Managers of Wealth Africa

CITN urges govt to use tax professionals

He said this during the presentation of practice licence certificate ceremony to newly deserving and qualified tax practitioners in Lagos.

2 documents South African expats need to avoid being taxed by SARS

When going through the process of ‘financial emigration’, it is important that an ex-pat ensures all benefits that come with ceasing tax residency.

ENSafrica tax in brief

Below, please find issue 88 of ENSafrica’s tax in brief, a snapshot of the latest tax developments in South Africa.

Tax Evasion: 90% of Kenyan companies pay no corporate tax

Kenya Revenue Authority’s enforcement unit is pursuing suspected tax evaders

Tax hikes to fund BIG in South Africa inevitable, report shows

The overall goal of the BIG would be to alleviate poverty.

The tax scam to watch out for in South Africa this year

Although cybercriminals use other sophisticated tactics to steal information, social engineering scams are low-hanging fruit, especially during tax season.

Kenyan firm fined for elaborate tax evasion scheme routed through Mauritius

Afrigo, a real estate firm with ties to a Chinese construction giant, disguised more than $200 million using fake loans, fictional imports, phantom entities and more with the help of bankers and other enablers, according to a government audit.

KCB loses appeal against taxman’s Sh305m demand

The bank had argued that the taxman was wrong in seeking to collect taxes on what it termed as premiums for unsecured loans and which do not attract excise duty.

New alcohol, SIM card taxes rock Parliament

The proposals, if adopted, will see the tax on a litre of beer rise 23.1 percent to Sh150 from the current Sh121, which will increase the price of a bottle of beer by Sh15.

South Africa faces another ‘incompetence tax’ – what you should know

South Africa subsequently met the criteria for a FATF International Co-operation Review Group review

G7 countries cost the world $115 billion in lost tax – African finance ministers call for a UN tax convention

Three G7 countries ranked among the top 10, with the US in 1st, Japan in 6th and Germany in 7th.7

'Another tax on incompetence' - Ninety One CEO warns of dire consequences if SA joins grey list

The Financial Action Task Force has warned South Africa that it needs to improve the prosecution of financial crimes in the country if it wants to avoid the list and join the likes of the Cayman Islands, Panama and Morocco.

KPMG SA roped in to clean up Ubank’s balance sheet as bank is placed in curatorship

Governor of the Reserve Bank Lesetja Kganyago said Ubank has had significant challenges over the years.

A big pensioner tax change has hit South Africa

These different sources of income are added together at the end of the tax year to calculate the correct tax that must be paid.

Does tax residency status impact your ability to receive an SA inheritance?

Expatriates will need to show proof of their non-tax residency and compliancy status.

What transfer pricing could mean for your African business

Transfer Pricing (TP) principles have always been firmly in place but have recently been formalised with legislation.

More South African taxpayers are moving to this centrally-located island near Europe

Additional recommendations that appear to be aimed at ensuring consistency with the HNWI Unit include provisional taxpayers with business interests now being required to submit their assets (at cost) and liabilities in their tax filings each year.

Carbon Tax: does it impact the financial services industry?

Having signed the Paris Agreement in 2016, South Africa has undertaken to reach a goal of net-zero carbon dioxide emissions by 2050.

How should phantom share plans be taxed?

The relevance of which provision should apply in relation to the timing of the tax event is that, in terms of section 8C the tax event occurs when the “equity instrument” is deemed to vest

Renegotiations of double tax agreements take time

Our current international reputation does not help.