Managers of Wealth Africa

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.

Tax tips for wealthy South Africans emigrating to the US

The EB-5 requires investment in an enterprise that creates jobs for US citizens.

Homebuyers financed by saccos to get tax relief up to Sh25,000

The Kenya Kwanza administration has identified saccos as the main drivers of demand for the affordable housing programme which aims to put up 250,000 units every year

Municipal revenue at risk if solar tax incentive takes off

Parliament warned incentive for households could strip municipalities of most of their paying customers

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.