09/21/2023
Bahamas and Botswana Sign MOU on Mutual Development
“Through this agreement, we aim to foster deeper collaboration, leverage our unique strengths, and jointly address challenges to ensure mutual progress.”
Regulation,Tax & Compliance
09/21/2023
The rand could hit R25 to the dollar, economists warn
At the same time, Unit labour costs also grew from 1.6% to 2.2%, exacerbating concerns regarding the relatively high inflation levels in the US compared to previous years.
09/21/2023
Casual staff, board members to pay housing levy
The statutory deduction adds to the tax burden on employed Kenyans who are struggling with the rising cost of living amid a freeze on salary increases and employment by Kenyan firms.
09/21/2023
Big interest rate decision for South Africa tomorrow – what to expect
Interest rates in South Africa have remained unchanged since May, but the US hiked rates by 25 basis points in both May and July, raising its Bank rate by 5.25% in total compared to South Africa’s 4.75%.
09/20/2023
Government racks up R18.5 billion in unauthorised spending
Treasury defines unauthorised spending as overspending or spending that is not for the purpose it was intended.
09/19/2023
Co-operative Bank of Kenya Named Best SME Financier in Africa
The Global SME Finance Awards 2023 is organized by the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI).
09/18/2023
African Development Bank, Alliance for Financial Inclusion renew partnership to advance access to finance for women-led businesses
The partners will work with policymakers, financial regulators, and other key stakeholders across the 20 target countries to design and implement these reforms.
09/15/2023
South Africa launches major investigation into Google, Facebook, TikTok and ChatGPT
Digital platforms have grown significantly over the years, and the transition to digital news has seen advertising revenues in the media space decline significantly.
09/14/2023
Loss-making companies to pay as State renews push for minimum tax
The Treasury has not signalled the rate at which the minimum tax will apply.
09/14/2023
SARS is on the hunt – coming after these taxpayers
Tax Consulting said that these taxpayers may have felt a false sense of comfort from the seeming hesitance of SARS to actively enforce its mandate through criminal enforcement.
09/12/2023
Banks sell dollars past Sh150 on shilling rout
Banks have historically sold dollars at spreads of between six and 10 units from the official exchange rate
09/12/2023
New Central Bank bond platform signs up additional 7,000 investors
DhowCSD is an over-the-counter trading platform meant to ease trading in government securities. It allows Kenyans abroad to participate.
09/11/2023
Uganda Issues First Islamic Banking License in Boost to Sector
The adoption of Islamic finance, which doesn’t allow the charging of interest, could unlock significant growth in East Africa’s third-biggest economy by attracting customers who have avoided traditional lenders on religious grounds.
09/11/2023
West African central bank raises rates as crises continue
In total, it has hiked by 125 basis points since June 2022.
09/11/2023
Pensions changes in South Africa – emigrants beware
The spring from which the encashment of an expat’s retirement funds flow is the formalisation of their cessation of tax residency.
09/11/2023
Salaam bank gets first Islamic banking license in Uganda
Islamic Banking is a phrase used to refer to the banking services that follow Islamic principles, which bar the charging of interest on a loan.
09/08/2023
Kenya diaspora workers now face mandatory welfare levy
This is an innovative fund to address the plight of migrant workers.
09/08/2023
Warning over new laws for businesses in South Africa
Proposals in the amendments would see it become compulsory to disclose the pay gaps between top executives and lowest-paid workers
09/08/2023
Private firm withdraws case opposing Eskom’s new grid rules
The rules will also “compel applicants for access to undertake procedures which are onerous and prejudicial,” G7 Chief Executive Officer Kilian Hagemann said.
09/07/2023
Growth in banking industry hinges on firm regulatory framework — Nigeria
Director General of SEC, Mr Lamido Yuguda, said this at the 2023 Chartered Institute of Bankers (CIBN) graduates induction and prize award recently