Managers of Wealth Africa

The tax bill of South Africa’s ‘Big Four’ Banks

Despite the increased risk outlook, major banks maintained resilient balance sheets with capital and liquidity well above regulatory requirements.

Tax deadline fast approaching in South Africa – don’t expect any forgiveness from SARS

These circumstances must be entirely out of their control and are generally incredibly rare.

Firms freeze hiring on taxes, interest rates pain

That eroded consumer purchasing power further, with nearly a third of surveyed firms reporting lower sales compared with August that pushed them to reduce production.

Treasury plans to scrap tax on early pension withdrawals

Currently, only retirees above 65 years access their pension without paying taxes.

Bad loans tipped to rise on tax-linked slowdown

The ratio of gross non-performing loans remained elevated at 14.5 percent at the end of June having eased slightly from 14.9 percent.

Ojo: Tax Evasion Inimical to Startup Business

The new Finance Act also categorised medium size organisations

New payslip pain for workers as Treasury plans tax relief axe

Currently, salaried workers enjoy two types of tax reliefs on PAYE, including a Sh2,400 monthly personal relief for all resident individuals which is meant to lighten the tax burden on the taxpayer.

There are no plans to impose higher tax rates – Nigeria

There is a huge opportunity to generate revenue by leveraging technology and tax intelligence to close the tax gap

Kenya Revenue Authority eyes Sh50 billion from tax amnesty

The Finance Act, 2023 has provided for tax amnesty and this is a limited-time offer that allows for the waiver of fees, interest, and penalties on tax debt that was outstanding prior to December 2022.

Ramaphosa’s in a tough position – warned against higher taxes and increased debt

The recommendations will place Ramaphosa in a tough position ahead of elections next year when members of his ruling African National Congress will likely pressure him to maintain massive social-spending programs.

President Ruto plans corporate tax cut to woo foreign investors

The Kenya Revenue Authority is as a result collecting about two-thirds of the potential revenue from corporate income tax, the Treasury chief says citing a study done in 2020.

Difficult trade-offs coming to keep South Africa afloat: report

South Africa has effectively hit its budget limit, with revenues not meeting the February budget expectations, while government spending has continued to balloon far beyond what was planned.

A y/y rise in VAT revenue in Q2 ‘23

Returning to Q2 ‘23, domestic (non-import) VAT was the largest source of VAT revenue during the quarter

How September taxes will hit firms, consumers

The Finance Act defines digital assets as anything of value that is not tangible, which means the tax will cover a vast array of assets, including non-fungible tokens (NFTs).

Inflation slows down VAT growth to softest in a decade

The provisional data show the Kenya Revenue Authority (KRA) increased the collections by 5.23 percent, or Sh27.34 billion, in the review period to Sh550.04 billion.

Housing tax pain deepens as KRA goes for gross pay

The allowances had been left out in the initial draft Finance Bill, which provided for a housing fund.

The hidden tax more than half of South Africa is paying

The research showed disposable razors for women, for example, cost R84.99, while the male version was priced at R42.95.

Employers, agents brace for double hit on backdated taxes

Interest expenses on deposits are the main driver of withholding tax in the banking sector.

Kenya Banking Sector tax contribution increases to Sh181bn

39 banks that participated in this study contributed to these key findings.

New tax rules for emigrating South Africans – what you need to know

A taxpayer can also contribute R36,000 to a tax-free savings account each year, which – as the name suggests, – is tax-free.