation Agreement between two other states.

Page 35: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

BASIS FOR TAXING REVENUE ITEM UNDER BASIS FOR TAXING REVENUE ITEM UNDER GHANA/FRANCE DOUBLE TAXATION AGREEMENTGHANA/FRANCE DOUBLE TAXATION AGREEMENT

TYPE OF INCOME REFERENCE UNDER DTA BASIS OF TAXATION

1. INCOME FROM IMMOVABLE PROPERTY

Article 6 SOURCE

2. BUSINESS PROFITS OTHER THAN PROFITS OF A PERMANENT ESTABLISHMENT

Article 7 RESIDENCE

3. SHIPPING AND AIR TRANSPORT Article 8 RESIDENCE

4. DIVIDENDS Article10 SHARED BETWEEN RESIDENCE AND SOURCE

5. INTEREST Article 11 SHARED BETWEEN RESIDENCE AND SOURCE

6. ROYALTIES Article 12 SHARED BETWEEN RESIDENCE AND SOURCE

7. MANAGEMENT & TECHNICAL SERVICE FEES

Article 13 SHARED BETWEEN RESIDENCE AND SOURCE

Page 36: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

BASIS FOR TAXING REVENUE ITEM UNDER BASIS FOR TAXING REVENUE ITEM UNDER GHANA/FRANCE DOUBLE TAXATION AGREEMENTGHANA/FRANCE DOUBLE TAXATION AGREEMENT

TYPE OF INCOME REFERENCE UNDER DTA BASIS OF TAXATION

8. CAPITAL GAINS IMMOVABLE PROPERTY

Article 14 SOURCE

9. INDEPENDENT PERSONAL SERVICES (SELF –EMPLOYED)

Article 15 SHARED BETWEEN RESIDENCE AND SOURCE

10.DEPENDENT PERSONAL SERVICES (EMPLOYMENT)

Article 16 SOURCE

11.ARTISTES AND ATHLETES Article 18 SOURCE

12.STUDENTS AND BUSINESS APPRENTICES

Article 21 EXEMPT FROM INCOME OUTSIDE

13.VISITING PROFESSORS AND TEACHERS

Article 22 EXEMPT FOR 2 YEARS

14.OTHER INCOME NOT PROVIDED IN THE DTA

Article 23 SOURCE

Page 37: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

COMPARISON BETWEEN LOCAL RATES AND RATES COMPARISON BETWEEN LOCAL RATES AND RATES UNDERUNDER

GHANA/FRANCE DOUBLE TAXATION AGREEMENTGHANA/FRANCE DOUBLE TAXATION AGREEMENTTYPE OF INCOME REFERENCE

UNDER DTAREFERENCE UNDER ACT 592

RATE OF TAX UNDER DTA RATE OF TAX UNDER

ACT 592

REMARK

1. DIVIDENDS Article 10 Section 3 a) Beneficial owner Resident in France – 5%

b) Beneficial owner Resident in Ghana – 7.5%

c) In all other cases - 15%

8% a) DTA Rate shall applyb) The lower of the DTA

and France Rate shall apply

c) Act shall apply

2. INTEREST Article 11 Section 3 a) Beneficial owner Resident in France – 12.5%

b) Beneficial Owner – Resident in Ghana – 10%

8% a) Act shall applyb) The Lower of DTA and

France Rate shall apply

3. ROYALTIES Article 12 Section 3 a) Beneficial owner Resident in France – 12.5%

b) Beneficial Owner Resident in Ghana – 10%

10% a) The Act shall applyb) The Lower of DTA and

France Rate shall apply

4. MANAGEMENT & TECHNICAL SERVICES FEES

Article 13 Section 3 a) Beneficial Owner Resident in France – not exceeding 10%

b) Beneficial owner in Ghana - not exceeding 10%

15% a) The DTA shall applyb) The Lower of DTA and

France shall apply

NOTE: Under dividends in the DTA, the rates of 5% or 7.5% Are applicable where the beneficial owner has at least 10% Interest in the company paying the Dividend.

Page 38: A A & K CONSULTING SERVICES LIMITED COMPLIANCEADVISORY PAYROLL MANAGEMENT Corporate Employee Agency Obligations General Advisory Tax Planning OUR SERVICES

CONCLUSIONCONCLUSION

Double Taxation Treaties provide some tax incentives and exemptions that pave the way for the free flow of trade and investment activities.

It is important for residents of the contracting states to acquaint themselves with the provisions of the relevant conventions so as to take full advantage of the opportunities therein.