Managers of Wealth Africa

Warning over medical aid tax credits, wealth tax and more in South Africa

Every year, the finance minister seeks input from the country on how to manage the state’s finances and what they want to get out of the budget.

SARS is coming after your bank account

Court rulings in the Revenue Service’s favour have also repeatedly reinforced this.

Big announcement about dividends tax changes in South Africa

Legal rulings, including decisions from the Dutch Hoge Raad and a Cape Town Tax Court cemented these exemptions.

A higher VAT revenue intake in Q3

The sequential increase in VAT collection was driven by higher VAT collections across all revenue items.

New ‘top up’ tax for businesses in South Africa

While SARS anticipated about 1.1 million companies to submit returns for the year, it is evident that most of the earnings are concentrated at the top.

Unlocking the full potential of your tax-free savings account

It’s essential to view a TFSA as an integral part of your broader investment strategy to ensure it aligns with your financial goals.

Nigeria Tax reform bills: Stakeholders tackle govs over revised sharing formula

While some stakeholders described the drastic adjustments made by the governors as a compromise on the bills, others viewed the action of the NGF as unfair since the proposal is meant to redress age-long injustice in the nation’s tax system

Compulsory Vat registration threshold last increased in 2009

The R1m threshold should have doubled by now.

Extra R37,000 in tax needed for the NHI in South Africa

The government’s estimates are based on the level of care provided by the state, which is far below that of the private sector.

Unit trust investors may pay more tax

Investors will carry a heavier burden and could be ‘disincentivised’ to invest in such schemes.

SARS eyes large Christmas gifts

The tax man will require a detailed description of the kind of donation in its updated Donations Tax Declaration Form (IT144), which became effective on 1 November 2024.

Ramaphosa signs off massive new law for South Africa

It also looks to curb “tax competition,” a practice where nations reduce corporate tax rates to lure in investments.

FG can retain VAT as it is – Oyedele

The proposed legislation has faced stiff resistance from various players in the country

Major tax changes to watch out for in 2025

Specifically, the National Treasury is assessing information on South African high-net-worth individuals a wealth tax will target.

Tax relief options can help South African expats protect their foreign-earned income

It all boils down to the residence-based taxation system in SA, which Sars is guided by under the Income Tax Act.

New withholding tax policy begins

These changes are particularly aimed at Small and Medium Enterprises, manufacturers, producers, and farmers – sectors considered vital to Nigeria’s economic stability and growth.

Proposed tax to ease burden on low-income earners, says Oyedele

The proposed changes aim to address these issues by simplifying the system

90% of workers will pay lower taxes after reform, says Oyedele

He said high-income earners would pay slightly more in a progressive manner up to 25 per cent for the ultra-high net worth individuals.

Tinubu’s Tax Reforms Bill Will End Multiple Taxation- Financial expert

He explained that the new tax bills would also provide avenues for Small Scale businesses

Google, Facebook, others pay N3.8tn tax to FG – Report

VAT collections for the same period reached N1.28tn