Managers of Wealth Africa

KRA enlists big companies to arrest wealthy tax cheats

The proposed regime will also help the KRA push traders to pay their fair share of taxes, part of a raft of measures to repair the Treasury’s coffers.

SARS is coming after these property owners in South Africa

“Deliberately not declaring it is effectively tax evasion, which is a crime and could lead to you having to pay a hefty fine – or even jail time for up to five years,” the CEO said.

How Kenya is juggling with digital tax rules

Nigeria also runs the tax as a Significant Economic Presence similar to DST but computed differently.

Red flags for taxes in South Africa – what to expect this week

The reality, the economist said, is that South Africa is sitting with an extremely high level of indebtedness.

SARS is making it harder for taxpayers to cut ties: expert

Lobban said those seeking to be a non-resident for tax purposes must be prepared for an increased likelihood of rejection.

Uganda: Review Taxes On Internet, Devices-CSOs

Taxes on the internet and smartphones translate into rolling back financial deepening, agency banking prospects and access to information and other services.

EABL loses Sh24bn Senator Keg tax relief in three years

Tax refunds for Senator Keg have been declining due to a decision by the State to cut excise duty remission, initially by 50 percent in 2013.

Tax refunds hit Sh316bn despite removal of reliefs

The Tax Expenditure Report 2022 reveals that Domestic VAT accounts for most of the total tax expenditure at Sh211.09 billion followed by Domestic Excise duty was Sh30.1 billion.

KRA misses tax targets by Sh27bn in Ruto presidency

Other revenues including investment, fines, levies and forfeitures trailed its target by Sh6.16 billion with a collection of Sh33.10 billion in the quarter.

Leading advisory firm, SkX relaunches its external auditing capability

Amid this scrutiny came opportunities for local firms to diversify their offerings and strengthen their capabilities across advisory and external auditing services to create long-term value for clients.

South Africa’s biggest bank sounds the alarm on emigration

The country’s small tax base is a symptom of South Africa’s extreme inequality, a legacy of the apartheid system of racial discrimination that disadvantaged the Black majority and ended in 1994.

KRA shake-up starts as puzzle of missing Sh432bn deepens

Those targeted in the shakeup include deputy commissioners as well as at least two commissioners.

South Africa lost over 6,000 taxpayers to emigration last year – but that’s not the biggest problem, according to SARS

The real damage being done by emigration comes through “soft impacts” – for example, reputationally, the damage can be quite significant for the country; people are losing confidence in the system.

Kieswetter warns power cuts will drag down tax take

Sars commissioners says tax collection will come in lower this fiscal year amid worsening load-shedding and rising cost of living

How VAT export ruling will hit Kenyan firms, multinationals

The VAT Act defines an exported service as one that is used and consumed outside Kenya.

Red flags for tax in South Africa

With that in mind, Absa now forecasts a primary budget deficit in FY22/23 of 4.6% of the GDP

Taxpayers left with Sh10bn fines for road tender breaches

The State Department of Infrastructure has disclosed that Kenya National Highways Authority (KeNHA) and Kenya Rural Roads Authority (KeRRA) have been slapped with Sh9.69 billion by the courts largely for contravening the terms of road contracts.

SARS is coming after these taxpayers with full force in 2023

According to Tax Consulting SA, Edward Kieswetter, the commissioner of SARS, said that the tax authority is striving to balance the trade-off between taxpayer service and risk management.

Treasury banking on VAT in Sh3.8trn revenue growth plan

KRA will implement among others, the following measures: reduction of Value Added Tax (VAT) gap from 38.9 percent to 19.8 percent of the potential by fully rolling out electronic Tax Invoice Management System (eTIMS),” reads the BPS released last we

Confusion over January tax deadline – what you need to know

The second provisional tax submission and payment is still due on or before the last business day of February 2023.