Managers of Wealth Africa

Africa tax in brief by Celia Becker, ENS

MAURITIUS: Memorandum of Understanding signed with South Africa on Treaty

OECD proposes introducing hindsight into the transfer pricing of hard-to-value-intangibles

In particular, it is proposed that tax authorities will be allowed to use ex post “evidence”, (i.e. hindsight), to assess the arm’s length nature of transfer pricing arrangements in respect of “hard-to-value-intangibles”.

The valuation of a usufruct for tax purposes by Alexa Muller

in certain circumstances, the Commissioner may accept a different percentage annual yield – should this be supported by facts.

Absa employees found guilty of stealing millions

An Absa bank custodian and one of the bank’s cleaners, who allegedly stole more than R3 million from the bank last March, have been found guilty in the Nelspruit Regional Court

Nedbank boss set to testify over ‘scam’

Nedbank chief executive Mike Brown has been subpoenaed to give evidence today at a confidential Section 417/418 inquiry in terms of the Companies Act.

Nigeria: N2 Billion Fraud - Ex-Wema Bank Chair, Others for Trial Today

The Economic and Financial Crimes Commission will today commence the trial of a former Chairman of Wema Bank, Olapade Mohammed and two other directors of AKS Steel Nigeria Limited before a Federal High Court in Lagos.

Nigeria: N2 Billion Fraud - Ex-Wema Bank Chair, Others for Trial Today

Olapade is standing trial alongside others over alleged theft of about N2 billion belonging to the company.

ENSafrica (Mauritius) newsflash

Tax update – taxation of directors’ fees

Moore, Johnsure Investments CC v Black: the liability of representatives and supervisors in terms of the Financial Advisory and Intermediary Services Act

Recent amendments to the Financial Advisory and Intermediary Services Act (“the Act”) have sought to further clarify the relationship between a financial services provider and its appointed representatives.

Shuttleworth loses battle against Reserve Bank

THE Constitutional Court on Thursday found against internet entrepreneur Mark Shuttleworth in his battle against the South African Reserve Bank.

Leading offshore law Boosts its Mauritius Dispute Resolution Capabilities in 2015

Firm adds senior associate and senior clerk to growing practice; promotes team member to counsel

Gayle Killilea ‘needed’ €19m hotel sale to fund UK deal

Hotel was part of €100m in assets transferred from Seán Dunne, South Africa court hears

Judge Issues Stern Warning to Union Bank over ‘Gross Indiscipline’

The judge gave the warning Thursday when a petition against the bank and its subsidiaries by a Lagos-based businessman, Chief Marcel Eze, came up for hearing.

Doug Robinson: Hey, South Africa, you overpaid for 2010 World Cup!

The worst news: You overpaid.

N8bn Currency Scam: Suspects Bought Properties in South Africa, Nigeria

The Central Bank of Nigeria had in September last year invited the Economic and Financial Crimes Commission to unravel the alleged racket

Namibia: Africa Loses Billions in Illicit Financial Outflows

Mbeki said the figure is an underestimate as it excludes elements such as trading services and intangibles, bribery, trafficking drugs, firearms and people.

Report indicts multinationals in Africa over tax evasion

A report has uncovered how African countries lose billions of dollars yearly through tax evasion by multinationals

Nigeria Charges Banking Officials In Fraud Scandal, Days After Buhari Takes Office

Nigerian officials charged six central bank workers and 16 commercial bankers in a $40.2 million fraud scandal on Sunday

Football: Blatter may be quizzed, South Africa say millions paid were not bribes

FIFA president Sepp Blatter could be quizzed by Swiss authorities as the corruption scandal engulfing world football's governing body took a fresh twist on Sunday

Carmol scam victims want money back

The company, worth over a billion rand, claimed to finance the sale of petroleum products and attracted almost 4 500 investors

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