Managers of Wealth Africa

Tax refunds hit Sh316bn despite removal of reliefs

The Tax Expenditure Report 2022 reveals that Domestic VAT accounts for most of the total tax expenditure at Sh211.09 billion followed by Domestic Excise duty was Sh30.1 billion.

KRA misses tax targets by Sh27bn in Ruto presidency

Other revenues including investment, fines, levies and forfeitures trailed its target by Sh6.16 billion with a collection of Sh33.10 billion in the quarter.

Leading advisory firm, SkX relaunches its external auditing capability

Amid this scrutiny came opportunities for local firms to diversify their offerings and strengthen their capabilities across advisory and external auditing services to create long-term value for clients.

South Africa’s biggest bank sounds the alarm on emigration

The country’s small tax base is a symptom of South Africa’s extreme inequality, a legacy of the apartheid system of racial discrimination that disadvantaged the Black majority and ended in 1994.

KRA shake-up starts as puzzle of missing Sh432bn deepens

Those targeted in the shakeup include deputy commissioners as well as at least two commissioners.

South Africa lost over 6,000 taxpayers to emigration last year – but that’s not the biggest problem, according to SARS

The real damage being done by emigration comes through “soft impacts” – for example, reputationally, the damage can be quite significant for the country; people are losing confidence in the system.

Kieswetter warns power cuts will drag down tax take

Sars commissioners says tax collection will come in lower this fiscal year amid worsening load-shedding and rising cost of living

How VAT export ruling will hit Kenyan firms, multinationals

The VAT Act defines an exported service as one that is used and consumed outside Kenya.

Red flags for tax in South Africa

With that in mind, Absa now forecasts a primary budget deficit in FY22/23 of 4.6% of the GDP

Taxpayers left with Sh10bn fines for road tender breaches

The State Department of Infrastructure has disclosed that Kenya National Highways Authority (KeNHA) and Kenya Rural Roads Authority (KeRRA) have been slapped with Sh9.69 billion by the courts largely for contravening the terms of road contracts.

SARS is coming after these taxpayers with full force in 2023

According to Tax Consulting SA, Edward Kieswetter, the commissioner of SARS, said that the tax authority is striving to balance the trade-off between taxpayer service and risk management.

Treasury banking on VAT in Sh3.8trn revenue growth plan

KRA will implement among others, the following measures: reduction of Value Added Tax (VAT) gap from 38.9 percent to 19.8 percent of the potential by fully rolling out electronic Tax Invoice Management System (eTIMS),” reads the BPS released last we

Confusion over January tax deadline – what you need to know

The second provisional tax submission and payment is still due on or before the last business day of February 2023.

Why South Africa should cut taxes in 2023

South Africa has a progressive tax system with one of the highest rates in the upper-income tax brackets (45%).

January tax deadline warning for South Africans

SARS encourages taxpayers to use the revenue collector’s eFiling or the SARS MobiApp, which is a convenient and safe online method to transact with the revenue service.

Betting firms to pay taxes daily as KRA tightens noose

Speaking on the first day of a public hearing on the Financial Year 2023/24 budget, Dr Kiptoo said that KRA had made these improvements on tax administration for optimal collection.

Taxman misses revenue target by Sh32.2bn in first five months

The worst-performing tax head was the income tax, which recorded a shortfall of Sh30.4 billion, pointing to a tough environment where earnings by companies and workers were depressed

Safaricom reveals tax fears in plan to hive off M-Pesa

The telco says it will pursue government tax waivers before proceeding with the plan to create a new group structure that will see M-Pesa and telecommunications business run as separate entities.

Taxpayers to spend Sh24.8bn on Nairobi Expressway

The Ministry of Water and Sanitation was one of the beneficiaries of an additional budget allocation on the highway.

Nigeria’s 30% corporate tax is one of the highest in world – report

Current tax regime is stifling investment and economic growth, says CPPE director