Managers of Wealth Africa

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.

Top 10 banks with highest income tax payments in Q1

Zenith Bank’s income tax expense amounted to N20.59 billion in Q1 2023, up 110 percent from N9.79 billion in the same period of 2022.

Warning over tax deadline hitting this month

SARS has now encouraged taxpayers to make submissions ahead of the due date to avoid last-minute challenges and potential delays that may be encountered.

Rich Kenyans get helicopter tax cuts in President Ruto budget plan

The tax cuts will come as a major boost to the aviation industry

State staff get tax-free benefits on asset buys

Tax experts have deemed the new proposal to be a loophole which is subject to abuse by civil servants

President Ruto heavily arms KRA despite soft stance tax promise

The amendments to the Tax Tribunal Act and the Tax Procedures Act (TPA) will also grant more power to the KRA commissioner-general to go after tax cheats while taking away its powers to abandon taxes.

Finance Bill 2023: Wins and losses for ordinary taxpayers

The proposal is also sweetened by providing a specific time of 120 days for the KRA to carry out and finalise an audit for purposes of ascertaining the refund due to a taxpayer. Previously there was no time limit for the KRA audit.

How new taxes will hit fuel, M-Pesa charges and salaries

The Treasury in the newly published Finance Bill also deleted sections of the law that allowed the halving of value-added tax (VAT) on all petroleum products to eight percent.

Big blow for VAT in South Africa as load shedding claims another victim

VAT collections feel the effect of load shedding first as sales decline, said Makhubu.

This sector in South Africa is a nightmare for SARS

He added that despite its various avenues of obtaining information on people’s economic activities, SARS still has limited capacity, especially when it comes to the informal market.

Again, IMF Urges Nigeria to Increase Tax, Reduce Borrowing

The fund noted that Nigeria’s debt was projected to continue to rise.

Taxpayers in South Africa need to play by the rules – or else

According to Tax Consulting SA, there is an advantage to being the first-mover in seeking the appropriate tax advisory.

South Africa collects $94bln in taxes in 2022/23 fiscal year

The main sources of revenue collection came from personal income tax at 35.7%, value-added tax at 25% and company income tax at 20.6%

Kenya’s middle class now sitting target for tax raids

The middle-class' woes have been compounded after the Ruto administration started implementing policies to use the consumer class to cushion other segments of society.

Big changes to South Africa’s tax laws – what you should know

The new rules came into effect on the date of publication and, therefore, replace the ‘old rules’ promulgated in 2014 with immediate effect.

South Africans want the rich to pay more taxes: survey

The study indicated that just 3,500 individuals possess 15% of the country’s wealth, while the top 1% own 55% of the nation’s wealth.

SARS has a new way to get in contact with taxpayers

To access SARS’ new services on the phone, a taxpayer can type in a USSD string *134*7277#.

FG rakes in N10tn VAT under Buhari – NBS

Revenue generated from VAT is usually disbursed to the three tiers of government through the Federation Accounts Allocation Committee.