Managers of Wealth Africa

Beware: SARS doesn’t forget

In a recent July case titled CSARS v M, a taxpayer failed to disclose receipts totalling R5.6 million during the 2007 to 2010 years of assessment.

President Ruto plots new car tax, VAT if court cripples Finance Act

“Any tax revenue shortfall relative to programme targets will be compensated for by taking additional tax policy measures”.

Multiple taxes squeeze digital firms as profits take a beating

Tax authorities in various countries are currently reviewing the appropriate treatment of e-commerce activities.

Protests over new taxes unnerve global investors

Global analysts, however, see the full implementation of the painful taxes, projected to raise Sh211 billion in new revenue as necessary in “placing Kenya’s public finances on a sustainable footing.”

Tough times for workers as payroll taxes rise slowest in seven years

An analysis of payroll receipts shows growth in the just-concluded financial year was the first single-digit print since the year ended June 2017 when the deductions on salaries rose 8.67 percent to Sh305.16 billion.

More ‘punishment’ on the way for households in South Africa

“We are undoubtedly in a buyer’s market. Sellers now need to price accurately as buyers are able to dictate prices,”

Multichoice Kenya taxes up to Sh3.1bn

Multichoice has been facing increased competition in Kenya from StarTimes and Zuku as well as online streaming services like Netflix and Amazon Prime, even as dynamics such as currency depreciation force it to increase prices.

Centum RE pays Sh341 million after tax law changes in Uganda

A law change introduced last year, however, capped the carry-forward period at three years, meaning the firm had to make a post-audit adjustment for forfeited interest relating to the 2019 financial year.

Depressed economy hits growth of tax collections

The KRA pointed to a slower rate of economic activity in the period along with runaway inflation for the slowdown in collections that saw the taxman missing out on its tax revenue target estimated at Sh2.263 trillion.

SARS launches new tool for tax returns

This enhancement aims to keep you informed, so there is no need for you to phone the SARS Contact Centre or go to a SARS Branch office,” said SARS.

Kenya’s fuel taxes beat South Africa, US on higher VAT

Though Tanzania has the cheapest fuel in the region, the ratio of taxes as a percentage of the pump price ties with Kenya at 40 percent.

World Bank lauds Kenya’s new digital taxes

The regulations operationalised the collection of the VAT.

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.