Post by miriammuraba on Mar 27, 2019 20:28:30 GMT 4
The Finance Law 2019 was published under Law No. 37 for 2018 on 31 December 2018. Significant amendments, effective from 1 January 2019, include the following:
the minimum lump-sum tax applicable to businesses under the standard tax regime is subject to a minimum amount of F.CFA2-million;
a transport allowance (capped at 30% of the basic salary for each employee) is exempt from individual income tax subject to the condition that it is granted to all employees;
the maximum value of certain benefits in kind for individual income tax purposes is amended as follows:
accommodation: from 15% to 20%;
water: from 2% to 4%;
motor vehicles: from 8% to 10%;
gas: from 1% to 2%; and
food: from 25% (with a maximum of F.CFA50 000 per month for each person older than 15 years) to 15% (with a maximum of F.CFA75 000);
non-compliance with transfer pricing documentation requirements is subject to a penalty of 5% of the value of intra-group transactions with a Chadian company to a minimum amount of F.CFA50-million per year.
the minimum lump-sum tax applicable to businesses under the standard tax regime is subject to a minimum amount of F.CFA2-million;
a transport allowance (capped at 30% of the basic salary for each employee) is exempt from individual income tax subject to the condition that it is granted to all employees;
the maximum value of certain benefits in kind for individual income tax purposes is amended as follows:
accommodation: from 15% to 20%;
water: from 2% to 4%;
motor vehicles: from 8% to 10%;
gas: from 1% to 2%; and
food: from 25% (with a maximum of F.CFA50 000 per month for each person older than 15 years) to 15% (with a maximum of F.CFA75 000);
non-compliance with transfer pricing documentation requirements is subject to a penalty of 5% of the value of intra-group transactions with a Chadian company to a minimum amount of F.CFA50-million per year.