Managers of Wealth Africa

World Bank: Tax plans to hurt purchasing power

The report, which is produced twice a year, assesses recent economic and social developments and prospects in the country.

Telecom tax: Stakeholders project rise in call cost

Since July 2022, the Federal Government has tried, many times, to implement a five per cent excise duty on telecom services to boost revenue generation.

Equity Bank loses Sh1 billion tax fight with KRA

The judge ruled that the tribunal erred by relying on the definition of interest in the ITA to conclude that the said fees charged by the lender in respect of the transactions were interest and thus exempt from excise duty.

Nigeria revises 2021 tax-to-GDP ratio to 10.9% -tax chief

Tax collection rates have hovered between 5%-6% of gross domestic product over the past 12 years

Hundreds of thousands of taxpayers hit with penalties for outstanding returns

The new penalties for single returns outstanding will rake in R243 million for SARS over just four-and-a-half months – a lot more than the R138 million in penalties imposed so far this year for multiple returns outstanding.

Tax deadline hitting this week – what you need to know

“The correct data is important so that SARS may pre-populate income tax returns and auto-assess the identified taxpayers correctly.”

Could tax plans undermine Kenya's low-cost smartphone initiative?

These taxes, it suggests, would more than double the suggested selling price.

12 extra taxes you pay on everything you buy in South Africa

VAT is not the only tax paid on certain goods, however.

KRA targets record Sh16bn in betting taxes as experts see field of landmines

These higher collections will be realised through proposed amendments to the Income Tax Act and the Excise Duty Act.

Double-blow for VAT in South Africa

VAT was introduced in September of 1991 through the VAT Act, with the goal of replacing sales tax.

Industries the new National Tax Policy will hit hardest

The immediate key indicators of the tax policy successes will be the growth of collections

Major changes for trusts in South Africa, affecting wealthy taxpayers

They primarily relate to defining ‘beneficial ownership’ in line with international standards – which refers to people who benefit from and have ownership rights over assets held in a trust.

Top 10 banks with highest income tax payments in Q1

Zenith Bank’s income tax expense amounted to N20.59 billion in Q1 2023, up 110 percent from N9.79 billion in the same period of 2022.

Warning over tax deadline hitting this month

SARS has now encouraged taxpayers to make submissions ahead of the due date to avoid last-minute challenges and potential delays that may be encountered.

Rich Kenyans get helicopter tax cuts in President Ruto budget plan

The tax cuts will come as a major boost to the aviation industry

State staff get tax-free benefits on asset buys

Tax experts have deemed the new proposal to be a loophole which is subject to abuse by civil servants

President Ruto heavily arms KRA despite soft stance tax promise

The amendments to the Tax Tribunal Act and the Tax Procedures Act (TPA) will also grant more power to the KRA commissioner-general to go after tax cheats while taking away its powers to abandon taxes.

Finance Bill 2023: Wins and losses for ordinary taxpayers

The proposal is also sweetened by providing a specific time of 120 days for the KRA to carry out and finalise an audit for purposes of ascertaining the refund due to a taxpayer. Previously there was no time limit for the KRA audit.

How new taxes will hit fuel, M-Pesa charges and salaries

The Treasury in the newly published Finance Bill also deleted sections of the law that allowed the halving of value-added tax (VAT) on all petroleum products to eight percent.

Big blow for VAT in South Africa as load shedding claims another victim

VAT collections feel the effect of load shedding first as sales decline, said Makhubu.