Managers of Wealth Africa

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.

Tax deadline hitting this week – what you need to know

“The correct data is important so that SARS may pre-populate income tax returns and auto-assess the identified taxpayers correctly.”

Could tax plans undermine Kenya's low-cost smartphone initiative?

These taxes, it suggests, would more than double the suggested selling price.

12 extra taxes you pay on everything you buy in South Africa

VAT is not the only tax paid on certain goods, however.

KRA targets record Sh16bn in betting taxes as experts see field of landmines

These higher collections will be realised through proposed amendments to the Income Tax Act and the Excise Duty Act.

Double-blow for VAT in South Africa

VAT was introduced in September of 1991 through the VAT Act, with the goal of replacing sales tax.

Industries the new National Tax Policy will hit hardest

The immediate key indicators of the tax policy successes will be the growth of collections

Major changes for trusts in South Africa, affecting wealthy taxpayers

They primarily relate to defining ‘beneficial ownership’ in line with international standards – which refers to people who benefit from and have ownership rights over assets held in a trust.