Managers of Wealth Africa

Taxman nets Sh1.9bn from its amnesty programme

Voluntary Tax Disclosure Programme cumulative revenue collected is Sh1.995 billion by September 30,” said Mr Mburu in a public notice yesterday.

ENSafrica tax in brief

The primary issue in the appeal was whether SARS (as it contended and the Tax Court held) was precluded from granting approval for use of the transaction count ratio by vendor in respect of the period 1 March 2014 to 29 February 2016.

Economic Development Board of Mauritius provides clarity over taxation of foreign investments

In the article, it is stated that among other things, the Mauritius Revenue Authority (MRA) is targeting foreign trusts no longer exempt from income taxes.

SARS may apply broad interpretation of “electronic services” for VAT purposes

As a result, the presence of human intervention cannot be relied upon to exclude services from the ambit of the legislation.

Bad news for South Africans with cash stashed in Mauritius

In response, the Mauritian government has assured that they will immediately remove themselves from the list by addressing the deficiencies in its AML-CFT Framework.

Tax evasion vs tax avoidance in South Africa – and why SARS wants you to pay your fair share

“SARS will make it hard and costly for any taxpayer who willfully and intentionally seeks to break the law as we expect every taxpayer to meet their obligations and pay their fair share of tax,”

Keep the Taxman in mind when liquidating

There are several tax considerations which need to be kept in mind by taxpayers where the business is in financial distress and is no longer able to operate, or once liquidation proceedings have commenced and compromises are entered into with creditors.

VAT refunds: Is an imbalance in law allowing SARS too much power?

It is welcoming to note that various stakeholders are currently engaging with National Treasury and SARS in this regard.

South Africa’s wealthy taxpayers are leaving in their thousands: CEO

This equates to 2,500 PPS clients in the last year alone – while an estimated 9,000 taxpayers in the R750,000+ tax bracket have left the country over the last two years.

‘Large and unpopular’ tax hikes the only way to fund South Africa’s basic income grant

“Narrowing the scope of the current grant to only those seeking active employment, not making it eligible for existing grant recipients, could be one such compromise.”

Banking Sector Accounts For 27pc Of Corporate Taxes

Olaka said the contribution was achieved despite the 21.2 percent reduction in corporation taxes paid by the sector in 2020 relative to 2019.

Middle East & North Africa: Handling transfer pricing disputes in MENA - The shape of water

Against this backdrop, the Middle Eastern economies are battling lower oil prices and budget deficits, which in turn increase the pressure for fiscal receipts.

4 taxes that could fund South Africa’s NHI – including 20% VAT

Solidarity further warned that borrowing money to fund this deficit should not be considered because the country already owes billions of rands and cannot afford more debt.

How Offshore Accounts in Tax Havens Are Used For Tax Evasion Through Illicit Deals

Opening accounts in these banks is as easy as breathing in and out

ENSafrica tax in brief

A company must submit its ITR14 tax return within 12 months of its financial year-end.

Retirement pot exit tax for emigrating South Africans?

It is ‘yet another move’ from the country’s revenue service to maximise income from prospective expats

Switzerland and Ethiopia sign double taxation agreement

It guarantees legal certainty and a contractual framework, which will have a beneficial effect on the further development of bilateral economic relations.

Lesotho seals tax treaty with Mauritius

It replaces a 1997 treaty that Lesotho authorities have in recent years complained of as being unfair.

Zanzibar’s new tax and residency investment scheme set to open paradise to the world

The result has been that Zanzibar has not been able to attract any notable real estate development

SARS sends letters to 275 wealthy individuals in South Africa with financial assets abroad

SARS, in February, set up the separate wealth unit to focus on individual taxpayers with wealth and complex financial arrangements