Managers of Wealth Africa

South Africa’s millionaire ministers enjoy R3 billion in VIP security – tax free

The minister noted that the perks can be taxable, but it depends on the circumstances.

Introduce tax incentives, reduce import duty, economists urge FG

“The Tinubu administration needs to promptly deploy measures to mitigate the current headwinds inflicted by the current reforms.”

These taxpayers don’t have to submit a tax return this year

Tax season can be an incredibly stressful time for individuals and businesses, with taxpayers who fail to submit their returns on time facing penalties.

Budget sweeteners MPs got to pass punitive taxes

The legislators are also pushing through, with the backing of President William Ruto’s administration, two Bills that will ensure they retain the Sh44 billion National Government Constituencies Development Fund (NG-CDF).

Facebook caught up in payroll tax evasion claim in Kenya

To back their claim, the moderators have presented to the KRA payslips and P-9 forms that suggest that the PAYE deducted from their salaries differs from the figures reflected on the tax forms

Call to exempt some public workers from income tax – Treasury responds

The same sentiment was directed towards healthcare workers, and he proposed that Godongwana consider an exemption from pay-as-you-earn tax (PAYE) for all healthcare workers up to a certain level.

Kenyans braced for tough July as President Ruto taxes take effect

But the Kenya Kwanza administration has put the effective dates of most taxes next month, as it eyes money to fund the Sh3.68 trillion budget.

Manufacturers paid N62bn tax in Q1 – NBS

The increase comes as taxes paid by manufacturers to the Federal Government rose by 60 per cent to N839.6 in 2022 from N524bn recorded in the prior year.

Mixed bag for taxpayers in revised Finance Bill

It is also seeking to introduce a 16 percent value-added tax (VAT) on petroleum products from the current 8.0 percent.

Taxpayers will pay for NHI, says government

The bill still has to make its way through the National Council of Provinces before being sent to the president to be signed into law.

World Bank warns Kenya on new taxes

The bill proposes a myriad of tax increments and new levies in efforts to increase revenue

These South Africans are at risk of double tax, experts warn

Tax Consulting SA provided some examples of these misconceptions, and the reality of the situation.

FG eyes N124bn from new import tax

According to the Federal Government, this revenue source will help it meet and ensure the sustainability of its obligations to multilateral organisations.

KRA gives up on Sh400m demand from SBM Bank

The taxman’s initial demand had been disputed by the bank and an appeal lodged at the Tax Tribunal through the services of a tax consultant.

Taxes on products rise by 112%, hit N3tn – Report

“On a year-on-year basis, Net Taxes on Products grew in real terms by 10.30 per cent in Q3 of 2022, and 11.18 per cent in Q4 of 2022 compared to 6.22 per cent and 67.99 per cent in Q3, and Q4 of 2021.”

World Bank: Tax plans to hurt purchasing power

The report, which is produced twice a year, assesses recent economic and social developments and prospects in the country.

Telecom tax: Stakeholders project rise in call cost

Since July 2022, the Federal Government has tried, many times, to implement a five per cent excise duty on telecom services to boost revenue generation.

Equity Bank loses Sh1 billion tax fight with KRA

The judge ruled that the tribunal erred by relying on the definition of interest in the ITA to conclude that the said fees charged by the lender in respect of the transactions were interest and thus exempt from excise duty.

Nigeria revises 2021 tax-to-GDP ratio to 10.9% -tax chief

Tax collection rates have hovered between 5%-6% of gross domestic product over the past 12 years

Hundreds of thousands of taxpayers hit with penalties for outstanding returns

The new penalties for single returns outstanding will rake in R243 million for SARS over just four-and-a-half months – a lot more than the R138 million in penalties imposed so far this year for multiple returns outstanding.