We are pleased to present the December issue of SKP Global Updates – our newsletter that covers employment, payroll, Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate tax related developments globally.

The key highlights of this issue include Mauritius extending the deadline for filling asset statement, change in the RRSP contribution limit in Canada, Malaysian 2018 National Budget of individual income tax and important tax provisions in 2018 budget in Ireland.

Africa

Nigeria

Filing of PAYE tax returns in Ogun state

The new rules have been introduced in Ogun states stating that the employers of employees who are residents in Ogun state must now submit monthly Pay- As-You-Earn (PAYE) tax returns using a specified form, along with related evidence of the tax paid to the tax authority in both soft (electronic) and hard copies. Earlier, this was not a requirement.

The tax authority of the Nigerian State of Ogun has now also issued guidance concerning the filing of monthly PAYE tax returns.

Americas

Canada

New regulation issued with respect to Nova Scotia pension plan asset transfer

In November 2017, new regulations to transfer assets between pension plans have been issued by the Nova Scotia Department of Finance and Treasury Board. These are effective from 12 December 2017. The regulations apply to transfer of pension plan assets in the event of sale of business or an employer establishes a new plan to replace or succeed an existing one.

The regulations offer:

  • Transfer of agreement between employers or plan sponsors for the transfer of assets from the original plan to the successor plan.
  • Prescribed notices to members, former members and retired members and other persons entitled to benefits as well as bargaining agents and advisory committees. Also, notices to be issued for individual consent of the members, if required by agreement.
  • Continuance of special payments until the transfer of assets.
  • If the successor plan is permitted to reduce accrued pension benefits then transfer with respect to defined benefits is not authorized.
  • The amount of a transferred member's accrued pension benefits under the successor plan should be at least 85% of their accrued pension benefits under the original pension plan, excluding ancillary benefits in both the amounts, as on the effective date of the transfer of assets.

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